Category: Business Daily

When Mauritius-based Afrasia Bank placed $7.5 million (Sh967.5 million) in Chase Bank Kenya in March 2016, the lender expected the money back within 31 days under a routine fixed deposit deal.

Instead, the cash disappeared into the turmoil of Chase Bank’s collapse, triggering a nearly decade-long legal battle over whether the money was ever transferred to SBM Bank after the failed lender was taken over.

Court filings, arbitration proceedings and High Court findings now reveal a fight over missing liabilities, opaque bank transfers and the legal obligations surrounding one of Kenya’s biggest bank rescues.

The dispute traces back to March 18, 2016, when Afrasia deposited $7.5 million with Chase Bank at an annual interest rate of 2.35 percent. The deposit was scheduled to mature on April 18, 2016.

However, days before the money matured, Chase Bank collapsed over massive insider lending, financial misreporting and liquidity problems that triggered panic withdrawals by depositors.

On April 7, 2016, the Central Bank of Kenya placed Chase Bank under receivership and appointed the Kenya Deposit Insurance Corporation (KDIC) as receiver manager.

The lender temporarily ceased operations before reopening weeks later under the management of Kenya Commercial Bank.

Years later, in April 2018, selected assets and liabilities of Chase Bank were transferred to SBM Bank Kenya under a rescue acquisition supervised by the CBK and KDIC. The transfer formally took effect on August 17, 2018.

That transfer became the centre of the legal dispute between Afrasia and SBM after Afrasia demanded payment of its $7.5 million deposit and accrued interest from SBM.

Afrasia argued that SBM became legally responsible for all liabilities of Chase Bank because it failed to publish mandatory notices required under the Transfer of Business Act before assuming the business.

SBM Kenya, which is also a subsidiary of a Mauritius-based financial group, disputed that claim, and its company secretary maintained throughout the legal proceedings that Afrasia’s deposit was not among the liabilities transferred to it during the acquisition of Chase Bank’s assets and liabilities.

Further, SBM said the amount ‘was not part of the assets or liabilities transferred’ during the 2018 takeover.

‘The deposit claimed by the appellant (Afrasia), being $7.5 million, was not included in the assets that were taken over by the respondent (SBM) from Chase Bank on August 17, 2018 and was accordingly not assumed by the respondent,’ said the company secretary in an affidavit.

That argument transformed the case from a routine commercial dispute into a wider battle over how failed banks are rescued and whether depositors are fully informed about what exactly changes hands during banking acquisitions.

The fight initially moved into private arbitration after the parties agreed in July 2020 to suspend High Court proceedings and refer the dispute to an arbitrator.

In April 2021, arbitrator Mwaniki Gachoka ruled in favour of SBM Bank and dismissed Afrasia’s claim for the $7.5 million deposit.

The arbitrator found that the Transfer of Business Act did not apply to the Chase-SBM transaction because the Banking Act and the KDIC Act governed the receivership and transfer process.

Arbitral award

Afrasia challenged the arbitrator’s decision before the High Court. In a judgment delivered on July 21, 2022, the High Court overturned the arbitral award and entered judgment against SBM for the entire deposit plus interest and costs.

The judge held that the arbitrator had wrongly excluded the Transfer of Business Act from the transaction.

The court ruled that the Banking Act, KDIC Act and Transfer of Business Act were complementary laws rather than conflicting statutes.

‘The applicability of the Transfer of Business Act was to protect the general public by preventing fraudulent transfers of business,’ the court said.

It further ruled that depositors and members of the public were entitled to know that only ‘certain assets and liabilities’ were being transferred from Chase Bank to SBM.

‘It is, therefore, my finding that the Transfer of Business Act was applicable in the transaction,’ the judge ruled.

The judge found that SBM failed to publish the mandatory statutory notices required under Sections 3 and 4 of the law before taking over Chase Bank’s business.

That omission became decisive. ‘The said Act provides that a transferee of business is liable for all liabilities of the transferor unless a notice is issued under the Act,’ the court said.

‘Needless to repeat, the respondent did not publish the mandatory notice under the Transfer of Business Act. I, therefore, find that the respondent is liable for all the liabilities of Chase Bank Kenya Limited, including the appellant’s claim.’

The ruling raised fundamental questions about how Kenya handled the rescue of collapsed banks and whether customers were adequately informed about which liabilities were assumed by acquiring institutions.

Read: How Mauritian lender lost Sh969m in fallen Chase Bank days to maturity

The court also rejected arguments that the Transfer of Business Act was outdated and irrelevant because it was enacted in 1930.

‘The age of the Act cannot be a reason to dismiss it,’ the High Court said, adding that Parliament had never repealed the law.

SBM challenged that judgment at the Court of Appeal and secured temporary relief in March 2023 after appellate judges suspended enforcement of the payout pending appeal.

The judges at the time found that SBM had raised arguable grounds and noted that recovering such a large amount from a foreign bank could prove difficult if the appeal later succeeded.

But SBM’s substantive appeal later collapsed on procedural grounds.

In February 2025, the Court of Appeal struck out SBM’s appeal after finding that the bank had not properly invoked the appellate court’s jurisdiction under the Arbitration Act.

SBM had failed to first obtain-or properly seek-the mandatory leave required under Section 39 of the Arbitration Act before pursuing an appeal arising from an arbitral dispute.

However, SBM returned to the Court of Appeal through an application dated October 14, 2025, seeking leave to appeal.

That effort also failed last week. In a ruling dated May 15, 2026, a three-judge bench of the Court of Appeal held that SBM again failed to anchor its application on Section 39 of the Arbitration Act, which strictly governs appeals arising from arbitral proceedings.

The court found that the bank’s advocates relied mainly on procedural provisions of the Court of Appeal Rules and even cited a non-existent rule – ‘Rule 41(b)’ – before later trying to amend it to Rule 41(1)(b).

