Category: Auto Guid

Capital A Investment Bank, which was formerly Stockbroker Securities Africa, has raided KCB Group to pick its Head of Investment Banking Linus Muthari Kang’ara as its new chief executive officer.

Mr Kang’ara had been with the lender’s subsidiary, KCB Investment Bank, since 2016 having joined as a fixed income dealer before rising to the position of head of brokerage and ultimately the head of investment banking. He took up the new role effective November 1, 2025.

He has over 15 years of experience in financial markets, having previously worked with other firms in the industry, including Old Mutual Securities and Faida Investment Bank.

Mr Kang’ara, who holds an MBA in Finance, joins the new investment bank as it is marking an expansion in its topline, driven by its position as a leader in fixed income securities trading, with a market share at 18.06 percent at present.

Capital A Investment Bank is seeking to diversify its business by entering the fund management, corporate finance and advisory sectors.

‘My focus will be to harness the talent and capacities of the incredible team to build new partnerships that will place the firm at the centre of broadening economic development, savings mobilisation, and cultivating a culture of trust, transparency, and performance in order to deliver investment solutions that satisfy the ever-growing demand from the public,’ Mr Kang’ara said.

Stockbroker Securities Africa became Capital A Investment Bank in October last year in a move to diversify its trade beyond stock broking and receiving key approvals from the Capital Markets Authority (CMA).

The switch allowed the firm to explore advisory services, including the offer of securities to the public, corporate finance restructuring, takeovers, mergers and privatisation.

The former brokerage can also act as a dealer or fund manager of collective investment schemes or provide contractual portfolio management services.

The firm has also sought to tap diaspora clients seeking to invest in Kenya’s capital markets.

Capital A Investment Bank is an authorised trading participant at the Nairobi Securities Exchange (NSE) and a member of the Kenya Association of Stockbrokers and Investment Banks (Kasib).

CMA deemed the transition of the former brokerage as a mirror on the growth and maturity of domestic capital markets.

Capital A Investment Bank is part of 17 licensed investment banks, alongside Dyer and Blair, Faida, Genghis Capital, Renaissance Capital, SBG Securities and Pergamon Financial Services.

The firm ended December 2024 with a revenue of Sh145.6 million, comprising brokerage commissions and interest income.

The company realised a net profit of Sh61.5 million, which rose from Sh8.3 million in 2023, while its asset base rose from Sh75.2 million to Sh534.8 million.

When Pamela Raburu was moving into her third home, she never imagined that a garden would raise its value. She had rented twice before, which she felt was like ‘pouring money down the drain.’

‘Back then, I realised that renting was just pouring money away,’ she says.

‘I used to pay Sh20,000 for a two-bedroom apartment, and when I wanted a three-bedroom apartment, the rent was Sh30,000. Then I did the maths: 10 years of rent would cost millions, and I would have nothing to show for it. That’s when I decided to buy a house on a mortgage. It wasn’t easy, but today I have peace of mind knowing that I live in my own home.’

She bought a house in Kitengela for Sh3.8 million which sits on an eighth of an acre in a gated community. That was about ten years ago and Kitengela was dry and rocky. Now she has turned her home into a thriving little jungle that wraps around her home. She estimates the house would cost well over Sh10 million, thanks to the renovations and her breathtaking garden.

But why did she choose to buy a ready house and modernise, rather than buy land and build?

‘If you’re planning to buy a home, take my advice: choose a gated community. Don’t isolate yourself in a big standalone house. When the children move out and you’re all alone, loneliness can set in. I’ve seen people living alone in beautiful houses, slowly slipping into depression. That won’t be me. I have my neighbours, my community, and my joy,’ Pamela says.

‘Yes, we share one main gate and each compound is private, but we all interact. I step out, see my neighbour, and say hello. Sometimes we share tea, dinner, or just a laugh. That human connection is priceless.’

When Pamela moved into her home in 2015, the land around it was bare.

Most of the homes had either murram or rocks at the front and backyards. A few people had a tree or two in their compounds.

‘I planted this big tree,’ she says, pointing at a medium-sized indigenous tree.

Over the months, she made changes to the garden as she refurbished her house, transforming it into a space where she would love to have her friends and family.

Five years later, the pandemic hit, and people started working remotely. Then boredom crept in.

‘A friend took me to visit her friend who lived in Garden City. She had a breathtaking garden, lush, vibrant, and filled with all kinds of plants,’ she says, ‘I was inspired. I found myself thinking: what can I do at home now that most people are working remotely? I had some plants along my driveway, but they weren’t very attractive.’

She then started to slowly add new plants.

‘It wasn’t a big project, but it kept me busy and happy during that period,’ Pamela says.

Then, in 2022, during a conference at a university, one speaker posed three questions that would forever change her mindset: ‘What makes you different? What’s your passion? What can you do beyond your career?’

‘That question struck me deeply. It was a moment of awakening. I realised that I could turn my newly found love for plants into something more meaningful, and possibly even a business.’

Using the small amount of money she had received for the conference, Pamela bought a few plants and started a small nursery. She became intentional about learning about flowers.

‘I began collecting plants whenever I travelled, experimenting and growing my knowledge. I turned to what I call my ‘University of YouTube’. On social media, I followed gardeners from around the world, learning about different types of plants, how to water, their lighting needs, and soil composition.’

During this time, Pamela noticed that many local plant vendors did not know much about plant care, and she wanted to learn more.

‘Now, whenever I buy a new plant, I research its name, its ideal light conditions, whether it’s for indoors or outdoors, and how to care for it. That’s why my plants look healthy and vibrant,’ she says.

When BD Life visited her home on a Wednesday afternoon, it was raining heavily.

‘My garden loves the rain,’ she chuckles.

