Category: Business Daily

The sustainability implementation journey in most organisations is marked by tensions that pull in different directions and challenge effective adoption. These tensions are thematic and cut across work streams, from climate adaptation and sustainable finance to resource utilisation and other risk management enhancements.

Organisations must identify and navigate these tensions carefully to avoid an unhealthy balance that could jeopardise long-term financial viability. By understanding these tension points, sustainability leaders can proactively engage stakeholders to deliver win-win solutions during implementation.

It also helps employees and other stakeholders adopt the right mindset when navigating these challenges, rather than simply wishing them away, which can be naive at best or, at worst, destructive to the organisation. Some of these tensions that organisations must manage in delivering value include the following.

The short-term versus long-term view is a major tension most organisations must balance. It fundamentally involves the risk of sacrificing long-term organisational goals for short-term financial targets. It remains a core component of the sustainability business case because organisations understand that, in the long run, investors have an interest in planning beyond the short term.

Organisations must strike the right balance between long and short-term priorities to maintain their competitive advantage and deliver value to their shareholders over time. An important tension is the silo versus integrated view of how an organisation should perform.

While a siloed, hyper-focused approach may seem cheaper, it often creates a dysfunctional environment that is less well-tuned to manage market uncertainty, long-term planning and effective strategy execution.

Therefore, organisations must consciously integrate the business to build trust and foster collaboration, enabling better planning and strategy execution to deliver sustained value for shareholders.

The concept of value should extend beyond financial capital and incorporate synergies from other capitals within the organisation. Another notable tension is the economy-versus-resilience view of sustainability. Organisations must embrace a hybrid approach that blends just-in-time (JIT) and just-in-case (JIC) resource planning.

Therefore, organisations must incorporate scenario planning for climate and other material sustainability topics into long-term thinking to avoid disruptions to a purely cost-effective, JIT-only planning approach. Organisations must balance these tensions to create sustainable value for the organisation and its stakeholders.

Zipporah Wanjiku Kinuthia’s most difficult job when starting the retail shop that would ultimately become Quickmart supermarket was convincing her husband John Kinuthia that the venture made financial sense.

The family had been sustained for nearly two decades by their bar, lodging and butchery business in Mang’u, Nakuru, and he saw no need to sink capital in a venture that had lower margins than his existing enterprise.

After all, business was good, with additional income flowing in from a posho mill and kerosene pump.

In the late 1990s, Zipporah asked a family friend, Tusky’s Supermarket founder Joram Kamau, to help sell the idea to Kinuthia. She aspired to follow a similar path to that of Tuskys, which grew from a general shop in nearby Rongai town into a multi-store supermarket.

Having finally convinced him, they set up their retail store in Nakuru town, and it was beyond Zipporah’s dreams that the business would grow to leave the family with a Sh9.5 billion wealth.

The store started small, and by 2006 had grown into a small 3,500 square foot supermarket that they named KIDS Supermarket after Kinuthia and his son Duncan Muiruri Kinuthia, who would later play a lead role in the expansion of the business into a multibillion-shilling enterprise they renamed Quickmart.

‘We had started out as farmers, before going into the butchery and restaurant, but I did not like that business as much. My dream was to own a supermarket,’ says Zipporah, a mother of three.

Twenty years later, the business that started as a single shop in Nakuru town has grown into a 72-store supermarket chain with an annual turnover of Sh50 billion, and which is listing on the Nairobi Securities Exchange (NSE) with a Sh30 billion valuation.

Although John Kinuthia did not live to see his shop join the stock exchange, -he passed away in 2016- his family is set for a Sh4.8 billion pay day when they offload half of their 31.83 percent stake or 1.27 billion shares in Quickmart’s IPO that opened last week.

The road from a single shop to a retail chain has come with its fair share of tough decisions and risk taking, explains Zipporah.

The first big move came in 2010, when Duncan asked to move to Nairobi and establish a second branch of the retailer in Ruai from scratch. The other family members remained in Nakuru running the first shop.

Getting to this point, she says, was a result of a decision years earlier to involve their children in the business from an early stage and incrementally handing them responsibilities.

