Asahi Group Holdings, the Japanese brewing and beverages giant, has picked Absa Bank Kenya PLC, ENS Africa, A&O Shearman and Nomura Holdings to advise on its USD 2.3 billion acquisition…
When veteran journalist Andrew Mwenda posted a video of weary passengers stranded at Entebbe International Airport, his words cut deeper than the images themselves. “The tragedy happening at Uganda Airlines…
Kenya Gov’t to Sell 15% Safaricom Stake to Vodacom in KShs 241 billion (UGX 6.5 Trillion Deal) The Kenyan government Kenya has officially begun the process of selling a 15…
They say actions speak louder than words, and with Paloma Lengema at the helm, BIC’s impact is clear, sharp, bold, and lasting like the iconic Cristal pen. Rising through BIC’s…
When Dr. Layi Fatona took the stage at the Stanbic Bank East Africa Economic Summit in Kampala, there was a certain stillness in the room — the kind that precedes...
The Capital Markets Authority (CMA) of Rwanda has welcomed seasoned Botswana financial markets guru, Thapelo Tsheole, as its new Chief Executive Officer (CEO) replacing Eric Bundugu who has been acting at the helm of CMA from 2018 since the exit of Robert Mathu in 2017. Mr Thapelo was appointed CEO a month ago, and he subsequently resigned his role as the head of the Botswana Stock Exchange, but had to wait a month to take up his new role. His departure from the Botswana Strock Exchange saw him lose his seat as the president of African Securities Exchanges Association (ASEA)…
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This April, Rwandans in Rwanda and the world over commemorate 30 years (Kwibuka30) after the ghastly genocide in which more than 1,000,000 Tutsi, were killed. But like the Rwandan President Paul Kagame, remarked at the Kwibuka30, this year’s commemoration is a mix of both “grief and gratitude in equal measure”. “We remember our dead and are also grateful for what Rwanda has become,” Kagame told friends of Rwanda at the ceremony held at the Kigali Genocide Memorial, in Kigali, Rwanda, on Sunday, April 7, 2024. The genocide began on April 7th 1994. The East African nation, under the leadership…
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Stanbic Bank Uganda, Uganda’s largest bank and a subsidiary of the Standard Bank Group, Africa’s largest banking group has said that it is still doing its own due diligence on financing of the East African Crude Oil Pipeline (EACOP). However, the bank added that it is as committed to strict adherence to global standards on environment and social safety, as it is committed to a just energy transition. Responding to a question during the just-ended presentation of the bank’s 2023 financial performance, held at the Kampala Serena Hotel on March 25, 2024, Paul Muganwa, the Head of Corporate and Investment…
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In yet another solid step towards its 5-year growth and expansion strategy to become the “World’s Most Respected African Bank”, Access Bank Plc has announced that it has signed a binding agreement to acquire 100 per cent of KCB Group Plc’s shareholding in the National Bank of Kenya Limited. This is the second acquisition by Access Bank Plc in Kenya, after the 2019 purchase of Transnational Bank Limited. In a joint statement, Access and KCB Group said that the “successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt of all…
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Pius Ngugi is one of the wealthiest Kenyans. He was born in Kiambu on March 8, 1944. He is a proud polygamist and is married to Josephine Wambui Ngugi and Kenyan politician Esther Passaris. He has four children. Ngugi is the owner of Kenya Nut Company which exports macadamia and cashew nuts to various parts of the world. The company was established in 1974 and has since diversified to include coffee, chocolates and oils. Kenya Nut Company employs over 4,000 people and has farms in excess of 8,000 acres. The company’s brands include Out of Africa nuts, Nassu Snacks, Aberdare…
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The Anti-corruption court presided over by Her Worship Esther Asiimwe yesterday January 10th remanded Tarus Stephen Kipkiyeny to Luzira prison up to 18th January 2023 over falsification of export documents. The 57-year-old Kenyan National from Nandi County in the Rift Valley region is also a former Kenyan Internal Security Deputy Minister, High Commissioner of Kenya to Australia and Member of Parliament. He was denied bail as 18th January was set as the date for mention of the case. According to the Uganda Police charge sheet, Mr Kipkiyeny and others still at large, in or about January 2024 falsified URA customs…
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Harvests rarely come this big. Uganda Revenue Authority (URA) recently netted a big fish: a former Kenyan minister, Stephen Kipkiyeny Tarus, for smuggling 13 kg gold and potentially costing Uganda $30,000 (Shs 113 million) in revenue. Kipkiyeny was detained following an investigation that uncovered his involvement in an illegal gold smuggling operation, leading to substantial financial losses to government. He is also said to be behind a gold smuggling network that has over the years evaded taxes, posing a significant threat to Uganda’s economic stability. The Auditor General in a recent report said Uganda loses up to Shs 52.2 billion…
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Four European Union member states — France, Germany, Italy, and Spain — join Japan and Singapore in boasting of the most powerful passports in the world, with their citizens able to visit an astonishing 194 destinations out of 227 around the globe visa-free. The two Asian nations – Japan and Singapore – have dominated 1st place on the index for the past five years. The six countries share the top spot with visa-free access to a record-breaking number of destinations on the 2024 Henley Passport Index, which is based on exclusive and official data from the International Air Transport Association…
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Few embody the spirit of Tanzania’s steady and relentless march towards increased prosperity like Mohammed Dewji, the country’s entrepreneur supreme – and Africa’s youngest billionaire – whose MeTL Group’s 150 product lines are believed to be generating revenues of around $2.5bn a year. This is a very sizeable chunk in a country with a GDP of $70bn and reflects the scope and depth of his investments. MeTL is involved in virtually all productive sectors of the economy – spanning trading, agriculture, manufacturing, packaging, milling, logistics, mobile telephony, IT, financial services and real estate. Across Tanzania the group employs around 38,000…
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Intesa Sanpaolo and Investec Bank have successfully raised US$150m on behalf of CRDB Bank, Tanzania’s largest bank, in the form of a syndicated term loan facility. The transaction is a refinancing of the facility successfully raised on behalf of CRDB Bank last year. The transaction achieved a number of landmarks, including the extension of the tenor on a portion of the loan amount (US$28m) to two years, with the balance over one year (US$122m). The transaction also broadened the base of lenders, with funding coming from a geographically diverse group that included banks and institutions in South Africa, Italy, Mauritius,…
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