The judges said that was not enough because the Court of Appeal rules only prescribe procedure; they do not themselves create jurisdiction.

The court specifically held that SBM failed to expressly invoke the statutory provisions that gave the Court of Appeal power to hear the matter.

Without properly invoking Section 39 of the Arbitration Act, the court said it had no legal authority to hear SBM’s appeal.

‘Without jurisdiction, the court cannot entertain any proceedings,’ the judges said, striking out SBM’s application.

The decision left the High Court’s 2022 judgment intact, with Afrasia entitled to the $7.5 million, accrued interest and legal costs unless SBM successfully moves to the Supreme Court.

The case exposed tensions between the banking rescue framework and older business transfer laws designed to protect the public from hidden liabilities and opaque corporate restructurings.

It also reopened scrutiny over the aftermath of Chase Bank’s collapse, nearly a decade after the lender went under.

Africa is increasingly becoming a region of catalysts for entrepreneurial excellence. This has made the region to be known as a continent that is brimming with untapped potential and brilliant minds.

And currently, the region is dedicated to empowering the next generation of African innovators and change-makers. And it can be seen in many innovative works that are emerging in the continent.

Currently, startups has been recognised to be transforming African economic ecosystems.

This has been recognised by the AU’s Startup Policy framework and Model Law, supported by Google and African Practiced where they recognised that for the sector to grow, there should be a continent-wide initiative designed to harmonise regulations and drive growth in Africa’s tech and innovation ecosystem.

And also focus on the challenges they are facing. One such area is how to promote inclusivity and provide a roadmap for member states to create policies that empower the next generation of innovators.

But despite the many opportunities that startups has been able to offer for young innovators, latest research by tech experts reveals that 90 percent of ventures normally fail within the first five years.

And with 10 percent failing in their first year and 70 percent within three years of inception, this means that only one in 10 start-ups succeed eventually. Can this scenario change? And how can we ensure that more startups succeed beyond the three-year mark period?

But despite these challenges, expert reports reveal a landmark transformation in the region. For example, across East Africa, there are founders genuinely doing important work.

One such area is in building clean energy solutions in Kibera, Kenya. The other area is in Kampala-Uganda where the youths are running employment programmes.

And in Morogoro-Tanzania, they have seen an expansion of healthcare access. But despite the success stories, many startups are still struggling to raise money and market access. And this can be linked to the fact that it cannot easily show an investor or donor that the problem they are trying to solve is real and what it is worth.

Despite the various challenges, there is already a growing body of practice among the East African social enterprises that successfully attract capital and operate with greater clarity. And what many of them share in common is a three-part framework, and the key insight is that these tools are not independent, they are sequential and each one feeds the next.

From experts’ analysis, this means that all startups in Africa should adopt the Theory of Change, for them to survive the ecosystem. And this is a foundational logic of the organisation that has been written down and testable. It asks the following questions: what problem are we solving, what are we doing about it and why do we believe our actions will lead to the change we want?

This Theory of Change which has been evaluated can help all startups to measure their impact continuously, and once they have the data, this can be translated into the raw material for Social Return on Investment (SROI).

And it translates it into financial language, assigning monetary value to social results. For example, when a founder is able to tell an investor that, “Every $1 you put in generates $4 of social value,” impact stops being a moral argument and becomes a business case.

Therefore, SROI gives impact investors the return-on-investment framing and innovators are also trained to evaluate. For most Kenyan founders, SROI is not a tool they have rejected; it is one they have simply never encounter.

By embedding SROI literacy at the formation stage, rather than expecting founders to discover it years into operations, could meaningfully increase the number of Kenyan start-ups and social enterprises entering the investment conversation ready. Finally, the Theory of Change feeds into Monitoring and Evaluation (M and E), which in turn feeds into SROI.

The use of the three tools is not merely a reporting exercise. It is how an organisation systematically builds credibility, improves internally and communicates its value to the world. And the enterprises that will define the next decade of East Africa’s social economy are not necessarily those with the most ambitious missions.

They are the ones who can consistently and clearly show that their mission is becoming a reality.

In parts of Kileleshwa, the jacaranda blossoms still fall onto clay-tiled roofs, bringing back memories of old Nairobi. Low-rise apartment blocks sit behind mature jacarandas, their design reminiscent of a time when Kileleshwa was calm and mostly residential.

But turn a corner, and that image disappears. You step into a whole new world of high-rise apartments with flat roofs, stacked floor after floor, with rooftop swimming pools and gyms, and short-stay listings advertised from nearly every entrance.

When John Maina moved into Kileleshwa in December 2001, the neighbourhood was quiet, spacious and deeply residential. He had just retired from banking and settled in Kileleshwa after his wife, who was then a civil servant, was offered the chance to buy a government house in the area. The couple acquired a one-acre property with a two-storey home for Sh3.2 million.

Today, that figure feels almost unimaginable, especially in one of Nairobi’s most expensive residential estates.’We were lucky. The government was selling some of its houses, and we seized the opportunity,’ says Mr Maina.

Back then, Kileleshwa was defined by trees, silence and space. Roads curved through large plots of land, and apartment buildings rarely rose beyond two to four storeys. Many homes belonged to government agencies, banks and senior civil servants.

University professors and middle-class families lived here to be close to the city, but away from the chaos of downtown Nairobi.

Plots measured between three-quarters and a full acre. Shopping meant driving to Westlands, Kilimani or Lavington, as Kileleshwa itself had little commercial activity.

The turning point came with a policy change. When zoning regulations were revised to allow higher plot ratios and taller residential developments, developers moved in quickly.

‘Once the zoning changed, many high-rise buildings started to appear. That is when the area began to change very quickly,’ says Maina.

Most of the old houses were demolished to make way for apartment blocks, which now stand shoulder-to-shoulder where single-family homes once stood.