In the same vein, Zipporah and John brought in their daughter Gladys Wambui Kinuthia into the retailer, where she started as a cashier before graduating to stock and store management. Today, she sits on Quickmart’s board of directors, and is also a shareholder in the business.

‘It is important to bring in the children into the business early, so that as it grows, they grow with it. That’s what we see with the successful Asian entrepreneurs,’ said Zipporah.

The expansion of the business could not have been possible without allowing Duncan to venture to the capital and actively grow the brand and outlets.

Despite being the co-founder of the business, Zipporah’s direct stake within the wider family ownership is now smaller than that of her children Duncan and Gladys.

Ahead of the NSE listing, Duncan directly controls a 20.73 percent stake in Quickmart, equivalent to 829.2 million shares, while Gladys’ stake stands at 4.79 percent, equivalent to 191.5 million shares.

Zipporah and her other son William Gitau Kinuthia currently hold stakes of 3.16 percent each in the retailer, equivalent to 126.4 million shares apiece.

Having seen the retailer expand to multiple branches, the next big decision came in 2019, when Quickmart brought on board a strategic investor in the form of private equity fund Adenia Partners.

Adenia bought a 51 percent stake in Quickmart in 2019, shortly after acquiring a 55 percent holding in Quickmart’s fellow homegrown retailer Tumaini Supermarket.

The fund then merged the two businesses under the Quickmart brand in January 2020, retaining 50.8 percent stake while the founders of Quickmart and Tumaini remained with minority stakes of 31.83 percent and 12.02 percent respectively.

The remaining 5.36 percent held by the merged entity’s CEO Peter Kang’iri, who previously served as a financial consultant for both supermarkets and was a key player in bringing in the PE investment and merger.

According to Duncan, his mother took some convincing to agree to hand over control of the business to a new investor, a common feature of founder-led enterprises.

The merger with Tumaini was easier, since the founders had known each other for years.

Like Quickmart, Tumaini was founded in 2006 by business partners Moses Nditika, Joram Njoga and Elijah Okello.

Nditika, who had experience in retail as a store manager at Nakumatt Mega in Nairobi, had actually helped Duncan set up the Ruai outlet by giving him his first retail software, and helping him arrange merchandise in the store.

However, for a family that had spent years carrying out hands-on management of their retail business, handing over the day-today running of the enterprise also came with personal changes for the Kinuthia family.

Suddenly, they could take time off and enjoy vacations and holidays, without worrying about manning the shop.

‘We never took time off for days like Christmas and Easter, until Adenia came in. When we stopped going to the shop on Sundays, it felt like were sinning,’ says Gladys.

Looking back at the Ruai store launch, Zipporah remembers her late husband insisting that she took the scissors and cut the ribbon. He told her to learn how to do it since she would be opening many more in future, and at some point some would be opened before she found out they were in the pipeline.

‘Today, I sometimes get hear of new branches after they have been opened,’ says Zipporah.

‘We now have shops where the staff don’t know me, where I go in as a customer, do my small shopping and leave without being recognised.’

With African leaders reaffirming their ambitions for mineral beneficiation, industrialisation, financial reform and a greater role in shaping emerging-technology rules at the 81st UN General Assembly, attention now turns to implementation.

For investors, these priorities point to opportunities, but also to the policy, regulatory and financing conditions that will determine whether they can be realised. The challenge is to translate these ambitions into a pipeline of well-structured, finance-ready projects.

The need is immense. The African Development Bank estimates that Africa requires $181 billion to $221 billion in infrastructure investment each year through 2030.

Nearly 600 million people in Sub-Saharan Africa still lack access to electricity, while 10-12 million young Africans enter the labour force annually. With more than a third of Sub-Saharan African countries in, or at high risk of, debt distress, much of this investment must come from private and institutional capital.

That capital exists, but it is selective. Agenda 2063, the African Continental Free Trade Area and national development plans show where Africa wants to go. However, investors also need project-level information to commit capital. Investment follows when ambitions become projects with credible revenues, enforceable contracts, allocated risks and a clear path to financial close.

