Category: Business Daily

Kenya plans to spend Sh80 million in the financial year starting July to continue searching for the exact site of the proposed nuclear power plant in Siaya County, as the government narrows down potential locations within the lakeside county.

Budget estimates tabled in the National Assembly show the allocation for ‘Nuclear Power Plant Siting’ will form part of broader plans to prepare for construction of the country’s first nuclear reactor.

Kenya plans to build a 1,000-3,000-megawatt nuclear power plant from March 2027 at an estimated cost of $5 billion (Sh646 billion) in Siaya, which was chosen partly due to its proximity to Lake Victoria because the plant would require large volumes of water for cooling operations.

The funds will support screening and technical assessment of potential sites identified within Siaya before Nuclear Power and Energy Agency (NuPEA) settles on the preferred location for the multi-billion-shilling project. NuPEA says it has completed the first phase of regional analysis and identified possible locations for the proposed plant.

The agency, tasked with implementing the country’s nuclear power programme, is conducting further screening exercises on the shortlisted areas-which it has not disclosed– to determine which sites meet safety, environmental and engineering requirements.

‘The best candidate sites will then be subjected to a weighted analysis, and the best two will be designated as Proposed Site and Alternate site,’ NuPEA states in its documents.

Justus Wabuyabo, the agency’s chief executive, said site-specific feasibility studies and additional technical assessments will follow once the preferred location is identified.

‘Detailed engineering and scientific studies on the specific site will have to be carried out to confirm the suitability of the selected site,’ Mr Wabuyabo said in an earlier interview.

The Sh80 million allocation for 2026/27 is lower than the Sh104 million approved in the current 2025/26 financial year.

However, projected spending is expected to rise more than five times to Sh493 million in 2027/28 before climbing further to Sh2.88 billion in 2028/29.

The rising future allocations signal more intensive studies, feasibility assessments and possible land acquisition activities as the project advances.

The Treasury’s budget documents show the government is targeting 55 percent acquisition of the nuclear plant site by June 2027.

The target is expected to rise to 60 percent in 2027/28 and 65 percent in 2028/29, indicating plans for continued site preparation over the next three years.

The siting process involves analysing several factors to determine whether an area can safely host a nuclear power facility.

According to NuPEA, the government is checking whether potential sites are safe from earthquakes, have suitable ground conditions and minimal impact on wildlife.

Officials are also examining risks such as flooding, nearby pipelines, population levels, road access, the nature of the terrain and whether the site is close enough to areas with high demand for electricity.

NuPEA said detailed engineering and scientific studies will be conducted on the selected sites before a final decision is made.

The next stages after siting will involve preparation of bid invitation specifications, selection of a nuclear technology vendor and further studies by the successful contractor.

The project forms part of the Kenya National Electrification Strategy, which initially aims to achieve universal access to electricity by 2030.

Construction of the plant is expected to take at least five years, with the reactor initially projected to start operations in 2034.

The government has previously indicated the project could be financed through a build-operate-transfer arrangement or a special purpose vehicle involving the State, lenders and nuclear technology vendors.

Kenya is also increasing spending on workforce training and legal reforms linked to the nuclear power programme.

Funding for ‘Resource Development for Nuclear Programme’ will rise from Sh37.7 million in the current financial year to Sh55 million in 2026/27, the budget estimates show.

Allocations for ‘Nuclear Policy and Legislation’ will increase from Sh27.8 million to Sh42 million over the same period.

The plans have continued to attract opposition from environmental groups and renewable energy advocates.

Civil society organisations, including the Centre for Justice Governance and Environmental Action and the Kenya Anti-Nuclear Alliance, argue nuclear energy is unnecessary because Kenya already generates more than 90 percent of its electricity from renewable sources such as geothermal, hydro, wind and solar.

The groups have also warned about possible environmental and economic damage in the event of a nuclear accident near ecologically sensitive areas around Lake Victoria.

Mr Wabuyabo, however, argues that Kenya’s current renewable energy mix would not be sufficient to meet projected industrial power demand despite the country generating more than 90 percent of electricity from green sources.

He said Kenya would require up to 60,000 megawatts of electricity for full-scale industrialisation, adding that nuclear energy would provide stable baseload power less affected by weather changes.

‘Nuclear energy will undoubtedly provide, in the medium term, the 3,000 MW baseload that hydro and solar, which are prone to weather changes, simply cannot,’ Mr Wabuyabo wrote in the Business Daily on Monday.

Kenya is among several African countries pursuing nuclear energy projects to support industrialisation and rising electricity demand. They include Egypt, Morocco, Ghana, Uganda and Rwanda.

Kenya’s healthcare system faces a divide between the adoption of artificial intelligence (AI) in its policy frameworks and its full implementation. While AI has become a dominant topic in health policy discussions, its integration into clinical workflow remains limited.