Her grass stands out, especially in Kitengela. She has grown Arabica grass, a thick, carpet-like variety, also considered water-thirsty. Five years ago, it cost her Sh20,000.

Her garden is designed in a container style with a mix of ornamental plants and a collage of colour and form. She has red, pink, and white Crown of Thorns blooming beside geraniums and nasturtiums, while Callisia repens ‘Pink Lady’ spills from clay and concrete pots in shades of pink and purple.

Eleven varieties of palm trees sway softly in the breeze, ten types of philodendron climb and curl, and five monstera stretch their broad leaves towards the light.

And then there are her beloved aglaonemas, 15 varieties of them glowing like living art. ‘They’re my favourite,’ she admits. ‘Their leaves are like paintings, each one different, but all beautiful.’

Her verandah is another green haven, lined with over 10 thriving plants that frame her mornings in soft shades of green. Hanging pots dangle above, their rhipsalis and pothos trailing like cascading ribbons. In one corner sits her succulent collection: a charming cluster of echeverias, aloes, and haworthias, each one a tiny terracotta sculpture.

‘That’s my quiet corner,’ she says. ‘Low maintenance, but full of charm.’

We step inside, and the house feels like an extension of the garden: alive, fresh, and calm. Around 20 houseplants occupy various corners, giving the rooms a soft glow.

Her favourite aglaonema stands proudly by the dining room entrance, its leaves spreading wide as though to welcome her home.

‘That one,’ she says, ‘fondly greets me every time I walk in.’

The first plant she bought was a golden palm in Mombasa. ‘I tried growing it indoors, but it didn’t thrive. Eventually, I moved it outside, and it thrived.’

She has bought plants from all over Kenya, including Mombasa, Nyeri, Eldoret, and Kisumu, as well as from Dar es Salaam.

Sometimes, she buys neglected plants, nurses them back to health, and then sells them on.

‘It’s not really about profit. I just love taking care of them. This is my therapy, it keeps me sane.’

Sh15,000 Bismarck palm

What defines her choice of plants? ‘I mainly buy plants for their beauty. If I see one online that I love, I’ll look for it until I find it,’ she says.

Her prized possessions include cycads and Bismarck palms. I bought some when they were young for around Sh5,000 each.

‘Today, a mature Bismarck palm of that size sells for around Sh15,000,’ she says.

A typical day in her garden involves watering, propagating, changing the soil, removing weeds, and moving the plants around to ensure they each get the right amount of light and shade.

To her, plants definitely add value to a property.

‘If I ever decide to sell this home or convert it into an Airbnb, the garden would significantly increase its value. The beauty and serenity of this space are priceless,’ she says.

Dying plants

Of course, the gardening journey hasn’t been without challenges. ‘When I started, I lost many plants, mostly due to using the wrong soil, overwatering, or too much sun,’ she explains.

Mixing soil remains her biggest challenge. ‘I now buy soil and pumice from suppliers in Gikambura and Redhill, paying between Sh1,000 and Sh1,200 for a 90 kg bag. It’s expensive, but worth every shilling.’

One plant, from the Aglaonema family, continues to test her patience. ‘I’ve changed the soil several times, but it still struggles. Nevertheless, I won’t give up,I’m determined to see it thrive.’

Over time, Pamela has learnt to understand the rhythms of Kitengela’s climate. She waters the plants according to their needs. ‘This place may be dry, but with the right care, even Kitengela can bloom,’ says the 57-year-old.

Early retirement

For decades, she worked in the civil service as a human resources professional. However, in April, she took early retirement, not because she was tired, but because her heart was calling her elsewhere.

‘I wanted to nurture myself,’ she says gently. ‘To take care of my mental and physical health and to live with intention.’

She gifts plants to friends, schools, and hospitals, especially to her clients, the bereaved, and the sick.

‘It’s a quiet kind of therapy.’

Now retired, she starts her mornings at 6.30 am with a prayer, followed by 30 minutes of exercise. Then she has breakfast in her front yard, where she soaks up the sunlight for vitamin D and reflection.

Her two children no longer live at home, and her granddaughter visits occasionally.

‘It’s an empty nest now,’ she says. ‘But these plants, they’ve become my new children. They keep me company. They respond when I care for them.’

Travel to see gardens

Her love for plants has taken her to many countries.

She remembers visiting the Kirstenbosch National Botanical Garden in Cape Town, where she climbed Palm Mountain and collected wild stems to take home.

‘Wherever I go, I find myself bringing back a plant,’ she says.

‘I also went all the way to the Cape of Good Hope and climbed Palm Mountain. Out of love for plants, I picked a few stems. ‘I even bought a small succulent with rectangular leaves for around Sh400.’

Her next dream destination is Thailand, where she hopes to visit the Nongnooch Tropical Garden in Pattaya.

‘It’s one of the most beautiful gardens in the world. One day, I’ll save up and go just for the love of plants,’ she says.

Treasury Cabinet Secretary John Mbadi has ousted the board and CEO of Consolidated Bank of Kenya in changes that have caught the attention of the regulator and triggered a court battle.

The boardroom coup followed Mr Mbadi’s rejection of the directors’ decision to offer the bank’s chief executive officer, Sam Muturi, a second term from October 11.

Before tapping Mr Muturi’s replacement on October 8, the Treasury CS fired three directors on October 3 after they insisted on Mr Muturi’s second term and rejected the push for recruitment of a new CEO.

Mr Mbadi advised the remaining two of the seven directors to hire Dr Murage Njeru, a lecturer at the University of Nairobi, as acting CEO, prompting Mr Muturi to petition court for his reinstatement or a compensation of Sh76 million.

Dr Njeru’s appointment came days after he stepped down in the race for the Mbeere North parliamentary by-election, which set for November 27, in favour of the candidate of President William Ruto’s United Democratic Alliance (UDA).