The positions set out at the 81st UNGA have practical consequences for project finance. Financial architecture and debt reforms affect the cost and availability of capital, and government’s capacity to provide guarantees or payment commitments.

Beneficiation requires integrated infrastructure: reliable power, transport, water, ports and industrial capacity. Standards governing data, AI, cybersecurity and interoperability will increasingly shape the regulatory environment.

Bankability depends on the wider financial, industrial and regulatory environment and, ultimately, whether a project can generate sufficient long-term revenue to service debt.

Four factors are critical: legal and policy alignment, sound risk allocation, project structure and financial viability.

Many projects stall long before construction because the legal groundwork was never laid. Lenders typically require enforceable security over project assets, step-in rights if the project company defaults, and the ability to convert local currency and repatriate returns.

If land, foreign exchange or procurement rules cannot accommodate these requirements, negotiations can drag on for years.

Sponsors and contracting agencies can prevent many of these delays through a legal gap analysis before commissioning feasibility studies.

The analysis should be tested against intended lender’s requirements and map all approvals from land acquisition and environmental approvals to planning, regulatory and construction consents in the sequence required for financial close.

Where a project is developed under a specific framework, such as a public-private partnership, it should also identify any additional framework-specific approvals and clearances.

Governments can reinforce this work by regularly publishing project pipelines, standardising contracts and assessing how new policies may affect neighbouring sectors.

Kenya’s electric-mobility transition illustrates the importance of policy coordination: EV incentives need to align with import policy, charging infrastructure, financing, electricity regulation and the interests of workers connected to today’s transport market.

Infrastructure projects run for decades, so contracts must anticipate evolving risks and allocate each to the party best placed to manage or mitigate it, with clear consequences and remedies. Parties should agree on the risk matrix before the term sheet, and address land title and resettlement before financial close.

Change-in-law and specified political risks should be allocated explicitly, with the state assuming risks within its control and private parties retaining those they can better manage stabilisation and compensation provisions, supported where appropriate by political risk insurance and World Bank Group or AfDB guarantees, can provide additional protection.

Commercial banks share of bad loans fell to a 44-month low 13.9 percent in September 2026, mirroring improved loan repayments and credit affordability in an economy that’s showing resilience against the Middle East shock as it is expected to grow at a faster rate than previously assumed.

The share of industry bad loans fell from 14.8 percent in June 2026, from a higher 16.92 percent during the same period in September 2025, as per data from the Central Bank of Kenya (CBK) and now stands at the lowest level since January 2023.

Loan affordability has eased during the period, with the average commercial bank lending rate falling to 14.4 percent in September 2026 from a peak of 17.2 percent in November last year.

Private sector credit growth has strengthened to 10.6 percent in September, marking the third consecutive month of double-digit credit growth since July this year.

CBK has revised its 2026 growth outlook to 5 percent from 4.9 percent as it sees a stronger industry and services sector than previously expected. The upgrade which points to an expansion of activity in the economy points to continued private sector credit growth which will further weigh down non-performing loans (NPLs) as overall lending improves.

Bad loans are usually arrived at by dividing total gross loans from delinquencies, implying that the ratio of NPLs improves with the underwriting of more new loans.

As such, the economy usually records higher NPL levels during periods of constrained lending.

‘The ratio of gross NPLs to gross loans stood at 13.9 percent in September 2026, down from 14.8 percent in June 2026, and 17.6 percent in August 2025. Decreases in NPLs were noted in the financial services, agriculture, trade and energy and water sectors. Banks have continued to make adequate provisions for the NPLs,’ CBK said.

The faster than expected growth of the Kenyan economy this year is expected to support credit demand as businesses seek to expand while household disposable income stands to benefit from increased hiring by firms.

Combined, the factors are expected to improve loan affordability for businesses and households with existing loans-driving down NPLs further-while prevailing low interest rates will anchor demand for new credit.

CBK’s upward growth revision has coincided with a growth upgrade by the World Bank Group which now sees the Kenyan GDP expanding at a faster 4.6 percent from 4.4 percent previously.