Despite advancements in technology, the World Health Organisation (WHO) notes that most countries, including Kenya, have yet to fully leverage digital health and AI for positive outcomes. The Kenya Artificial Intelligence Strategy (2025-2030) acknowledges infrastructure as a key limitation to full realisation in the healthcare space.

Kenya’s inadequate computing power, broadband connectivity and energy efficiency hinder large-scale AI deployment. These hindrances directly affect the scalability of AI-driven healthcare solutions.

Kenya’s health sector is overseen by multiple legal and policy frameworks which include: The Health Act (2017), National eHealth Policy (2016-2030), Data Protection Act (2019), Digital Health Act (2023) and the Social Health Insurance Act (2023). Whereas these laws provide a strong foundation for digital health, they also introduce complexities that affect the harmonisation and implementation of digital health solutions such as AI.

Besides, the fragmented approach of health as a devolved function between the national and county governments creates an additional barrier in digitalisation uniformity. This limits effective deployment and use of AI tools in healthcare, ultimately hindering optimal healthcare delivery.

AI is a transformative force in the healthcare system, aiding in diagnosing illnesses, assessing patients, detecting anomalies, and even in medical imaging, thereby providing faster, improved patient outcomes.

AI has many benefits, but it is not entirely faultless. The downsides, such as breach of data privacy, compromise its ethical use in society. Kenya has an inadequate health-specific AI strategy, and there is no dedicated steering committee to oversee and ensure the successful implementation of AI in healthcare.

Hence, formulated policies should not be restrictive, expensive, or burdensome for this developing field, which would rather benefit more from approaches that allow flexibility for developers and regulators to constantly explore and understand the latest developments.

Kenya continues to struggle with inadequate staffing and significant imbalances in the healthcare workforce. Statistics report the Kenyan doctor-to-patient ratio is estimated at 1:17,000 as of 2025, which falls below the WHO-recommended ratio of 1:1,000.

Limited resources and overstretched healthcare systems result in clinicians seeing a high volume of patients with a wide range of health complaints daily and making rapid diagnosis and treatment decisions, often with limited information.

These persistent shortages lead to stark disparities in the quality and accessibility of care across various health care settings. AI-based clinical decision support systems (CDSS) can support healthcare professionals by providing contextually relevant diagnostic and management suggestions. These systems can help minimize therapeutic errors and ensure appropriate referrals.

Penda Health, a private Kenyan Healthcare provider, demonstrates the feasibility of implementing AI in local healthcare settings. The hospital network has deployed AI-based clinical decision support systems into its clinical workflows, and its clinicians use them during consultations.

A study conducted across 16 Penda Health facilities in Nairobi and Kiambu counties demonstrated a gradual increase in the use of AI-enabled clinical decision support systems from 4 percent to 47 percent over an eight-month period.

The study also reported overwhelmingly positive feedback and increased confidence in interacting with the tool and in its ability to provide accurate management output.

Furthermore, the report demonstrated the AI tool’s ability to generate well-reasoned clinical suggestions and appropriate medications and to aid clinicians in reaching an accurate diagnosis. Penda Health AI adoption serves as a model for the healthcare sector. The use of these AI tools in the Kenyan context should augment clinicians’ decisions. Penda Health’s adoption of technology illustrates the successful integration of digital solutions into systemic infrastructure.

Beyond clinical decision-making, AI also has significant potential to strengthen health system operations, especially in pharmaceutical supply chains. Pharmaplus Pharmacy, a leading Kenyan retail pharmacy provider, demonstrates the value of AI beyond clinical care.

By integrating AI-driven tools into its pharmaceutical supply chain, Pharmaplus Pharmacy has improved demand forecasting, optimized stock management, and enabled early detection of near-expiry products. These efficiencies have reduced wastage and strengthened the consistent availability of essential medicines.

In contrast, recurrent drug stock-outs remain a significant challenge across many public health facilities in Kenya. This highlights a clear opportunity for policymakers to scale similar AI-enabled supply chain solutions within the public sector to enhance inventory management and address persistent medicine shortages.

Reliable internet coverage, improved electricity supply, and well-equipped health care facilities are the core foundation towards full realisation.

Besides, well-coordinated efforts between national and county governments that ensure policy alignment and resource allocation are equally critical. Kenya’s healthcare sector cannot delay harnessing these advancements, it must move with urgency.

Before 2024 and subsequent Gen Z-led protests sparked by the controversial Finance Bill, public attention rarely focused on revenue mobilisation.

National conversations revolved around budget estimates that culminated in the annual budget reading, while Finance Bill debates were largely viewed as elitist, and the people followed from the sidelines, except, of course, for Senator Okiya Omtatah.

Over the years, however, the courts and public steadily transformed the Finance Bill into one of the country’s most scrutinised legislative processes.