But his appointment has landed Consolidated Bank in trouble after the Central Bank of Kenya (CBK) said the lender had breached its rules that demand executives pass a fit and proper test before of their appointment.

Dr Njeru’s appointment came as his brother and another contestant for the Mbeere North seat, Charles Njagagua, was removed as chair of Consolidated Bank.

The by-election is seen as a litmus test for the President’s popularity in the Mt Kenya region following his fallout with former Deputy President Rigathi Gachagua.

‘In light of the absence of a substantive board of directors, I hereby appoint Dr Dominic Murage Njeru, who is being seconded from the University of Nairobi as the acting chief executive officer to ensure effective succession management pending his certification by the Central Bank of Kenya,’ said Mr Mbadi in an October 8 letter to the Treasury’s representative on the Consolidated Bank board, Jane Njogu.

Ms Njogu later sent a memo to staff announcing the appointment of Dr Njeru as the acting CEO, prompting protests from the CBK.

The CBK reckoned that that Dr Njeru was yet to be vetted by the banking regulator, who earlier questioned Ms Njogu’s role, arguing it has not approved her second board term that started in September.

‘We bring to your attention provisions of Section Section 9A of the Banking Act which stipulate that institutions are required to ensure that no person is appointed or elected as a director or appointed as a senior officer unless the central bank has certified the person as a fit and proper person to manage or control the institution,’ CBK’s deputy director of bank supervision, Timothy Kimutai, told Consolidated Bank.

‘In addition, CBK Prudential Guideline on corporate governance stipulates that no senior officer shall take up his position prior to being cleared by the central bank,’ he added in the October 23 letter.

Consolidated Bank’s board in a letter to Mr Mbadi in March pushed for Mr Muturi to be offered a second term on grounds that he had delivered the bank’s first profit in 15 years.

But the Treasury CS in September rejected the bid to renew Mr Muturi’s term, urging the board to start the process of hiring a new CEO.

In a meeting held in September, four of the six directors opted to challenge the CS’s decision and insisted on Mr Muturi.

The former chairman, Mr Njagagua, and Ms Njogu sided with the Treasury CS.

‘In view of the foregoing, it was resolved that a letter be written to the Cabinet Secretary seeking further consultation and a reconsideration of the decision by the CS recommending the commencement of the recruitment of a new CEO in view of the fact that the board had instead recommended the renewal of the CEO’s contract for a further three years,’ say minutes of the board on September 12 seen by the Business Daily.

However, on the same date, Mr Njagagua terminated the contract of Mr Muturi, before the board’s resolution was communicated to the CS.

In a letter dated September 17, the CS acknowledged receiving a letter signed by four directors requesting extension of the CEO’s contract but insisted on ending Mr Muturi’s term.

On October 3, Mr Mbadi revoked the appointment of three of the four directors who had signed the letter save for Florence Oluoch, who had been appointed in November last year.

President Ruto revoked Mr Njagagua’s chairmanship on the same day, leaving the bank without a substantive board.

Mr Muturi on October 16 petitioned the court to have him reinstated, arguing that Mr Mbadi had no powers to overrule the board in the appointment of CEOs.

Consolidated Bank has been struggling with leadership gaps with more than half of its top management – six of 11 – serving in acting capacity, denying them full authority to execute their roles.

Albert Anjichi is acting as the bank’s head of legal and company secretary since 2023.

Fred Ronoh, head of finance and administration, and Harrison Muthoka, head of risk and compliance, are also temporal.

Others serving in acting capacity are head of human resources Rose Mukoba, head of retail and SME Josephine Mutunga, who however holds the docket of corporate banking substantively and head of credit Jullie Odadi.

Mr Muturi had banked on a fresh term after the bank posted a profit of Sh12 million for the six months ended June from a Sh84 million loss.

The bank, whose capital levels remained below statutory requirements, cut its operating expenses by four percent to Sh812 million from Sh848 million.

It reduced its staff costs in the six-month period by Sh5 million to Sh349 million, with management forced to look at cost cutting to spur growth as the government continued withholding its support despite persistent calls for cash injection.

Consolidated Bank has been in the red for the last nine years with losses wiping out its core capital to negative Sh731 million.

Its accumulated losses stood at Sh4.4 billion, putting it in breach of all CBK’s capital parameters.

The bank’s core capital to total deposit liabilities ratio is at negative 5.8 percent against a mandatory eight percent while its total capital to total risk weighted assets is at negative 6.1 percent against the statutory 14.5 percent.

The Treasury, which owns 93.5 percent of the bank, has failed to heed pleas to inject cash in the lender for the last 12 years.

For years, flower vases were the kind of thing you only saw in glossy magazines or in the living rooms of Kenya’s wealthy elite, placed on marble tables in hallways or on dinner tables.

But of late, vases are almost in all modern homes, and a number of interior décor entrepreneurs are cashing in on the rising demand. Kenyans are buying from vintage vases sold in antique stores, to those made locally or imported and sold online.

Dorothy Owuor, who has found success with soapstone vases, never planned to be in the décor business. Her journey into making soapstone vases began almost by fluke.

‘I had just moved to Kisii and went exploring in Tabaka, where soapstone is mined. I had no interest in starting a business then; I was just looking for decor pieces for my home,’ she says.

She did not find anything that she liked. ‘I started wondering whether it would be possible for me to create the kind of pieces I wanted for my home. In the process, I discovered a gap in the local design market for people who, like me, wanted unique pieces, which are as good as the ones on international platforms, but with roots from home as well.’

In 2022, she launched her first vase collection under her Soapstone Interiors business, after months of experimentation.

‘We realised that the pieces were being bought not just as flower holders but also as sculptural objects, pieces that could start conversations in homes or offices. So we built a design language around our vases,’ she says. ‘Flower vases now account for around 50 percent of our revenue.’