‘Industrial sector growth is expected to remain strong on account of a robust construction sector, driven by the private sector, the affordable housing programme, ongoing infrastructure projects, continued settlement of pending bills and implementation of Public Private Partnerships (PPPs),’ CBK added.

Increased digitisation is expected to anchor the services sector growth. CBK expects improved credit uptake across key sectors especially trade, building and construction, finance and insurance and consumer durables sectors.

The monetary authority however notes that the outlook remains subject to risks including prolonged geopolitical tensions and elevated trade policy uncertainties. CBK also cites the potential severe impact of the El Nino weather phenomenon to be a risk to growth.

Commercial banks have continued to cut borrowing costs even after rate pauses by CBK, anchoring prolonged loan affordability by businesses and households. The average commercial bank lending rate has fallen from 14.78 percent in February 2026 to 14.4 percent in September, even as the Central Bank Rate (CBR) holds unchanged at 8.75 percent.

Banks have described the current environment as less restrictive, supporting the window for increased lending to the private sector.

The industry previously expected a hold in the monetary policy rate at 8.75 percent to remain accommodative to both the anchoring of inflationary expectations and supporting growth.

‘These developments are expected to lower expectations of an increase in funding and benchmark pricing costs, thereby creating scope for lending rates to continue declining in the near term,’ the Kenya Bankers Association (KBA) said in a research note.

‘Consequently, improved affordability of credit should reinforce the recovery in credit growth although the pace of transmission will depend on the evolution of credit risk. In this regard, we view that maintaining the current stance would be appropriate in supporting the ongoing private sector credit growth and supporting economic activity.’

Inflation is expected to remain an Achilles heel to both growth and the outlook for non-performing loans as the Middle East crisis, which has impacted global oil prices, remains an ongoing concern.

CBK expects Kenya’s inflation to hold below the upper limit of 7.5 percent, peaking at 7.2 percent in December 2026 before easing subsequently.

The expectation for above average rainfall in the fourth quarter of 2026 is seen improving agricultural output while offsetting the impact of higher pump prices to keep inflation within the target range.

‘Overall inflation is expected to remain within the target range in the near term, supported by appropriate monetary policy actions, government interventions including subsidies and reduction of VAT on fuel and exchange rate stability which is expected to continue moderating the impact of imported inflation,’ Kamau Thugge, CBK Governor said last week.

Monetary Policy Committee surveys conducted in the month of September showed that inflation expectations remained anchored within the target range despite the effects of high energy prices.

Between raising children, building careers, supporting partners and showing up for family and friends, women’s own needs can slip easily to the bottom of the list.

Then, somewhere along the way, sticky questions emerge: What makes me happy? What do I want for myself? And what does the next chapter of my life look like?

These were some of the questions hanging in the air as 20 women gathered at Ridge Cabin Resort, about an hour from Nairobi, for a wellness retreat designed for women aged between 50 and 65.

Seated around tables arranged in a U-shape, the women listened intently as one of the speakers shared her story. Every so often, a murmur of agreement travelled around the room. One woman nodded, another smiled, while someone else hummed softly in recognition.

It was clear that, beyond the words being spoken, the women were finding pieces of their own experiences in one another’s stories.

The gathering was the first session of a wellness retreat organised by Anne Mungai, 56-year-old co-founder of Voices of the Heart Africa.

Navigating seasons

She says the idea was born from a simple realisation: women need spaces where they can step away from their everyday responsibilities, reconnect with themselves and enjoy the company of others who understand the season of life they are navigating.

‘As women in this stage of life, we give so much to our families, children, careers, and the people around us, that we sometimes forget to ask ourselves, ‘How am I doing? What do I need? What makes me happy?”

‘This event was born from that thought. I wanted to create a space where women in this age bracket could come together and laugh, learn, reflect, heal, connect, get inspired, and simply enjoy being a woman without being judged or having to have everything figured out,’ she says.

An events professional and entrepreneur, Anne has spent years creating experiences that bring women together. She was also behind an initiative dubbed Sister to Sister, which, like this retreat, was built around giving women a space to connect and share their experiences.