In 2022, the Kenya Human Rights Commission and others unsuccessfully challenged the Finance Act 2022, arguing that provisions such as VAT on exported services and excise duty on SIM cards had been introduced without proper public participation. The Finance Act 2023 faced even greater legal turbulence.

The High Court declared the proposed housing levy unconstitutional before the Court of Appeal later nullified the entire Act. Although the Supreme Court eventually overturned that decision, citizens had fully grasped the significance of the Finance Bill and its direct impact on their lives.

Then came Finance Bill 2024. The proposed law triggered nationwide protests and unprecedented public opposition, forcing the government to abandon it altogether.

Since then, the State has appeared less forceful and more accommodating of citizen views. Public participation has become more deliberate and extensive. Conversations around finance bills are no longer confined to experts and policymakers; Mwananchi is now fully alert.

It is within this politically sensitive environment that the Finance Bill 2026 arrives. The first notable aspect is its deliberate avoidance of dramatic tax shocks. Treasury appears to have learned from recent public resistance to aggressive taxation.

My observation is that the Bill is more measured, with fewer headline-grabbing levies and greater emphasis on administrative adjustments than outright new taxes.

The Bill also introduces several measures aimed at improving tax administration and compliance. These include penalty waivers, streamlined filing systems and clearer procedures for taxpayers.

For investors and businesses, predictability is often just as important as low taxation. Kenya’s reputation for frequent tax policy shifts has long unsettled the private sector, and any effort to create greater consistency may help restore some confidence.

For ordinary Kenyans, the central economic question is not whether Treasury can raise revenue, but whether life will become more affordable. Here, the Finance Bill does not offer much comfort.

Particular attention has already turned to the proposed tax on mitumba. This is especially because the tax is levied on ‘deemed’ profit payable at the point of importation before the goods are released. If enacted, the proposal is likely to raise the cost of importing second-hand clothing and similar products, ultimately increasing retail prices while reducing traders’ margins.

The Bill also struggles to address the country’s employment crisis convincingly. While the Economic Survey reports job growth, most of those opportunities are concentrated in low-paying informal work rather than stable formal employment.

The Bill offers limited incentives for labor-intensive industries, manufacturing expansion, or youth enterprise development.

Perhaps the ugliest reality exposed by both the Economic Survey and the Finance Bill is the growing normalisation of economic informality. More than 18 million Kenyans now work outside the formal economy.

The Finance Bill does little to fundamentally change that trajectory. Instead of aggressively incentivising industrialisation, value addition, and export-led growth, the country appears increasingly resigned to managing an economy built around survivalist enterprise.

That presents a dangerous long-term risk. An economy dominated by informal work often produces weak pensions, low productivity, insecure incomes and narrow tax bases. In many ways, the Finance Bill 2026 reflects a government attempting to stabilise rather than transform the economyc reset many Kenyans hoped for.

The good is that Treasury appears to have listened to public frustration and avoided imposing severe new tax shocks.

The bad news is that the Bill offers limited relief to households battling a relentless cost-of-living crisis.

And the ugly truth is that it quietly reveals an economy increasingly dependent on informal survival, while the government remains heavily focused on revenue extraction.

Ultimately, the Finance Bill 2026 may help the state balance its books. Whether it helps ordinary Kenyans build wealth, secure decent jobs and restore purchasing power is a far more difficult question.

Even President William Ruto’s most committed critics would struggle to fault the optics of last week’s France-Africa Summit.

Nairobi hosted 30 heads of state, President Emmanuel Macron of France and the who’s who of African capital – Dangote, Motsepe, El Sewedy, Rabiu – in a pageant that burnished the city’s growing reputation as the continent’s preferred venue for conferences.

I attended the opening ceremony. And what struck me most was the opening remarks by President Ruto. The ideas were not new. African academics have been making these arguments for a long time.

What was new was the messenger: a head of state who had personally negotiated with Western creditors that treat African governments like wayward teenagers on allowance, and discovered – out of sheer necessity -that there are other lenders on the continent willing to answer the phone.

There was something almost evangelical about his delivery – the zeal of the recently converted. That did not surprise because early in his administration, the government had to turn to the African Export-Import Bank and the Trade and Development Bank (TDB) for cash, not out of ideological conviction, but because the government was, at that time, more or less locked out of Western capital markets. Now, having survived that experience, he has elevated the necessity into a doctrine.

Dr Ruto invoked the African Development Bank, the Africa Finance Corporation, and the TDB not as fallback options when Western capital markets slam the door, but as the primary architects of Africa’s financial future. Bold framing – though one suspects the International Monetary Fund (IMF) remains on speed dial.

His most substantive point concerned Africa’s pension industry – a sleeping giant, as he correctly called it. More than $1 trillion in African pension and insurance assets sit underutilised while governments queue at Western capital markets to borrow at punishing risk premiums, assigned by rating agencies whose methodology critics have long argued is structurally biased against the continent.