Though they have been in business for only four years, Ms Owuor believes the demand for vases is on the rise.

‘We’ve seen a lot of appreciation and an increase in the desire for authenticity and local craftsmanship,’ she says.

Social media has been the game-changer.

‘We are majorly on Instagram, and it has helped us reach and showcase our craftsmanship to a very design-savvy audience. We are also able to demonstrate how our pieces are being shipped, styled, and used by both local and international buyers.’

Over the years, her clients have grown to include homeowners, interior designers sourcing for residential and commercial projects, boutique hotels, and lodges who want to reflect Kenyan culture, and collectors and diaspora buyers who are seeking custom pieces.

But the business has its challenges. Beyond the weather-related hurdles, there are logistical challenges.

‘Sometimes it can be difficult to reach high-end buyers without a well-established distribution channel,’ she says.

Increasing male buyers

Another flower vase seller is June Njuraita, who owns Wendo Store Kenya in Nairobi.

‘For the past five years, there’s been an increase in the number of people wanting to share their lives online, meaning that their homes have to look nice,’ she says.

‘And when their audiences watch their content, they are influenced into wanting their own spaces to look good as well, leading to people wanting unique vases.’

She established the business in 2023 with only 50 vases made from ceramic, glass, and stone and sourced from India and China.

‘India is known for having really good rustic pieces,’ she says.

Previously seen as an interior décor item for only women, Ms Njuraita says 30 percent of her buyers are men, who also buy a matching vase, a tray, plus artificial flowers.

Where to put it

So, where do you place your vase so that it stands out as a work of art? Daphine Mutheu, who has been doing interior design for 17 years and is the founder of El Interior Designers, says the vase plays different roles in a home.

‘If you want a statement piece, then you go for bold colours, unusual shapes, and oversized forms,’ she says.

If you want the vase to play a supportive, accent role, then you go for a more subtle tone or a minimalist design to complement the other decor items. And if you want it to play a functional role in the space, then you pick a vase that can hold your choice of fillers. It all depends on your end game.’

The vases that she has seen trending in the market currently are mostly in line with the popular design themes.

‘Most people are going for the contemporary look, so I’m seeing a gravitation toward beautifully-shaped, asymmetrical vases made of ceramic, with glossy finishes and neutral colours, the whites, greens, blacks,’ she says.

‘But there’s another category that’s going for the boho look, and they look for vases with a more natural finish and ones that are functional so they can put maybe a monstera leaf in it.’

When it comes to styling the vases, Ms Mutheu, who is also an author, says there is a difference when styling an office versus a home.

‘For homes pick flower vases that are more playful and flexible, and it gives you more options to work with. You can mix glass, wood, or ceramic pieces, or have different textures, colours, and heights. For offices, however, because it’s a space used by many people and you want the decor to be more accommodating, you’d want to achieve a more formal look. So you’d stick to the neutral colours and shapes and find something simple but that makes a statement as well.’

Lighting is essential when trying to accentuate a flower vase.

‘If your vase is the centerpiece, then you definitely need lighting directed toward it so it can stand out. Lighting is also important for vases that have texture, such as stripes or dots, as it brings out that texture and allows people to see and appreciate it.’

The size also matters. The vase would naturally need to be big for a centerpiece, even as an accent piece requires a more toned-down piece of medium to small size.

‘If the room is somewhere where people sit and talk, then having a big vase that obstructs conversation is a mistake. You can place it in a corner instead, and let it make its statement over there,’ she says.

The other mistake is in buying a beautiful vase meant for the spotlight, and tucking it away in a dark corner where nobody can see it.

Similarly, when mixing different vases in a collection, arranging the taller ones in front of their shorter counterparts is another mistake that denies the collection its proper appreciation.

Ms Mutheu advocates for a flexible and fun approach to styling.

‘It’s not just the living rooms, vases can be used in dining rooms, bedrooms, entryways, hallways, even in kitchens, and can be layered with other decor items as well. You can layer them with books, candles, sculptures, trays, or beautiful baskets, or even just mix up different textures and materials for visual appeal.’

Another tip the expert shares is having different vases out at different times of the year.

‘Vases are not permanent. You don’t have to have the same vases in your house throughout the year. You can switch them up every now and then to give your space a fresh look,’ she says.

Stand-up comedy is often dismissed as a mere “side hustle,” sometimes compared to the frivolous skits dominating social media, but anyone paying attention to the Kenyan stand-up scene knows it’s a demanding art form requiring immense intellectual rigour.

The current crop of comedians is a testament to this. We have Ruth Nyambura (a banker), Ty Ngachira (a lawyer), George Waweru (a telecommunication engineer) and Doug Mutai (an entrepreneur), just to mention a few.

And to reinforce that, on the evening of November 1st at the Alliance Française Auditorium, we got the long-overdue recording of Bashir Kiptoo Halaiki’s stand-up special, who just happens to be an aeronautical engineer.

With six years in the Kenya stand-up scene, Halaiki, a witty, sociable, and intelligent character, finally took the leap to tape his first special, simply titled A Halaiki.

Setting the stage

The evening’s atmosphere was first established by Darren, the show’s director. His task was to manage the live taping logistics, setting ground rules with a comedic touch.

He didn’t issue sterile commands, instead, he used his own stand-up ability to gently enforce protocols, ensuring the crowd’s energy was high and everyone understood their role in the recording process. It was a brilliant, almost meta-performance that established the required seriousness while maintaining the mood.

Emmanuel Kisiangani

As the official host he proved to be the perfect choice. His energy was okay (I have seen him do better), I thought his experience in crowd work and improv did a lot of the heavy lifting.