‘My home hasn’t changed much, but the environment around us has deteriorated because we are now competing for scarce resources,’ says Mr Maina.

The roads, sewer systems, and water supply came under pressure. Boreholes multiplied as residents struggled with unreliable access to water.

‘The streams that used to be clean are no longer the same, and there are boreholes everywhere,’ he says.

Traffic congestion became the norm, even though connectivity to Westlands, Kilimani, Valley Arcade and the city centre improved.

‘Sometimes it takes almost an hour to drive from Museum Hill to the provincial police headquarters because of traffic,’ he says.

Despite the strain on infrastructure, young professionals continued to flock to the estate, drawn by apartment living and proximity to business districts.

Restaurants, nightlife venues, supermarkets and private kindergartens followed. However, Mr Maina notes that social amenities have not expanded at the same pace as residential developments: “We have seen a few clinics and more nursery schools, but major schools and hospitals have not really increased.”

Following the population influx, property values have soared. The one-acre home that Mr Maina bought for Sh3.2 million has attracted offers running into tens of millions.

‘I believe that when we decide to sell our property, it could go for around Sh70 million,’ he says.

Good bargain

Wangethi Mwangi recalls an earlier Kileleshwa. In 1994, he acquired a three-bedroom bungalow on a three-quarter-acre plot that had previously been owned by Nation Printing and Publishing Limited, which is now the Nation Media Group.

“The company was disposing of some of its residential properties,” he recalls.

The bungalow, which had been occupied by an Australian editor, was sold for Sh3.5 million; the expiring lease, registered in 1902, had affected its value.

“The lease was due to expire in a few years, so that affected the value,” Mr Mwangi says.

Years later, he redeveloped the property into a high-rise apartment complex.

‘We have literally watched the neighbourhood change around us. We have seen the roads being expanded, buildings going up everywhere, and congestion building up over time,’ he says.

Today, balconies overlook concrete towers stretching from wall to wall. Petrol stations, supermarkets, and cafés now dominate the roads that were once lined with family homes.

Another resident, who requested anonymity, said that he moved to Kileleshwa in 1978, at a time when the area was dominated by large, standalone homes on expansive plots of land, most of which measured between three-quarters and one acre.

“At that time, it was mostly houses and gardens. You could drive through the estate and barely see any apartments. There wasn’t a shopping centre anywhere near here. People had to drive far for simple services.’

Seeing a gap, he developed one of the area’s earliest commercial centres in 1997, and over the years, he has developed his property to keep up with the growing population’s rising demands, which is perhaps what has kept it running in the midst of the area’s fast-paced development.

According to the businessman, Kileleshwa’s rapid transformation began around 2005, when zoning regulations changed.

“The by-laws changed and opened the area up to high-rise buildings,” he says.

He describes the growth as largely positive, citing improved road infrastructure, better lighting, enhanced security, and easier access to the city centre.

‘Kileleshwa is one of the residential areas closest to the city, and accessibility has improved significantly thanks to the roads,’ he says.

He also mentions the infrastructure upgrades, such as sewer connections and new roads, which have improved living standards compared to earlier years, when many homes relied on septic systems.

However, he acknowledges that the rapid urbanisation has also brought challenges. Like many other residents, he complains of traffic congestion, water shortages and pressure on utilities.

‘The biggest problem now is water. Many properties rely on boreholes because the supply is inconsistent,’ he says.

Rise of Airbnbs

Kileleshwa’s transformation is visible not only in concrete, but also in how people live. The suburb has become a hybrid of long-term rentals and short-stay apartments, with Airbnb-style units expanding rapidly. These fully furnished apartments are marketed as lifestyle products and feature amenities such as rooftop pools, gyms, smart locks and concierge services.

According to data from the Kenya Property Centre, the average monthly rent for an apartment in Kileleshwa in 2026 is about Sh120,000, depending on size and furnishings. One-bedroom units can range from Sh40,000 to Sh79,000, while high-end three-bedroom apartments can exceed Sh150,000.

December 2019, that was the last time we got a Star Wars movie. But Star Wars fans have been hit with a steady wave of content.

Between Visions, Obi-Wan Kenobi and The Book of Boba Fett, nobody can realistically say the fans have been starved for stories from a galaxy far, far away.

Yet, out of that entire television period, one of the best shows to come out and one of the only shows that genuinely deserved to go on the big screens was The Mandalorian. Its production value was so high that some of us, including myself, spent years wondering if we were ever going to see it on the big screens. On May 25, that dream was fulfilled.

This film serves as a direct theatrical sequel to the streaming series. When the original show debuted in 2019, it operated on a groundbreaking television budget of roughly $100 million for its first season and went on to generate billions in cultural capital, streaming subscriptions, and merchandise.

For this cinematic leap, director Jon Favreau and producers Kathleen Kennedy and Dave Filoni were handed a $165 million budget to bring the duo’s next chapter to life. Returning actors include Pedro Pascal as the voice of Din Djarin, alongside Sigourney Weaver as Colonel Ward and a stellar supporting cast.

The synopsis follows The Mandalorian and Grogu as they are officially enlisted by the New Republic.

They are sent on a high-stakes mission into the galactic underworld to rescue Rotta the Hutt, the son of Jabba the Hutt, from a ruthless new criminal warlord. It is a straightforward setup that leans heavily into the classic space-western roots of the franchise. Because the film comes from the exact same creators, the core DNA of the property hasn’t changed; instead of doing a show, they just did a movie.

Visuals

For the visual effects enthusiasts out there, The Mandalorian is renowned for popularising the use of the Volume. This is the one show that brought in and utilised this technology, which, instead of a green screen, wraps a big screen completely around the characters.

The environments are displayed within the screen, creating a realistic feel to the character being in that world instead of struggling with flat green screens. On a massive theatre screen, that technology pays off beautifully.

There is one breathtaking shot of Mando facing a giant monster where the framing, colour and contrast are so perfect that the frame of the scene could confidently be wallpaper in itself.