President Ruto proposed a continental association of pension funds to mobilise domestic savings for infrastructure. He backed the proposed African Credit Rating Agency.

These ideas have circulated in academic papers and African Union commission reports for the better part of two decades.

The difference here is that a sitting president – one who has personally felt the rating agencies’ boot on his neck – was making the case from experience rather than from a think-tank.

To demonstrate the concept was not merely rhetorical, he pointed to Kenya’s newly created National Infrastructure Fund, which he said had mobilised $2 billion in months. The National Social Security Fund is one of the anchor investors on the multibillion-dollar Rironi-Mau Summit Road toll project.

That is, ultimately, what Ruto’s address was: not a manifesto but a field report from a laboratory rat who made it out of the maze and now wants to brief the other rats on the layout.

Meanwhile, the summit’s polished surface concealed several uncomfortable truths its organisers preferred to leave undisturbed. While Mr Macron spoke warmly of innovation and partnership, French corporate giants were quietly walking out the back door. BNP Paribas was winding down its South African investment arm.

Société Générale was offloading subsidiaries in Burkina Faso. The Bolloré Group – once the very symbol of France’s commercial grip on the continent – had already sold its African logistics empire and departed without ceremony. One might ask: if this is a partnership summit, why do all the partners seem to be leaving?

The summit also exhibited a spectacular ability to avoid the most important questions. France, a nation of 68 million people, produces more wheat than the entirety of sub-Saharan Africa. A genuine partnership summit would have put seed science, irrigation technology, and agricultural productivity transfer at its centre.

The debt question, too, was handled with characteristic discretion: by not handling it at all. Most of the 30 leaders in attendance govern economies where debt service has eaten away all fiscal space for schools and hospitals.

Africa needs something on the scale of the 1953 London Debt Agreement – the arrangement that capped postwar Germany’s repayments and enabled its economic miracle.

As a leading IMF shareholder, Macron had standing to champion debt reform. He chose the safer path- the group photograph.

And the summit barely touched on what may prove the century’s most consequential economic question: Africa’s transition minerals. The green energy revolution runs on niobium, coltan, manganese, and other materials found in abundance across the continent.

The ideas Dr Ruto articulated in Nairobi are worth taking seriously – not because they are novel, but because they are now being advanced by a leader with fresh scar tissue from the very institutions he was critiquing.

That is a different kind of authority. Whether it translates into collective African action, or simply becomes the intellectual wallpaper at the next summit remains to be seen.

Diversified retailer Car and General (C and G) says the improved performance of its boda-boda business has lifted the company from a two-year revenue slump that was previously linked to a weaker demand for motorcycles in the Kenyan market.

The company says in its latest annual report that its boda-boda business in Kenya resumed growth to a monthly average sales of 8,000 units per month in 2025 from 4,600 in 2024.

‘The twelve-month period from 1 January 2025 to 31 December 2025 was positive with all markets showing signs of recovery,’ the company says.

‘In Kenya, specifically, the boda-boda business resumed growth to a monthly average of 8,000 units from a low of 4,600 units per month in 2024. This led to recovery in growth of our Kenya business after two years of decline. In addition, we saw reasonable growth in all product lines and territories.’

The Economic Survey 2026 shows that motorcycle sales in Kenya more than doubled in 2025 to 241,763 units reflecting a strong demand from public transport and courier sectors as prices of motorcycles eased on the back of a stable exchange rate and lower lending rates.

Newly registered motorcycles rose from 118,308 units in 2024, marking a second consecutive year of recovery after sales plunged to 70,691 in 2023.

‘Kenya boda-boda sales are recovering. Volumes in our two-wheeler business in Kenya increased whilst three-wheeler and consumable sales remained stable. In Tanzania, volumes of two-wheeler and three-wheeler sales grew. We see positive potential in all areas going forward,’ the company says.

The group’s net profit grew to Sh2.4 billion in the year ended December 2025 from Sh526 million in the prior year, lifted by motorcycle sales.

Its total revenues grew by 20.9 percent to Sh25.3 billion from Sh20.9 billion in the same period, with the sale of boda-bodas cited as a major contributor.

Sales in Uganda and Tanzania now account for 56 percent of the group’s total sales.

The company made a net loss of Sh273.6 million in the 15 months ended December 2023,reversing a net income of Sh679.4 million in the 12 months to September 2022, with the boda-boda business experiencing a 77 percent in sales volume in Kenya due to increase in fuel price that denied the riders profitability.

These results came after the company changed its financial calendar to end in December from September previously.

C and G says it will continue assembling two-wheelers and three-wheelers at its assembly facilities in Kenya and Tanzania, plans of expanding the production capacity further in 2026.

‘We are confident BodaPlus will do well over time. We are gaining good traction and were profitable in 2025. The market for helmets is growing throughout the region, and our value proposition is solid,’ the company says.

‘We are growing other opportunities related to the localisation of manufacturing including the manufacture of riding suits. We now export to eight countries.’