Kisiangani effortlessly transitioned from hosting duties into the first act, immediately engaging the audience with material ranging from the popular Mwafreeka/Raptcha relationship to the relatable struggles of employment, living in Kitengela, and the nuances of marriage.

While his hosting felt perfectly honed, his stand-up set leaned heavily on crowd work and improv, giving the impression of an incredibly smart student who did not prepare for the exam, sometimes struggling to keep up. Though he scattered some brilliant material, the set felt more like a spontaneous clinic in improvisation than a carefully structured opening act.

Titus Mutai

Titus Mutai followed with a very solid set of material that felt prepared and well-rehearsed. While familiar to seasoned fans, his material on his name, relationship arguments, and weight issues was layered with decent storytelling but weak delivery.

He delivered a quality set that at times resonated with the majority of the audience, showcasing a comedian who didn’t need to prepare for the exam because he benefited from a leakage.

Nduta Kariuki

Her performance was wonderfully laid-back and intimate. While she demonstrated a warm, storytelling style, speaking on growing up on the farm and the challenges of gym life, she seemed genuinely shaken by the lights and sheer size of the audience.

Her set felt less about conventional comedy and more like a heartfelt conversation, focused on appreciating her peers and the fans of The Kisiangani podcast.

Like Kisiangani, there was a sense of brilliant content that hadn’t been fully solidified for the magnitude of the event, yes, another brilliant student who didn’t prepare for the exam.

George Waweru

George Waweru (Chai Knees) was prepared. He did a fantastic job of keeping the focus squarely on the laughs. His bits, covering topics like dating, toxic masculinity, wearing the same shirt as Kisiangani and the chaos of protests, were well-tagged, and his delivery was perfectly timed. He was highly present and engaging.

There was a sense of ownership of his set time, a sense of control, earning a huge reaction from the audience and proving that he was that one student who came in fully prepared for the exam.

Themain event: Bashir’s execution

When Bashir Halaiki finally took the stage, the evening culminated in an undeniably well put-together performance. Out of fairness to the upcoming release of the special, I won’t detail the material.

However, I can attest that his content was deeply personal, pushing the envelope on subjects like religion and his own background, while maintaining a surprising level of approachability.

What truly defined his performance was the execution. The pacing of his set was magnificent, he moved from setup to punchline with no awkward pauses or noticeable breathing room.

It was evident this was a show years in the making; every joke was lean, well-constructed, and precise. He possessed the committed, focused energy of a self-aware comedian at a crucial moment in their career, similar to watching comedy legends during their breakout specials in the 90s.

The only slight gripe was his stage presence. Though he occasionally moved, and the contrast between his outfit and the background made him stand out, it felt as though he had been strictly directed to stand at one spot.

Sacrificing some of the stage control seen in the other acts. But this minor blocking constraint did nothing to slow the relentless momentum of his tightly packed material. The director, Darren, will undoubtedly have a tough time editing, as there was virtually no fat to trim.

Despite the rain and the slight feeling of a ‘Kisiangani Podcast’ get-together among the performers, the event was a fun experience.

More stand-up

The stand-up special will hit our screens sometime in the future, but if you are still hungry for some Kenyan stand-up comedy, there are events taking place weekly, plus Mammito Eunice, Amandeep Jagde, and Doug Mutai have a stand-up special available on YouTube for free.

The difference between what Kenyan banks charge for loans and pay on deposits has hit its highest level in nine years at 7.44 percentage points, leaving borrowers and savers both worse off despite falling policy rates.

Central Bank of Kenya (CBK) data show that lending rates have eased by just 1.77 percentage points between August last year and September while deposit rates have fallen by 3.65 percentage points in the same period.

The cuts in deposit rates are in tandem with reduction on the benchmark CBK rate.

The uneven adjustment-which placed average interest rate at 15.07 percent in September and deposit rate at 7.63 percent-has pushed the spread to 7.44 percentage points.

This is the highest spread since August 2016, when the gap reached 11.29 percent just before Kenya introduced lending caps to tame the cost of credit.

The widening gap suggests that banks have been slow to pass on lower interest rates to borrowers, even as they moved quickly to cut what they pay depositors – a trend that reflects profit protection in the sector.

Concerns about the mismatch between lending rates and Central Bank Rate (CBR) had prompted CBK Governor Kamau Thugge to intervene more directly through moral suasion and threat of daily fines to improve rate transmission.

In addition, CBK has reviewed the risk-based pricing framework, establishing a common base lending rate for all banks based on the overnight-interbank lending rate, renamed the Kenya Shilling Overnight Interbank Average (Kesonia).

Kesonia is closely tied to the CBR under the interest-rate corridor framework, where overnight lending rates for borrowing between banks are held at no more or less than 0.75 percent of the benchmark.

The total cost of credit to a borrower equals Kesonia plus a premium denoted as K, which is determined according to the risk profile of each customer, but also factors in bank margins plus expected returns to shareholders.

Dr Thugge believes Kesonia has ended ‘all excuses’ for banks not to lower their lending rates, adding that the interest rates on loans should now mirror the prevailing policy rate.

‘There should be no excuse by banks for whatever reason [not to cut interest rates]. There have been quite a number of excuses. This time, there won’t be an excuse. Once we lower CBR, banks should also lower their interest rates,’ Dr Thugge said.

The CBR had hit a 12-year high of of 13 percent in February last year where it lasted up to August of the same year before CBK started

The CBR is now at 9.25 percent, being a 3.75 percentage points cut that has come from eight cuts since August last year.

This means the reduction in the deposit rate to an average of 7.63 percent compared with 11.28 percent at the start of August last year has nearly matched the CBR. However, over the same period, the cuts on lending rates have barely matched the cumulative cuts in the CBR.

Some banks have argued that they have been reluctant to cut lending rates significantly because they still face elevated credit risks in sectors like manufacturing, real estate and small and medium-sized enterprises.