The director and cinematographer clearly knew they had a beautiful picture because they hold the shot so you can take it all in and marvel at what is happening.

The movie captures the exact same sense of planet-hopping adventure that made the series so engaging. It widens the scope of the Star Wars universe, making it feel like a true universe by taking you from extreme futurism to complete jungles.

It is a very well put-together adventure that lets you meet different characters and experience these environments from the Mandalorian’s perspective, which was a standout element about the show and this film. Alongside the visuals, true Mandalorian fans get to hear that recognisable and catchy soundtrack blasting through bigger speakers.

The action set pieces are equally top-tier, and this is from the opening. Even if someone walks into the theater completely blind to who these characters are, the movie doesn’t explicitly tell you who they are, but the first 20 minutes do a good job establishing exactly how much of a badass the Mandalorian is. The opening sequence picks elements from the Star Wars universe to build an action scene.

Creatures and gladiators

One of the highlights of the film is its imaginative handling of creatures. If you are into creatures in Star Wars movies, the second and third acts deliver some very interesting sequences that throw different creatures with different abilities at you.

It even throws in an element of Gladiator early in the second act, involving a specific primary character Mando is supposed to get. It offers a cool contrast to what we expect from that particular species and keeps you totally hooked with some very creative creature fights.

These moments also do a good job of reminding you just how dangerous nature and these planets can be outside of the typical Star Wars good vs bad tropes.

The film is a two-hour ride, but you do not feel the long runtime because they feed you a constant stream of great action and beautiful visuals. While the first two acts focus squarely on the Mandalorian, Grogu surprisingly gets a moment during the third act.

The filmmakers do something unexpected with him that elevates his character and completely justifies Grogu being in the title of the film.

But what I truly appreciated about that scene is that there is very little dialogue, letting you watch Grogu do his thing without speaking, which is very good visual storytelling. The film also introduces an extra villain who, despite having basic motivations that aren’t deeply explored, has cool poses and moves like a ninja, basically. I remember thinking that he was such a cool villain.

Gripes

The film isn’t perfect, and my biggest gripe is just how much the story is oversimplified. Characters constantly tell you what they are going to do, where they are coming from, and where they are going. Instead of letting the audience piece things together, certain aspects of the plot are repeated too many times that it feels like the film is working extra hard to make sure you understand what is happening.

This was frustrating because it felt like it was clearly made for kids and didn’t really respect your intelligence as an audience. While it makes sense to keep things approachable for people who have never seen the show, the first two acts are weighed down by unnecessary exposition.

Additionally, while the use of puppets and animatronics has always been a core part of The Mandalorian, there are moments where they look a bit janky and wonky, making me wish they had used CGI for some particular scenes.

For parents bringing kids, be aware that there is a particular scene in a villain’s lair featuring a small creature and a dog-like beast that has a tense, disturbing atmosphere. It is not so gruesome that it will give kids nightmares, but the framing and composition might make a very young audience uncomfortable.

If you have watched the series, you probably remember the blue Macaron. Well, they are back again, and they are shamelessly given a healthy amount of screen time.

Just a good time

The story from A to Z is simplified enough to be understandable and approachable for those who have never watched a Star Wars story. However, a person who has followed the Star Wars universe and watched the Mandalorian series will have a much greater time.

Recognising the Easter eggs, pulling characters from other properties, and understanding the history behind the armour and why they keep their helmets on make the movie very satisfying to go through.

As a longtime fan of the show, I still believe it is one of the best Star Wars properties out there.

The oversimplification was a problem for me, but just as a cinematic experience, this was a good time in the theatre. It respects The Mandalorian’s reputation, and I absolutely enjoyed the visuals and action set pieces.

You do not strictly need to have seen the show to enjoy this film; in fact, if you were to step away from the Star Wars elements and approach purely as a space adventure with weird creatures, you will have a great time in the theatre.

Kenya prides itself on being a pioneer and pacesetter with regard to advanced financial markets in Africa and is a leader in eastern and central Africa. This strong performance is characterised by the existence of structures that support a market-driven financial market.

The country is well endowed with strong financial institutions, from banks to insurance companies to investment funds that allow the flow of money within the formal economy. These are not static pillars.

Kenyan players have been pushing beyond borders, exporting not only services but a model of financial inclusivity that has redefined access across the region. Platforms such as the Nairobi Securities Exchange (NSE) have evolved into more than venues for trade. They are engines of growth, enabling businesses to scale and inviting citizens into the fold of ownership.

A more interesting story is currently unfolding in the markets. New systems targeting agriculture, such as commodities exchanges and warehouse receipting frameworks, are attempting to formalise and de-risk sectors long left to uncertainty.

Add to this the surge in money market funds and the steady sophistication of financial instruments, and a picture emerges of a country not only participating in finance but actively reimagining it.

However, there is a tendency to narrow the performance of Kenya’s capital markets through annual returns and index performance. The NSE is not only a scoreboard for investors, but it is a barometer of our nation’s economic pulse, capturing its resilience and its aspirations all at once.

Over time, the NSE has demonstrated remarkable strength, agility and resilience, evolving into an engine that fuels growth across sectors, with manufacturing standing out as a cornerstone.

This has been driven through innovative programs which have supported the manufacturing sector, from small and medium enterprises (SMEs) to large companies, through the provision of innovative platforms for long-term and competitive financing, raising capital, enhancing good corporate governance, as well as promoting sustainability. The real story is not in the annual numbers, but in NSE’s role as one of Kenya’s most critical market pillars.

Today, we have approximately 14 manufacturing companies under the NSE, although our desire to have more listed, and their influence goes far beyond this number.

These companies are strong pillars of the exchange, through steady revenue, predictable performance and their deep ties to Kenya’s economy.