The company says geopolitical tensions arising from the conflicts in Iran resulted in disruption to some global supply chains, including intermittent delays of logistics and volatility in oil prices which could have potential impact on the group’s operations in future.

‘Going forward, we believe uncertainty will persist in 2026. We do, however, expect less turbulence in East Africa subject to continued availability of fuel. Key to success will be maintaining strict fundamentals in terms of higher efficiency levels in all areas of our business, maintaining market share in core products and achieving satisfactory profitability across all businesses,’ the company said.

Bonus payouts for eight chief executive officers (CEOs) of Kenya’s listed banks soared 26.5 percent to reach Sh817 million on the back of record profits that also delivered higher dividends to shareholders.

The bosses of Co-operative Bank of Kenya, KCB Group, Equity Group, NCBA Group, Stanbic Holdings, I and M, Absa Bank Kenya and Standard Chartered Kenya increased their payouts from Sh645.91 million in 2024, regulatory filings show.

The bumper payouts cement the banking sector’s credentials for high rewards to its CEOs and top executives.

Co-op Bank managing director Gideon Muriuki topped the list with a bonus of Sh307.7 million, marking a growth from Sh302.3 million and the largest payout in the history of firms listed at the Nairobi Securities Exchange (NSE).

Rival KCB Group said in its annual results that it paid chief executive Paul Russo Sh158.09 million last year, up from Sh131.69 million in 2024.

The DTB Group and HF are the listed banks that did not declare bonuses for their executives.

Banking executives receive salaries, bonuses and stock-linked awards.

The pay awards, therefore, also reflect the Kenyan banking system’s profit-making machine, which has seen the sector defy economic downturns to post stellar earnings.

The country’s lenders have posted large profit boosts as interest rates have increased, with the eight banks’ earnings growing 16.5 percent to Sh268.97 billion last year.

Central Bank of Kenya data shows that combined pre-tax profits of banks operating in the country rose 18.8 percent to Sh311.8 million, continuing the trend of rising earnings.

This helped the lenders pay record dividends that have made their stocks the most sought after at the Nairobi bourse.

During the review period, dividend payouts from the nine top banks hit Sh111.2 billion, representing a 31.6 percent growth from Sh84.5 billion distributed from the 2024 net earnings.

Co-op Bank’s Muriuki’s bonus came in a year when the bank posted a 16.9 percent rise in net profit to Sh29.75 billion, allowing the firm to raise its dividend per share for the first time in four years to Sh2.50 from Sh1.50.

KCB Group, which posted an 11 percent rise in net profit to Sh68.4 billion, disclosed that it paid its CEO, Mr Russo, the Sh158.09 million bonus, including Sh118.57 million in cash and a deferred Sh39.52 million.

Equity Group, which posted a 54.6 percent rise in net profit to Sh71.9 billion to top the profitability chart, rewarded its CEO, James Mwangi, with a Sh90.8 million bonus after a two-year break. He got a bonus of Sh53.04 million in 2022.

NCBA Group rewarded its managing director, John Gachora, with a Sh92 million bonus, up from Sh83 million in the previous year. The lender said SSh82 million was paid during the year, while Sh10 million was deferred.

‘Directors’ remuneration is linked to performance and is competitively structured to attract and retain the best talent to effectively develop the group’s business,’ said the bank in the latest annual report.

‘Executive directors are eligible to participate in the group’s bonus scheme, which is anchored on achievement of key business performance indicators, but are not entitled to earn fees or other allowances.’

Besides the bonus for his CEO role, Mr Mwangi is also in line for a Sh734.9 million dividend on his 127.8 million shares in Equity. The lender lifted the dividend per share to Sh5.75 from Sh4.25 in 2024.

Mr Mwangi has helped Equity cement its position among the top banks in the region from just a building society that was nearly collapsing on the back of mergers and acquisitions.

During his 24-year tenure as CEO, few stocks have matched Equity in generating wealth for long-term investors.

Stanbic Holdings says it paid CEO Patrick Mweheire a Sh78.39 million bonus, up 75.7 percent from Sh44.62 million, coming before his retirement in February this year. The bonus came in the year the lender’s net profit remained relatively flat, rising to Sh13.72 billion from Sh13.71 billion.

However, Stanbic says its incentives scheme considers a performance of three to five years to ensure it rewards sustainable performance as opposed to a ‘short-term bonus-centric culture.’

‘The committee [handing the incentives] reviews performance to ensure that earnings are not the result of one year’s work but rather the planned outcome of work done in the past years,’ said the bank.

Absa, whose net earnings grew 10 percent to Sh22.9 billion, rewarded its managing director, Abdi Mohamed, with a Sh38.45 million cash and deferred bonus, representing an increase from Sh32.27 million in the previous year.