The sharp drop in deposit rates reflects both lower competition for funds and subdued private-sector credit demand. The result has been a squeeze on savers, who are now earning the lowest returns on deposits in nearly a decade, while borrowers continue to face double-digit loan costs.

The last time the interest rate spread was this wide was in August 2016, when lending rates averaged 17.71 percent and deposit rates just 6.42 percent – a gap of 11.29 points.

That environment triggered public outcry and eventually led Parliament to enact the Banking (Amendment) Act of 2016, which capped lending rates at four percentage points above the CBR and set a floor for deposit rates. The interest rate caps were repealed in 2019 after concerns they had curtailed credit access, especially to SMEs.

The return of a large spread has seen CBK call out banks for not passing the benefits of a lower CBR to customers. This points to a long-standing issue of weak monetary transmission which has seen the regulator unveil a new loan pricing formula.

The widening spread is translating into improved profitability for banks. A faster drop in the cost of funds compared with the price of loans has seen banks maintain a growth in profit amid a soft economy.

CBK data shows Kenyan banks pre-tax profit for seven months to July grew by 8.75 percent to Sh177.7 billion from Sh163.4 billion in a similar period last year.

Equity Group, which is the only one that has so far published nine-month earnings shows net profit grew 32.6 percent to Sh52.12 billion in the period, mainly supported by Kenyan operations where there was a 51.2 percent rise in net earnings to Sh31.09 billion.

The persistence of high borrowing costs threatens to undermine the CBK’s efforts to boost private-sector credit, which had posted negative growth between November last year and March this year before recovering slightly to close September at a growth of five percent.

The declining deposit poses a challenge for savers given that inflation has been rising, hitting 4.6 percent in September compared with three percent at the start of the year and 2.7 percent in September last year.

The High Court has handed businessman Peter Munga a reprieve after stopping a bank from auctioning his 75 million shares in Britam Insurance.

The injunction came after his wife, Rose Njambi, objected to the planned sale, arguing that the shares constitute matrimonial property and cannot be disposed of without her consent.

In a decision that offers immediate relief to the billionaire co-founder of Equity Bank, the Commercial Division Court froze the sale of the shares – valued at approximately Sh649 million – pending the determination of a suit where Ms Njambi claims half the stock as jointly acquired marital property.

The court found that Ms Njambi proved an arguable case that her husband unlawfully pledged matrimonial property to secure the contested loans without her knowledge or consent.

The ruling halts African Banking Corporation (ABC Bank)’s planned auction of the shares, which were pledged as collateral for loans advanced to Mr Munga.

The suit has drawn a sharp reaction from ABC Bank’s lawyers, who have accused Mr Munga of using the courts to frustrate a lawful recovery process.

The freeze order, which highlights a spouse’s veto power over loans secured with joint assets, will remain in force pending determination on whether the shares are matrimonial property.

The bank had in September 2024 declared the businessman in default of Sh274 million and $1.23 million (Sh159 million) loans, totalling Sh433 million, in unpaid debt.

In the suit, Mr Munga’s wife claims that ABC Bank took part of the shares as collateral without her approval and when he defaulted repayment, it issued a demand notice dated September 24, 2024 seeking payment of Sh433 million, failing which the pledged shares would be sold.

Ms Njambi also filed an application challenging the planned auction, contending that the bank had proceeded with full knowledge of her beneficial interest in ownership.

She informed the court that Mr Munga was her husband, and that during the subsistence of their marriage, they jointly acquired 75 million shares in Britam Insurance Company Limited.

Read: Tycoon Munga fails to block auction of his Britam shares

Of these, 25 million shares were registered in her name, while 50 million were registered in Mr Munga’s name. She contended that both constituted matrimonial property within the meaning of Section 6(1)(a) of the Matrimonial Property Act.

She told the court that though only 50 million shares had been used by Mr Munga to secure the credit facility, the bank was threatening to auction the entire 75 million shares, a move that would deprive her of the only substantial matrimonial asset.

“Without this injunction, I will lose our family’s only substantial asset,” Ms Njambi argued in court filings. She offered Sh100 million as security, a condition the court accepted.

ABC Bank had opposed the application, dismissing the case as a “sham” and alleging Ms Njambi was a proxy helping her husband delay repayment.

The bank’s legal manager argued that the application was made in bad faith and that it formed part of a series of vexatious and frivolous suits instituted to frustrate the lender’s legitimate recovery efforts against the businessman.

The bank argued that no marriage certificate was provided to prove the marriage, and that the 50 million shares were solely registered in Mr Munga’s name; hence no evidence of joint ownership or spousal consent existed.

However, the court ruled that the injunction was appropriate in the circumstances and that the bank’s interests were sufficiently protected by Ms Njambi’s Sh100 million security deposit, ordered to be held in a joint advocate account.

The court found that the loss of the shares before the hearing of the suit would occasion irreparable prejudice to Ms Njambi.

“Shares in a listed company may fluctuate in value and, once sold to third parties, cannot easily be recovered. Monetary compensation may not fully vindicate the applicant’s constitutional right to equality in marriage and to property jointly acquired,” the court observed in the ruling with far-reaching implications for matrimonial property rights in Kenya.

The ruling reaffirmed Section 12 of the Matrimonial Property Act, which bars spouses from disposing of joint assets without mutual consent.

The court found that this spousal veto power, which saved Mr Munga’s fortune, could not be wished away.

Section 6(1)(a) of the Matrimonial Property Act defines matrimonial property to include ‘the matrimonial home and household goods and effects in the matrimonial home or any other immovable and movable property jointly owned and acquired during the marriage.’

The ruling stalls ABC Bank’s recovery efforts, giving Mr Munga breathing space to renegotiate his debt. The tycoon had filed three failed suits to stop the sale before his wife’s intervention.