This strong presence, attributed to stability, attracts investors. Without them, we witness economic instability and unpredictability, rather than a strong foundation for businesses to thrive. Manufacturers post consistent earnings, which in turn boosts market capitalisation, strengthening liquidity and shaping markets. Investor confidence is built on these companies with a strong reputation for producing tangible value.

Investor behaviour at the NSE tells the same story. Pension funds, insurers, and asset managers, who are custodians of long-term capital, naturally lean towards firms with stable cash flow. Undoubtedly, manufacturing companies fit that profile.

When manufacturing companies are listed, the NSE evolves from a venue of financial transactions to a platform for national development and a bridge between capital and productive enterprise.

An often-overlooked strength at the stock exchange is sector diversity, which reduces systemic risk from over-reliance on a few sectors. A good example can be seen in the gross domestic product (GDP) patterns of Kenya, Nigeria and South Africa.

Kenya has historically benefited from a diversified economy, with agriculture, manufacturing, services, and technology all contributing to growth. In contrast, Nigeria relies heavily on oil exports, making its GDP and financial markets highly sensitive to fluctuations in global oil prices. Similarly, South Africa, while somewhat diversified, is still significantly dependent on mining and commodities, which exposes it to global demand swings.

Kenya has long benefited from a relatively balanced economy, where agriculture, manufacturing, services, and technology each play an active role.

A strong and visible manufacturing sector on the exchange reinforces this diversity and cushions the economy from external shocks, case in point, during the Covid-19 pandemic and even now as we grapple with the effects of the closure of the Strait of Hormuz as a consequence of the Iran war.

This is why it is critical for Kenya to encourage manufacturers’ participation in the NSE. Manufacturers often underpin the credibility of the entire market. Their consistent performance supports indices, sustains investor trust, and keeps both local and international capital engaged.

The ripple effects of little or no participation would translate to fewer anchor stocks, weaker liquidity, and a diminished appeal for long-term investors.

Global markets offer a useful parallel. The Dow Jones Industrial Average derives much of its stature from industrial and consumer giants across the world. Kenya can emulate this and work towards expanding the pool of manufacturers at the NSE.

Encouraging more industrial firms to list would signal a maturing capital market, deepen economic diversification, and broaden wealth creation. It would also align the exchange more closely with Kenya’s long-term development ambitions.

A country’s structural transformation depends on manufacturing due to industrial growth, job creation, and exports, making the NSE into a platform for investing in national development. We should, therefore, be deliberately pushing for more manufacturing firms to list on the exchange and link their business processes with other financial market tools such as the commodity exchange and derivatives.

Imagine what that would translate to with thousands of farmers, hundreds of aggregators and tens of brokers all being part of a formal, well-regulated market.

That shift would signal not just a deeper, more mature capital market, but also a stronger industrial backbone, inclusive economic growth and a real growth in per capita or household earnings. Ultimately, it would point to a more diversified economy. One that creates jobs at scale and distributes wealth more broadly.

Njoki Kamau has had plants in her home office for the last 14 years. Before that, her desk was buried under paperwork. Files and documents were stacked everywhere, and surfaces were covered in paper.

‘Bringing plants in meant first clearing space for them, which meant reorganising everything else. The desk I work at now holds a laptop, a desktop computer, a diary, a pen holder and three small plants,’ she says.

Her favourite is a snake plant that she has named Imani, meaning ‘hope’ in Swahili. ‘It’s always thriving,’ she says. She also has a plant called Uugi, which means ‘wisdom’, and another in her guest bathroom named Ikara Thii, a Kikuyu phrase meaning ‘sit down’, which a host says to welcome a visitor.

“Naming the plant that way was intentional,’ she says. “It reflects the feeling that guests are truly welcome.”

To her, the plants are not just decoration. They are a record of the seasons she has moved through, the things she has experienced and the values she is trying to hold onto.

“People can often tell what emotional season I am in just by looking at the plants in my office,” she says.

During Advent, she placed four plants in purple pots on her desk and prayed a novena; the plants were part of the atmosphere she was creating. At Easter, two cacti stood on the desk, reflecting the solemnity of the Passion season. At Christmas, the arrangement ‘almost screamed’ celebration.

‘Plants often carry meaning beyond aesthetics,’ she says. “For me, they help create the mood and emotional weight of certain moments in my life.”

She tends to her plants throughout the day, not according to a fixed schedule, but when they need it. She checks the soil, wipes the leaves and sometimes even talks to them.

While performing other tasks, she often finds herself zoning out while looking at one of her plants. She says that this is more refreshing than staring at a plain office wall and that she returns to her work with a clearer mind.

“Plants respond well to regular care, patience and attention, and I think that reflects many aspects of personal growth and business.”

Ms Njoki is not alone. For the last two years, Levy M has been sending fresh flowers to his wife’s desk in the newsroom every two weeks.

He buys them, arranges them, and has them delivered to reception. She is usually somewhere else in the building when they arrive – upstairs finishing a story, in a meeting, or on the phone – and reception calls to tell her that there is a package.

“Someone told me that when she’s having a bad day, she comes to smell my flowers and then goes away feeling better. They don’t just make me happy. They make the people around me happy, too.’

Her favourite flowers are chrysanthemums – large, bold blooms in mixed colours.

Stress reliever

Josphat Nguro has been tending to the plants on his desk for eight months now. Before the plants arrived, his desk was just a plain surface with a screen and a keyboard.

“It felt so corporate. The kind of desk that could belong to anyone.”

He was working in a high-pressure environment, putting in long hours to meet tight deadlines. He found himself looking for an outlet that wouldn’t drain the little energy he had left at the end of each day.

He needed something that would allow him to relax with minimal effort.

After thinking about what would survive in his office, he brought in two plants: “With the addition of the two pots, the office looks greener, calmer and more personal. The desk is still the same; the workload hasn’t changed. But you can now tell that someone specific works here.”