StanChart Kenya CEO Kariuki Ngari, who retired in April, earned a Sh37.47 million bonus, marking 14 percent drop from Sh43.58 million. The drop in the bonus came in the period the lender’s net earnings dropped by 38 percent to Sh12.43 billion, partly on the settlement of a Sh2.6 billion legacy pension liability.

At I and M Group, the regional CEO Kihara Maina saw his bonus rise 71.9 percent to Sh14.53 million from Sh8.45 million as that of group executive director Sarit Raja Shah increased by 23 percent to Sh26.26 million from Sh21.36 million.

The higher bonuses came in the year I and M net earnings grew 27.6 percent to Sh18.78 billion.

Many lenders have openly linked their performance-based bonus scheme, which extends to all staff, to the continued rise in performance even in challenging economic times.

For instance, Co-op Bank says the performance-driven system has helped the bank rise from a Sh2.3 billion net loss to the current streak of profit.

‘A key pillar of this transformation has been the board of directors successfully implementing a performance-based bonus reward system applicable to all staff, both management and unionised staff, wherein the individual salary review/increase for the year and the bonus award each year is directly linked to attainment of the profitability performance targets for the year,’ said Co-op Bank in the annual report.

The banks’ bonuses extended to other senior executives, including subsidiary CEOs and finance officers. KCB said the bonus to its chief finance officer (CFO), Lawrence Kimathi, rose to Sh68.77 million from Sh56.68 million, while the bonus paid to NCBA executive director for finance, David Abowoga, fell to Sh12.82 million from Sh14.84 million.

The combined bonus to Co-op Bank’s Muriuki and the divisional directors and managing directors of the subsidiaries hit Sh635.13 million from Sh618 million.

Over the same period, Absa’s chief finance officer, Yusuf Omari, earned a bonus of Sh24.99 million from Sh20.55 million, underlining the significance of the finance director’s role in the success of organisations.

Chemutai Murgor, StanChart’s former CFO who exited in April this year, earned a Sh14.14 million bonus, while Birju Sanghrajka, who replaced Mr Ngari in the CEO role, received Sh28.96 million in his previous role of heading corporate and investment banking.

KCB Group is seeking Sh7 billion from the disposal of 2,000 acres of land recovered from East Africa Portland Cement Company (EAPCC). The land is currently occupied by squatters, including households, and businesses such as hotels and warehouses.

EAPCC reached a deal with the bank in 2019 to settle the cement manufacturer’s Sh6.8 billion outstanding loan but the parcel in Mavoko, Athi River, had already been invaded by settlers long before the pact.

The bank has transferred properties worth Sh6.99 billion from its investments book to assets available for sale, signaling KCB’s intent to liquidate the Mavoko land to cash marking a key step in the lender’s loan recovery strategy.

The move sets the bank up for a face-off with squatters in its quest to possess and dispose of the land including potential court battles.

KCB previously indicated that it sought to regularise land ownership for squatters who already occupy part of the land and has recently offered loans to the settlers to enable them to formally acquire the parcels.

‘During the year, a portion of investment property held at a fair value cost of Sh6.996 billion has been reclassified to other assets. The property is undergoing sale and disposal arrangements with potential buyers,’ KCB said in its 2025 annual report.

‘The group expects the disposal process to be completed within the normal operating cycle.’

The sale of the land is expected to be undertaken through land regularisation which is described as the handing of formal and permanent ownership to an occupier.

The bank previously noted that the exercise shall cover existing, willing and capable occupants.

KCB and EAPCC entered a settlement deed in 2019 which consolidated several loan facilities into a one-term loan.

Portland Cement shareholders later transferred an estimated 2,000 acres to the bank to retire a Sh6.8 billion debt.

Squatters began invading the parcel, then owned by EAPCC, in 2010 when the company signaled it would sell the land after exhausting limestone deposits.

The settlers have since organised themselves in groups including the Syokimau-Mavoko Community Association, Ngwatanio ya Mkamba Self Help Group and Kathama Welfare Association.

KCB Group chief executive officer Paul Russo clarified that the Mavoko land is now under the custody of the bank and not the cement manufacturer amid questions on the parcel’s ownership.

‘There is no East African Portland Cement land, the land belongs to KCB. EAPC had our loan that they were unable to pay. They gave us the land in exchange for our loan with approval from the Central Bank of Kenya (CBK),’ he said on March 11.

The agreement between KCB and CBK requires the lender to dispose of the land as the bank is not a land selling company.

KCB says it has opted to support the regularisation of the land’s ownership over evictions and that it is willing to offer loans to the squatters to complete the process.

‘We had a right to sell-off the land and let somebody break it down and deal with them (squatters), but we also have a duty as KCB to engage those present to say, ‘here is the valuation of our land, this is how we price it and we are willing to regularise it for you,’ said Mr Russo.