The freeze holds until the main suit determines whether the 50 million shares are matrimonial property and if ABC Bank violated spousal consent laws.

Corruption is often described as a cancer that eats away at the very fabric of society.

From inflated procurement contracts to money laundering and the misuse of public resources, white-collar crime continues to undermine development, weaken trust in institutions, and deepen inequality.

As technology reshapes every aspect of our lives, one innovation-blockchain-is emerging as a potential weapon in this long-standing fight.

At its simplest, blockchain is a digital ledger technology that records transactions in a secure, immutable, and transparent manner. Once information is entered, it cannot be altered without leaving a trace.

This unique feature can make blockchain technology particularly attractive to governments, law enforcement and regulatory agencies that want to tighten controls against fraud, bribery and illicit financial flows.

For instance, public procurement systems powered by blockchain could make every contract, bid and payment visible to the public and auditors alike. Land registries, another common source of corruption, could be digitised on blockchain platforms, preventing manipulation of ownership records or multiple claims on the same property.

Such applications would close loopholes that corrupt actors exploit and strengthen public confidence in government institutions.

But blockchain’s potential does not guarantee success. Its effectiveness depends heavily on transcending factors-such as digital infrastructure, robust legal frameworks and political commitment-that lie beyond the technology itself.

As highlighted in U4 Issue 2020:7, technology alone cannot root out corruption; it must be embedded in a system that values transparency, accountability and strong oversight.

Unlike traditional systems that place trust in individuals or institutions, blockchain shifts the balance of trust to data and code. In practice, this means that citizens no longer have to rely solely on officials to safeguard records; instead, they can trust the transparency and immutability of the blockchain itself.

This paradigm shift could be revolutionary in societies where institutional trust has been eroded due to corruption and political interference.

The transition is not without challenges. Implementing blockchain in governance touches fundamental societal values: identity, privacy, transparency and accountability. Striking the right balance is critical.

One of blockchain’s most powerful features is its transparency. Every transaction is traceable, every record verifiable. Yet this strength can also become a weakness when it collides with individual rights, such as the right to privacy.

Blockchain, by design, makes deletion impossible.

This tension raises important legal and ethical questions: How do we balance the need to protect privacy with the need to harness transparency in the fight against corruption? Policymakers must confront these dilemmas head-on, crafting frameworks that maximise accountability without eroding fundamental freedoms.

Another critical concern arises when blockchain is used to manage registries of physical assets, such as land or vehicles. While the digital record may be incorruptible, it is only as accurate as the information entered at the outset.

Trusted gatekeepers are therefore essential to ensure that the physical reality matches the digital record. Otherwise, corruption could shift from digital manipulation to fraudulent inputs, thus undermining the entire system.

Several African countries are already ahead of the curve.

Nigeria has established clear regulations for cryptocurrency exchanges, South Africa has moved forward with comprehensive guidelines for digital assets and Mauritius has positioned itself as a blockchain-friendly hub with dedicated regulatory sandboxes.

Kenya, on the other hand, is still in the process of finalising its regulatory framework, currently at the Third Reading stage in Parliament.

This makes commendable progress; however, timely implementation would be important to ensure that gaps are not left open for potential misuse in the rapidly evolving digital finance landscape.

For many developing countries, adopting blockchain faces significant hurdles. Digital infrastructure remains weak, with limited internet access in some areas. Digital literacy is uneven, meaning that even if systems are built, citizens and officials may struggle to use them effectively.

These challenges underscore the need for a comprehensive approach: building infrastructure, enhancing capacity-especially for law enforcement officers to be able to trace and recover stolen assets-and modernizing laws alongside technological adoption.

A nuanced understanding of the technology is crucial before deciding whether-and how-to integrate it into governance systems.

Yet hesitation also carries risks. With global adoption accelerating, countries that delay may find themselves struggling to catch up in a world where corruption has already migrated to new digital platforms.

The balance for policymakers is delicate: act too slowly, and the window of opportunity closes; act without foresight, and unintended consequences could erode rights or waste resources. Its success will depend not on the technology alone, but on the legal, political and social ecosystems into which it is introduced.

Blockchain is not a magic cure for corruption, but it offers unprecedented opportunities to enhance transparency, strengthen accountability, and rebuild trust in public institutions. For policymakers and regulatory experts, the choice is clear.

The future of governance will increasingly be digital. Investing today in the right frameworks, infrastructure, and skills could position nations to harness blockchain not only to fight cryptocurrency-enabled crime and white-collar fraud, but also to redefine the integrity of public service for generations to come.

If corruption is the disease, blockchain could be part of the cure-provided leaders have the courage and foresight to use it wisely. Writer is an enthusiast blockchain and crypto investigator.

A widow has secured a temporary reprieve after the High Court barred Equity Bank from auctioning her property in Nairobi over a disputed Sh377 million loan guarantee she claims was forged using her title deed.

In the case highlighting growing concerns over fraudulent land transactions and banks’ due diligence in verifying guarantors, the court halted the sale of Rosemele Anyango’s property pending the determination of a lawsuit where she accuses the bank, her brother, and a company linked to him of conspiring to fraudulently use her land as collateral.

Ms Anyango, the registered owner of the property, insists she never guaranteed any loans for Tembo Tamu Limited nor signed documents charging her land to Equity Bank.

She alleges her brother held her title deed since 2018 following the deaths of her husband and son.

Her shock came in May 2024 when Equity Bank issued a redemption notice demanding Sh377.6 million, threatening to sell her property over Tembo Tamu’s loan defaults.

Forensic analysis later revealed that her signatures on the loan documents had been forged.

She claims that any charge or security instrument created over the property in question was done fraudulently and without her knowledge or consent, and in conspiracy with the respondents (the bank, the company and her brother).