He got pothos, a fast-growing vine with heart-shaped leaves that spill over the edges of the pot and trail towards the floor if left unchecked.

He keeps his care routine simple, involving watering once a week, wiping the leaves two or three times, and checking for dust or signs of stress.

Monday mornings, however, now have their own structure. Before opening his emails or checking his schedule, he waters the plants. Five minutes, nothing more.

“It’s a reset before the week gets busy,” he says. He adds that the ritual is not really about the plants. It’s about taking five minutes for himself before the week’s demands take hold.

A study published in the Journal of Environmental Psychology found that workers in spaces containing plants had lower heart rates and blood pressure than those in bare environments. A separate study found a 15 percent increase in productivity alongside improved well-being.

Josphat says that when he is stuck on a problem and can’t see a way through, he looks at his plant for 30 seconds, after which the tight, pressurised sensation that makes thinking difficult loosens just enough to allow him to re-engage.

He remembers a time when he was caught up in a series of back-to-back meetings with no time to catch his breath. He noticed a yellowing leaf on one of his plants, so he trimmed it off.

“Trimming that leaf gave me a two-minute mental break,” he says, “and I came back feeling focused.”

Six indoor plant options

Ms Njoki’s first question to anyone who comes to her wanting an indoor plant is always the same: ‘What’s your light situation like? You can work around everything else, including watering, size and how quickly it grows. Light, however, is non-negotiable.

Snake plant: Start here if you are not sure. It tolerates low light levels, only needs watering every two to three weeks, and is almost impossible to kill through neglect.

ZZ plant: Ideal for windowless offices. Its glossy leaves reflect whatever light is available, and it can survive for weeks without water.

Golden Pothos: It grows quickly, so you will notice a difference week by week. It has heart-shaped leaves that trail over the edge of the desk, with new growth constantly pushing out.

Jade plant: It grows slowly and compactly, resembling a small tree. Its unusual appearance makes it a popular talking point and useful in a client-facing space..

Peace lily: The only flowering plant on this list. It has white blooms and dark leaves, and it clearly shows when it is thirsty by drooping.

Spider plant: It produces offshoots that dangle from the parent plant and can be potted separately. This means that one plant can be given to a colleague, providing an organic way for greenery to spread through an office.

Uganda has put pressure on Kenya to connect Malaba to the standard gauge railway (SGR) after it issued a Sh62 billion (pound 405 million) bond to kick-start the construction of a new line on its side of the border.

Uganda has issued a shariah-compliant Sukuk bond, in two segments, with Sh32 billion (pound 205 million) being raised from the country and its neighbours, including Kenya, while Sh30 billion (pound 200 million) will target international investors.

The construction of the new line will put pressure on Kenya to quicken the extension of the SGR to neighbouring Uganda, after a six-year hiatus.

The SGR project stalled in Naivasha, more than 350 km short of the Ugandan border, holding up a planned cross-border link to boost regional connectivity and commerce.

The 10-year Uganda bonds offer a return of 13 percent to investors, with Uganda having the option of taking an extra Sh3.2 billion (pound 25 million) in case of an oversubscription from regional investors, under a green shoe option.

Uganda’s capital raising is set to pressure Kenya to speed up the process of raising funds for completing the line, whose completion will boost trade between the neighbouring nations.

‘Under the pound 200 million trust certificate bullet issuance described in the Base Prospectus dated April 15, 2026, Uganda Sovereign Sukuk1 Limited issues pound 205 million trust certificates due 2036 as a domestic and regional issuance of the pound 405 million approved by Ugandan Cabinet and is being issued in two segments with this one being pound 200 million and the international segment being pound 200 million,’ reads part of the pricing memorandum.

The bond is tax-exempt and will be cross-listed in the regional markets, including the Nairobi Securities Exchange.

It is estimated that the expansion of the SGR will lower freight costs to the Ugandan capital by at least 40 percent per tonne per kilometre while transit times for freight will reduce by nearly 30 percent.

‘We plan to transfer all heavy cargo to the railway, to reduce road maintenance costs and accidents,’ said Uganda President Yoweri Museveni during the launch of the extension two months ago.

The Ugandan government is expected to seek more funds in the international debt market to fund the 273 kilometre line estimated to cost Sh405 billion.

Nairobi recently made legal changes to allow it to securitise collections from the Railway Development Levy to fund the extension of the line to the border.

Treasury reports estimate that construction of the SGR – currently stopping abruptly in Suswa, a small town in Narok County – will cost approximately Sh502.9 billion.

The Kenyan government is currently pursuing a Sh390 billion ($2.6-3.0 billion) securitised bond to finance the SGR extension from Naivasha to Malaba estimated to be 350 kilometres. Nairobi says it is in an advanced stage of the expansion of the SGR and has even started land compensation after completing the feasibility study.

The Kenya Railways Corporation has said it will acquire more than 5,000 acres of land to facilitate the expansion of the SGR.

While Kenya has worked with the Chinese on its side, Uganda has contracted Turkish firm Yapi Merkezi after terminating an agreement with China Harbour Engineering Company in 2023 after 8 years of stalling attributed to inability to secure funding.

The construction is estimated to take 48 months once it gets underway.

The Treasury collects approximately Sh35 billion annually from the levy annually.

In the current financial year, the Treasury initially allocated Sh16.5 billion for the extension before adding Sh14 billion in a supplementary budget. This brought the total allocation to the railway line to Sh30.5 billion in the current financial year.

The government had to cut budgetary allocation for other SGR expenses, including building security installation along the line from Mombasa to Naivasha, to make the additional expenses underlining its prioritisation of the railway line extension.

The budget slashes included Sh1.6 billion from a proposed digital surveillance and protection network that would be used to monitor and safeguard the SGR from Mombasa to Naivasha.