‘You can see it from all the chamas we have,’ she says. ‘Even women who are usually quiet, if you give them space, they really talk and express themselves.’

But bringing women together is only one part of the equation. For women in their 50s and 60s, the idea of wellness takes on a different meaning from what it was in their 20s or 30s.

‘Wellness changes through different seasons of life, but the need for wellness never changes,’ Anne says.

‘In our 20s and 30s, wellness can be about building healthy habits, finding one’s identity, establishing a career, navigating relationships and raising young children, all while trying not to lose oneself in the process.’

Rediscovering identity, purpose

By the 40s, the questions can begin to shift. Children may be growing up, careers and relationships may be changing, and women may find themselves paying closer attention to their health, emotional wellbeing and sense of purpose.

Then come the 50s and 60s. For some women, this means navigating menopause or post-menopause and the physical and emotional changes that come with it. For others, it can mean adjusting to children becoming independent, caring for ageing parents, contemplating retirement or simply asking what they want for themselves in the next chapter.

There is also the less visible work of processing the loss of parents, partners, friendships and even earlier versions of themselves. At this stage, Anne says, wellness becomes more intentional, often revolving around rediscovering identity and purpose.

With this in mind, the programme combined talks on reinventing one’s journey, embracing age and experience, and navigating addiction in the family with opportunities for the women to bond and unwind.

For Anne, it comes down to the value of the experience.

‘Women are more likely to invest when a retreat is meaningful, thoughtfully planned and offers genuine opportunities to connect, recharge and grow,’ she says.

Different kind of companionship

For Margaret Ndungu, an HR manager and consultant, the retreat offered an opportunity to meet women navigating similar transitions and learn from those already figuring out life beyond corporate careers.

‘At this point in my life, I find myself thinking a great deal about the next phase of my journey,’ she says.

‘I’m considering taking a short course on coaching to help me prepare for retirement and exploring different ways of remaining active and engaged afterwards.’

But what comes next career-wise is a small part of what wellness means for Margaret. For her, it’s about finding balance across the physical, social, emotional, mental, and spiritual aspects of her life, something she has become increasingly intentional about.

‘Wellness is no longer something I take for granted. I pay close attention to exercise, nutrition, and self-care in ways I never did in my 20s and 30s,’ she says.

‘I actively invest in experiences that support my well-being, and travel is a big one for me. I used to travel a lot with my children, but they are now grown.’

With her children now having their own priorities, Margaret has found a different kind of companionship travelling with her girlfriends, both locally and internationally. The trips have become an annual tradition that has stood for more than a decade.

‘These experiences give me immense joy and allow me to relax, laugh, dance, have meaningful conversations, and even discuss investment opportunities,’ she says. ‘We had planned a cruise this year, but I postponed it to focus on a memorable family trip as I celebrated a milestone birthday. I already have exciting travel plans for the coming year.’

She also spends at least three days a week at the gym and hopes to resume playing golf after taking a short break. Additionally, she serves on the leadership team in her church, which she says gives her a strong sense of purpose and fulfillment.

Earlier in the year, Margaret also spent a few hours at Serenity Spa reflecting, recharging and revisiting her vision board for the next few years. It was a brief break, but one she found worthwhile. Looking back, she says, she has already ticked off several goals that emerged from those reflections.

Yet, even with these wellness practices already part of her life, Margaret says the retreat marked the beginning of a new chapter. She met women with unique experiences and valuable perspectives, formed new friendships, and came away with reflections that she could probably fill a notebook.

‘It was truly an eye-opener,’ she says. ‘Women have a wealth of knowledge, experiences, and ideas to share.’

Embracing her ‘patina’

One of her most powerful takeaways was learning how to reinvent herself and embrace her ‘patina’ – the wisdom and value accumulated through lived experience. Rather than diminish a woman’s worth, she learnt that age and the journey that comes with it can add to it.

‘I was particularly inspired by the idea that my experience is not baggage, it is wisdom and intelligence,’ she says. ‘I also appreciated the reminder to focus on gratitude, document the things I am thankful for, and intentionally create opportunities for fun and self-celebration.’