She contends that she is neither a director nor a shareholder of the company and thus not privy to its activities.

Ms Anyango further contends that she did not issue any power of attorney to the advocates involved in the deal to enter into transactions and sign documents pertaining to the property. Her signature is not on the offer letter dated July 3, 2020.

Additionally, she says she never appeared before the advocate named in the court papers to execute a personal guarantee and indemnity, maintaining that her signature is a forgery.

The bank, however, maintains Ms Anyango willingly guaranteed loans totalling Sh290 million advanced to Tembo Tamu between July and October 2020.

Through its legal manager, Equity Bank argued she executed a personal guarantee and deposited her title deed as security.

Statutory notices under the Land Act were served, and valuers assessed the property before the planned auction. The bank dismissed her forgery claims, insisting she participated knowingly and willingly.

However, the court found Ms Anyango had established a strong case against Equity, warranting court intervention. The court ruled she had demonstrated the likelihood of suffering irreparable harm.

The court emphasised that allegations of forgery – backed by a forensic report – raised serious questions that required full scrutiny at trial.

‘If proven, the charge would be void ab initio,’ the court stated, noting that allowing the sale would risk ‘sanctioning an illegality’ and irreparably violating Ms Anyango’s constitutional right to property under Article 40.

The dispute centres on whether Ms Anyango indeed executed the charge documents and guarantee, or whether they were forged and fraudulently procured.

‘That question goes to the root of ownership rights and the validity of the securities sought to be enforced by the bank,’ said the court.

The court ruled that the balance of convenience favoured Ms Anyango because, if the property were sold and forgery later proven, she would suffer a permanent deprivation of property in violation of her constitutional rights.

Conversely, the bank could still recover debts from Tembo Tamu without selling her land. The company and Ms Anyango’s brother did not participate in the proceedings. The injunction remains in force until the suit is determined.

Similar disputes have surged in the recent past, with courts increasingly scrutinising lenders’ processes amid claims of forged documents and identity theft.

The rapid pace of technological development exceeds organisations’ ability to establish effective governance systems.

The workplace experienced a similar phenomenon in the last decade when staff members brought Dropbox, Google Docs and Slack into their work environments before organisational approval. Workers adopted these tools because they needed solutions that official systems failed to provide. The official tools were too slow, clunky, or nonexistent, so workers found their own.

The current situation with shadow AI mirrors the previous case of shadow IT. Shadow AI is the unsanctioned use of AI tools or applications by employees without approval or oversight of the employer.

There are several reasons why employees turn to shadow AI.

The underlying factors are similar to previous situations, which are activated when employees encounter performance deficiencies, including productivity pressure, where a marketing associate uses AI to generate campaign ideas within a short time frame and complexity gaps, where a financial analyst uses AI to verify formulas instead of waiting for their peers to review them.

These examples demonstrate that staff members use AI tools to address genuine operational challenges rather than seeking new technology for its own sake.

However, the challenge arises when employees are using AI tools without proper oversight. There are several hidden risks, and shadow AI creates three distinct risk categories that organisations must address.

One, data exposure represents the first risk factor because sensitive information and client data become vulnerable to unauthorised disclosure when fed into unprotected AI systems.

The implementation of AI systems leads to two major problems – biased results and non-compliance with regulations. AI systems generate biased or inaccurate results, which can lead to legal exposure when organisations use them for hiring or decision-making processes.

Leaders who are at the centre of organisations need to first validate employee needs by understanding that shadow AI demonstrates their desire to enhance their work efficiency and create specific rules which define authorised tools and data handling procedures and prohibited usage practices.

The organisation needs to deliver training sessions about proper AI usage, which should include lessons about bias detection and privacy protection and system security and should also purchase enterprise-grade AI solutions which provide secure platforms for employees to work with, instead of forcing them to hide their tools.

Executives who view shadow AI as a threat alone will overlook the substantial business potential it presents. Organisations that recognise shadow AI as a strategic indicator will convert potential risks into business advantages.

Organisations face a straightforward decision between letting shadow AI control their operations or using it to establish purposeful leadership.

Further, the organisation needs to develop a system for periodic assessments which will monitor AI usage for safety and compliance with business objectives.

Additionally, when staff members start to conceal productivity tools from their superiors, it leads to a breakdown in employee trust which damages organizational culture.

Government entities must maintain close observation of these developments. The AI Act has partially taken effect throughout Europe, it demands organisations to maintain records about their AI system utilization and implement proper governance systems.

Organisations that fail to monitor shadow AI usage today will face difficulties when regulatory bodies start enforcing new rules in the future.

History shows the right path. Organisations progressed from banning cloud services to creating structured systems for cloud adoption after their employees started using shadow IT. The same approach needs to be applied to AI systems.

Leaders who are at the centre of organisations need to first validate employee needs by understanding that shadow AI demonstrates their desire to enhance their work efficiency and create specific rules which define authorised tools and data handling procedures and prohibited usage practices.

The organisation needs to deliver training sessions about proper AI usage which should include lessons about bias detection and privacy protection and system security and should also purchase enterprise-grade AI solutions which provide secure platforms for employees to work with instead of forcing them to hide their tools.

Further, the organisation needs to develop a system for periodic assessments which will monitor AI usage for safety and compliance with business objectives.

Shadow AI functions as an indicator rather than an act of defiance against authority. The current situation demonstrates that employees want to adopt new work approaches although their leaders have not adopted these changes.

Executives who view shadow AI as a threat alone will overlook the substantial business potential it presents.

Organisations that recognise shadow AI as a strategic indicator will convert potential risks into business advantages through the development of organisations that excel at AI operations.

Organisations face a straightforward decision between letting shadow AI control their operations or using it to establish purposeful leadership.