Kenya Railways was also forced to buy fewer SGR locomotive wheelsets – or the wheel-and-axle assemblies for the trains – after its budget was slashed by half from Sh2.2 billion to Sh1.1 billion.

President William Ruto will make the final call on introducing payslip tax cuts in the Finance Bill amid pressure from professional lobby groups to boost disposable income and the economy.

Treasury Cabinet Secretary John Mbadi said the Exchequer had received a final recommendation on the payslip tax cuts from an internal committee, adding that the ministry and his superiors will decide on its inclusion in the Finance Bill.

The Treasury failed to honour an earlier promise to include income tax cuts for salaried workers earning below Sh50,000 in the Finance Bill, dealing a blow to more than one million employees who anticipated cushions from the rising cost of living.

This prompted pressure from lobbies like the Kenya Bankers Association and Kenya Private Sector Alliance (Kepsa) to reconsider having the tax cuts in the Finance Bill, which becomes law from July 1 after Parliamentary approval.

Untaxed income

Mr Mbadi, in February, said that his ministry had prepared a Tax Laws (Amendment) Bill that would raise the threshold of untaxed income from Sh24,000 to Sh30,000, while income falling between Sh30,000 and Sh50,000 would be taxed at 25 percent.

‘When I talked on this matter previously, I said there are implications because it’s going to leave us with a budget hole. We now must make a decision and that’s now for me upwards,’ the CS said. ‘The decision is mine to take, and I will take that decision.’

Workers expect income tax to lift their disposable income, which has been eroded by inflation in the past five years. Inflation rose at the fastest rate in seven years in April, touching 5.6 percent from 4.4 percent in March, on costly fuel following the Iran war.

Estimates by the Kenya Bankers Association (KBA), the banking sector lobby, show that workers’ purchasing power has declined by up to 12 percent over the last five years on the back of rising taxes, multiple statutory deductions, and a high cost of living.

KBA says a five percent uniform cut in PAYE for all salaried workers will boost their purchasing power, release Sh28.1 billion into the economy every year and generate close to Sh42 billion in immediate gross domestic product (GDP) output.

The lobby adds that the cut in PAYE will support approximately 36,000 jobs every year and expand the GDP by about Sh210 billion over the medium term, helping recover the initial revenue foregone through increased economic activity.

Banks say the resulting increase in disposable income could also unlock up to Sh140 billion in formal lending capacity, enabling business expansion and investment and thereby supporting private sector growth and the broader economic activity.

According to KBA, the reduction will also restore fairness in the tax system, noting that the current top PAYE rate of 35 percent is higher than the 30 percent corporate tax rate, contrary to the National Tax Policy, which recommends that individuals should not be taxed more than companies.

The Treasury noted that it was forced to pause the payslip relief after offering other concessions to cushion workers from shocks of the Iran war, including costly fuel.

The halving of VAT on fuel is expected to deliver a revenue loss of about Sh12.9 billion over the next three months. The Treasury warned that it could lose at least Sh35 billion in the fiscal year starting July 1, if it offers the income tax cuts.

On the Treasury’s Tax Laws (Amendment) Bill, under the promised changes, workers earning Sh30,000 would have seen a Sh731.25 increase in their monthly net pay to Sh26,925-after statutory and PAYE deductions.

Those earning Sh35,000 per month would see a Sh1,500 jump in net pay to Sh31,059.38, with their PAYE falling to Sh353.13 from Sh1,853.13.

Delayed plans

According to the now delayed plans by the Treasury, the net pay for those on a gross salary of Sh50,000 would have risen by Sh2,127.10 to Sh41,156.25 per month.

The government has, in recent months, come under intense pressure to review the recent statutory deductions, specifically the 1.5 per cent Affordable Housing Levy, a 2.75 per cent contribution to the Social Health Insurance Fund (SHIF) and higher National Social Security Fund (NSSF) contributions, which now top Sh6,480 per month for higher earners.

‘The banking industry believes that targeted measures to strengthen household purchasing power are essential for driving economic recovery, supporting businesses, creating jobs and improving long-term fiscal sustainability,’ said KBA.

The lobby’s proposal comes on the back of the economy growing at the slowest pace in five years at 4.6 per cent, while real wages-earnings adjusted for inflation-grew by 2.0 per cent, marking the first time in six years for growth in workers’ earnings to surpass inflation.

Transport operators and civil society groups at the Coast have protested newly introduced levies at the Likoni crossing channel, warning that the higher ferry charges will worsen the cost of living in the region.

The groups said the increased fees would pile pressure on businesses and households already struggling with rising fuel prices, higher taxes and escalating costs of basic commodities.

The revised tariffs, which took effect on May 22, have sharply increased the cost of crossing the channel linking Mombasa Island to Likoni, the main gateway to the South Coast.

Officials from Vocal Africa, Fast Action Business Community, Tuk Tuk Association, Boda Boda Association and Taxi Association described the new charges as punitive and economically oppressive to Coast residents.

In a joint statement, Vocal Africa Coast Coordinator Walid Sketty said the increase had come when Kenyans were already grappling with high fuel prices, increased taxes and the rising cost of basic commodities.

He warned that the additional levies would inevitably trigger higher transport fares and commodity prices across the region as operators pass the costs to consumers.

‘Transport operators, small traders and ordinary families are already overstretched and cannot absorb additional costs,’ said Mr Sketty.

He said boda boda riders, tuk tuk operators, taxi drivers and small-scale traders who rely on affordable movement between Mombasa Island and the mainland would bear the brunt of the increase.

The groups also faulted the introduction of the revised charges, saying there was no meaningful public participation or consultation before implementation.

‘While other regions hear of empowerment projects, the Coast is instead confronted with increased charges and additional burdens,’ said Mr Sketty, adding, residents should not be treated ‘as second-class citizens through policies that worsen their economic hardship.’

The organisations said they were considering legal action, arguing that the levies violated constitutional provisions on public participation.