He added: ‘If you have a source of income, we are even willing to give you a loan to buy the land. We have cleared the land rates pending at the Machakos County government and now want to regularise. That’s it. At the end of the day, we must remove the entry of land from our books and put it in cash.’

The sales will help improve KCB Group loan recoveries, cutting its stock of non-performing loans to improve the lender’s asset quality.

It’s gross non-performing loans fell to Sh211.8 billion in 2025 from Sh225.6 billion the previous year as the firm intensified its recovery efforts including appointing a technical committee to push for settlements through initiatives like property auctions.

‘We can boldly say that we have ringfenced historical non-performing loans,’ said Paul Russo.

How do some hotels do it? Build a wall of magic around themselves. Isn’t that the feeling one gets at Kwetu Nairobi, Curio Collection by Hilton on Peponi Road? That somewhere during construction, someone abandoned all reason and decided to pursue atmosphere instead? And boy, what an atmosphere that is.

The first thing that hits you is how the bar on hotels keeps rising. The second time you visit, you begin to suspect there is actually no bar at all, that these hoteliers simply went mad with design and kept building upwards out of pure delusion and confidence.

The third time, for me, involved sharing the hotel’s small, intimate lift with two beautifully dressed women with aggressive perfumes that we all floated up toward the rooftop bar where I was meeting a friend.

Upepo Rooftop Bar itself is a restaurant and bar of sorts. Small tables. A loungy feel. An electric fireplace. A long, glowing counter. And a dramatic wall of windows stretching from one end of the room to the next.

My friend had already settled into a corner table, nursing a drink. Around us were diners, couples on dates, friends beginning their weekends properly. It was a Friday, and the room carried that unmistakable celebratory energy without ever becoming noisy.

The music, at the right decibels. Forks clinked gently against plates. Waiters appeared and disappeared with almost supernatural politeness, stopping by every so often to ask if things were going alright. Things were going more than all right, actually.

Meanwhile, the two perfumed women from the lift seemed to be celebrating something important because, before long, a bottle of champagne arrived at their table in an ice bucket.

And yes, in case you are wondering, Upepo is exactly the kind of place you take someone you are trying to impress. Though if you prefer something quieter and more intimate, slip downstairs to Meko, their excellent restaurant, where I once had an interview dinner and a great steak.

Honestly, do both. Why the hell not?

At the One Off Art Gallery, prison uniforms dominate the canvases in Chorus of Beings, the new exhibition by artists Newton Eshivachi and Paul Njihia. The striped outfits appear again and again, draped over protestors, mourners and ordinary citizens navigating scenes that feel unmistakably Kenyan. They are not merely costumes. They are metaphors.

For Eshivachi, the recurring uniforms symbolise the many invisible systems that shape modern life.

‘They represent the fact that we are controlled not only by political systems, but also by social, technological and economic structures that shape our reality,’ he says.

Across the exhibition, acrylic-on-canvas works wrestle with corruption, state violence, collective memory and public frustration. The paintings blur the boundary between documentation and critique, turning recent Kenyan experiences into unsettling visual narratives.

One of the standout works, Mathare Breweries Limited, draws on the artist’s familiarity with Nairobi’s informal settlements and interrogates the contradictions surrounding the fight against illicit alcohol.

‘On paper, government policy says there is zero tolerance for corruption in the fight against illicit brews,’ Eshivachi explains. ‘But on the ground, police officers are often the enablers because they accept bribes from brewers to allow the business to continue.’

Another piece, State Funeral at Nyayo Stadium, revisits the chaos surrounding the viewing of the late former Prime Minister Raila Odinga’s body, an event that descended into disorder and tragedy.

‘My paintings are live sketches,’ he says. ‘That piece was inspired by my own experience there.’

The exhibition arrives at a moment when many younger Kenyan artists are increasingly using visual art as a form of political and social commentary. Eshivachi’s work belongs firmly within that tradition, though his approach differs from the satirical playfulness associated with artists such as Michael Soi. His visual language is more direct, confrontational and emotionally charged.

‘I have to tell it as it is,’ he says. ‘My art is merely documenting the truth.’

Underlying the exhibition is a conceptual framework Eshivachi describes as ‘critical realism’ – an attempt to move beyond surface appearances and examine the hidden systems producing what people eventually experience.

‘It is three-pronged,’ he explains. ‘You have the empirical, which is what we can see; the actual, which we cannot directly see; and then the real, which consists of the behind-the-scenes mechanisms contributing to what we eventually experience.’

That tension between appearance and reality runs throughout Chorus of Beings. Crowded public spaces feel claustrophobic. Authority figures loom uneasily. Citizens appear trapped inside systems they neither fully understand nor control.

The exhibition also reflects a shift in Eshivachi’s own artistic direction. While he had long explored community and social themes in his work, the Gen Z protests marked a turning point in how explicitly political his art became.

‘I realised my art could not just exist to decorate spaces,’ he says. ‘Given the state of the country, it had to address the political realities around us. I decided to use art as a voice and as a weapon.’