Mombasa County Boda Boda Operators Association chairman Halifa Mwatsahu said businesses were only beginning to recover from economic hardship and warned that the higher charges would raise operating costs for transport and logistics operators.

‘The burden will ultimately be passed to wananchi through higher fares and increased prices of goods and services,’ he said.

Mr Mwatsahu said the government should be cushioning citizens during difficult economic times instead of introducing what he described as punitive levies.

The operators are now demanding the immediate suspension and reversal of the charges and the opening of a transparent engagement process involving all stakeholders.

Under the revised tariff structure announced by the Kenya Ports Authority (KPA), motorists will now pay charges based on the type and size of vehicles using the crossing channel.

Small private cars measuring up to 4.5 metres will attract a charge of Sh180 per metre, while vehicles measuring between 4.6 and six metres will pay Sh225 per metre. The category includes sport utility vehicles and crossover utility vehicles below six metres.

Pickup trucks and vans will pay between Sh350 and Sh438 per metre depending on classification. Motorcycles and mkokoteni operators will each pay Sh75 per trip, while tuk tuks will be charged Sh100. Public service vehicles have also been affected by the revised structure, with minibuses, shuttles and smaller buses attracting a charge of Sh900 per metre. Larger buses measuring between nine and 11 metres will pay Sh1,650 per metre.

Light commercial trucks will pay between Sh438 and Sh500 per metre, while medium-sized trucks will attract charges ranging from Sh750 to Sh1,125 depending on size. Heavy trucks will pay between Sh1,500 and Sh1,875 per metre, while extra-heavy vehicles measuring between 15 and more than 17 metres will attract charges of up to Sh2,125 per metre.

The authority has also introduced new rates for trailers and fuel transport vehicles.

Empty trailers will pay Sh7,000 while loaded trailers will attract Sh7,950. Tankers will be charged Sh750 per metre, while petroleum transport vehicles and related trailers will pay between Sh3,225 and Sh8,325 depending on size and cargo.

Vehicles classified as abnormal loads will pay a flat rate of Sh15,950, while charges for vehicles not listed in the tariff schedule will be determined by the authority upon application. Besides the ferry crossing charges, KPA has revised annual and daily port entry fees for motorists and other users accessing port facilities.

Under the annual pass system, ordinary users will pay Sh1,250 while VIP passes have been set at Sh3,000. Motorbike and scooter operators will pay Sh300 annually, saloon car owners Sh750 and owners of pickups, SUVs and CUVs Sh1,000.

Taxi operators will pay Sh1,500 annually, while vans, minibuses and canters will attract a fee of Sh2,000. Heavy commercial vehicles, including lorries, cranes, tractors and forklifts, will pay annual access charges of Sh3,000.

The High Court has temporarily stopped the planned auction of Nairobi’s 14 Riverside Drive property complex after its owner, Cape Holdings Ltd, raised concerns over alleged undervaluation, procedural irregularities and opaque sale arrangements.

In court filings, Cape Holdings accused Synergy Industrial Credit and auctioneers of pursuing a flawed sale to recover a Sh1.66 billion arbitral award that has ballooned to more than Sh9 billion through accrued interest.

Part of the court documents includes a notification of sale dated March 18, 2026, indicating the outstanding debt stands at Sh10.6 billion. A September 2025 valuation report placed the property’s market value at Sh7.3 billion and its forced sale value at Sh5.4 billion.

Cape Holdings also complained of an alleged failure by Synergy to disclose a lawful reserve price and the use of defective auction documents.

‘The applicant’s property stands to be sold through a secretive and unlawful process marked by non-compliance with mandatory legal requirements,’ the company said in court papers.

Auction halt

The court issued interim orders halting the May 26 public auction pending further directions on June 2.

The dispute centres on efforts by Synergy Industrial Credit Ltd to recover money awarded in arbitration following a collapsed property transaction dating back to 2011.

Cape Holdings claimed the intended auction was riddled with ‘multiple procedural and substantive defects’ and designed to facilitate the sale of the property at an undervalue.

The company accused Moran Auctioneers of relying on stale notices issued in January 2022, failing to disclose a lawful reserve price and conducting the process in breach of the Auctioneers Rules and Civil Procedure Rules.

‘The entire process is irredeemably flawed, unlawful, and shrouded in secrecy,’ Cape Holdings said in the application backed by director Bipinchandra Sanghrajka’s affidavit.

Court documents show the property scheduled for sale is LR No. 209/19436, which houses the 14 Riverside Drive development.

Cape Holdings told the court that although a fresh valuation was conducted by Knight Frank in September 2025, the auction process still relied on reserve prices linked to valuations conducted nearly six years ago.

The company argued that warrants of sale issued in March 2026 did not disclose any reserve price.

It also claimed that a newspaper advertisement published on May 7 referred vaguely to ‘court guidelines’ without specifying the applicable reserve price.

‘In the absence of any fresh judicial determination fixing a reserve price on the basis of the 2025 valuation report, there exists no lawful reserve price governing the intended sale,’ the company said.

Cape Holdings also faulted the valuation report, arguing that it failed to distinguish portions already sold to third-party leaseholders from the residual property available for sale.

Long battle

According to the filings, the only notice served was a court-issued notification originally dated January 5, 2022, and later re-dated March 16, 2026.

Cape Holdings also disclosed plans to file a constitutional challenge against the debt, arguing that the accrued interest had become punitive and threatened to wipe out its asset base.

The dispute dates back to 2011 when Cape Holdings and Synergy entered into agreements for the purchase of two blocks in the then under-construction development.

Synergy later scaled down the purchase to one block valued at Sh703.2 million before disagreements emerged over project delays and refund claims.

The matter proceeded to arbitration in 2015, where the arbitrator ordered Cape Holdings to refund Sh1.66 billion covering principal sums, interest, opportunity costs and foreign exchange losses.

The legal battle has spanned years.