That approach, he admits, has sometimes complicated opportunities for institutional recognition. Some galleries and institutions have been hesitant to exhibit work carrying overt political messaging.

‘I understand that showing my work can feel like throwing stones at a police station,’ he says with a laugh. ‘But I am okay with that. Governments rarely like uncomfortable truths.’

Still, Chorus of Beings is less interested in offering slogans than in capturing a broader sense of unease. The paintings suggest imprisonment not only through politics, but through economic precarity, social pressures and systems of control woven quietly into everyday life.

‘I wouldn’t call myself a political activist,’ Eshivachi says. ‘I try to show the underlying structures that generate what we can observe. The issues are broader – economic, social, legal and structural. It is the entire gamut of forces that shape our lives.’

Homes and businesses face new electricity tariffs after Kenya Power submitted proposed new prices that are expected to come into effect from July 1 this year.

Joseph Oketch, the acting director-general of the Energy and Petroleum Regulatory Authority (Epra), disclosed that review meetings have already started for the tariffs, where Kenya Power and other State energy agencies are seeking increased funding for critical projects and operations.

New tariffs could see consumers pay more for electricity if Epra agrees to hike the tariffs and hand Kenya Power and other State energy agencies more cash for projects in the sector, besides freeing more money to compensate power producers.

Kenya Power’s proposed tariffs remain undisclosed, but the electricity distribution monopoly is seeking more funds for critical projects, notably the upgrading of the ageing and overstretched network, which has been blamed for blackouts.

‘They (Kenya Power) did submit and we have started stakeholder meetings as required under the law. There are key issues to consider like the revenue requirements for the sector, system losses and how to balance all these,’ Dr Oketch said.

‘Remember, we must take into consideration the views of Kenyans during the public participation as we consider the revenue requirements for the sector.’

Tariff cycle

Electricity prices have declined over the three-year tariff cycle, with 200kWh retailing at Sh5,656.88 last month compared to Sh6,349.80 in April 2023, while the cost of 50kWh has dipped to Sh1,288.99 from Sh1,304.92 over the period, according to official data.

The Energy Act 2019 allows Kenya Power to seek a review of the tariffs every three years to help the State energy utilities match the rising cost of undertaking projects, operations and maintenance. The last time Epra reviewed electricity tariffs was in April 2023, after a lull of five years.

The current review will allow Kenya Power and other energy utilities to plug the revenue gaps triggered by the year-on-year drop in base tariff from July 2024 to June 2026.

Base tariff (consumption charge) refers to the price of a kilowatt-hour (kWh) of electricity and is the single biggest determinant of power bills. It remains unchanged throughout the gazetted period.

Pass-through costs like fuel cost charge (FCC), forex adjustment charge, Value Added Tax (VAT), inflation adjustment charge, energy regulatory levy, Rural Electrification Authority levy, and a levy for the water regulatory agency are the other variables that determine power bills.

The revenues are key to critical projects like revamping the electricity transmission and distribution network and rural electrification schemes.

The new tariffs will directly impact revenues for State agencies such as Kenya Power, Rural Electrification and Renewable Energy Corporation, Kenya Electricity Transmission Company, Kenya Electricity Generation Company and independent power producers.

Epra increased tariffs in the first year of the current tariff cycle but subsequently lowered them in the last two years, hitting Kenya Power’s revenues in the year ended June 2025 despite an increase in unit sales.

Kenya Power made revenues of Sh219.28 billion in the year to June 2025, a drop of Sh11.84 billion from the previous year despite electricity sales jumping by 887 gigawatt-hours (GWh) to 11,403GWh, underscoring the impact of the reduced tariffs.

‘In parallel, the regulated tariff, structured with declining average yields in accordance with sector revenue requirements, constrained topline growth,’ Kenya Power said in a commentary on its revenues for the year ended June 2025.

Joseph Siror, the managing director of Kenya Power, recently said that consumer tariffs fell by an average of nearly Sh2 per unit between April 2023 and June 2025, directly hitting Kenya Power despite the increased electricity sales.

Distribution network

Increased revenues are critical to Kenya Power’s efforts to bolster the distribution network and enable the lines to handle increased demand from homes and businesses, thereby avoiding instances of outages attributed to a constrained network.

In the current tariffs that took effect in April 2023, Epra increased the consumption charge across all consumer bands in the year ended June 2024. The tariffs then dropped marginally in the next two years.

Epra also introduced electric vehicle (EV) tariffs besides slashing the consumption threshold for lifeline consumers to not more than 30kWh a month from the previous 100kWh.

The new tariffs will be in place for the next three financial years to June 2029, in line with the law that provides for a three-year cycle of gazetted tariffs. The tariffs are also based on forecast demand for electricity, with Kenya Power exposed in case of a huge variance between projected and actual demand.