Margaret says she would gladly attend another retreat and encourage her friends to join her. And this is exactly the kind of word-of-mouth support Anne hopes will help grow the gatherings into a recurring series.

Recharging season

Margaret, however, is not the only one who left wanting more. Selina Nyambok- Conteh, another participant, also found something worth taking home.

‘My best friend, Cathy, told me about the event and we thought it would be a lovely weekend getaway,’ says the 60-year-old administrator. ‘The idea of pausing with other women as well was hard to resist.’

As her children become more independent and her relationship with them evolves, Selina, too, has begun to think differently about wellness. In her 20s and 30s, she says, she didn’t give it much thought, preferring to go out and enjoy life. Today, she is more conscious of the need to care for her emotional, mental and physical well-being, and to make time for herself.

‘Now I understand that true wellness requires intention and begins from within,’ she says. ‘I spent many years caring for others, and this season is about recharging.’

A spa day she treated herself to for her birthday a few months ago is one example of the small steps she is taking toward investing in her wellbeing. The retreat is another. For her, the value of such experiences lies in how she feels afterwards.

‘An experience is worth paying for when I leave feeling restored and connected,’ she says.

For Selina, the opportunity to connect with other women was a significant part of the retreat’s appeal.

‘I think friendships and time spent with other women are very important at this stage of life because we understand, support, and uplift one another in a way that is hard to find elsewhere,’ she says.

‘I gained a lot of perspective from women facing very different situations in their lives. Listening to their stories reminded me that we are never alone in our journeys, and I left feeling refreshed and encouraged.’

When asked whether there are enough spaces in Kenya where women her age can gather, relax and talk, she says, ‘Not that I know of. But that is what I enjoyed most about this retreat. It gave us space to simply be together.’

When a company uses artificial intelligence (AI) to produce a marketing message or client proposal, there’s now a way to tell if the text is machine-generated even in instances where there are no obvious signs.

Technology companies are embedding invisible watermarks on AI-generated content as regulators and businesses seek ways to establish where digital material came from.

OpenAI this week said it will begin adding an invisible watermark to text generated by its popular chatbot ChatGPT, extending a technology that has already been used to mark AI-generated images, audio and video.

The watermark will roll out over the coming weeks in the European Union (EU) to ChatGPT users and those using its coding agent Codex.

Developers using OpenAI’s application programming interface (API) anywhere in the world can also activate it for selected models.

Anthropic announced in August that it would watermark text generated by its Claude chatbot worldwide.

Google has also embedded its SynthID technology across content generated by Gemini, including text, images, video and synthetic audio. The tech giant has even integrated this verification into the Gemini app and Google Search, and users can check whether content was generated or altered using its AI systems.

Why watermark?

The push is partly driven by new EU rules requiring companies to make AI-generated and AI-manipulated content identifiable by other systems.

The EU AI Act recognises the risks of AI-generated material being used for impersonation, deception, fraud and misinformation, because AI can produce large amounts of synthetic content that is increasingly difficult for people to distinguish from human-created material.

For businesses, these watermarks could become another layer of accountability as they increasingly use AI in marketing, customer service, internal communications and content production.

Knowing whether a student, job applicant or contractor produced work themselves or relied heavily on an AI system can affect how that work is assessed, for instance.

‘These guardrails are important because innovation cannot outpace trust,’ Google’s director of public policy for Sub-Saharan Africa, Charles Murito, told the Business Daily.

‘AI will have its upsides and downsides. Misinformation and disinformation are huge concerns, which is where these watermarks come into play.’

These text watermarks do not disappear when text is copied into another document, unlike metadata tags. They are built into the way the AI chooses words.

How watermarking works

Large language models generate text one word at a time, choosing the next word from several possible options. A watermarking system uses a secret key to subtly steer those choices toward a particular statistical pattern.

The result reads normally to a person, but a detector with the corresponding key can identify the pattern across a sufficiently long passage.

However, OpenAI says its watermark can be weakened through editing. Replacing about 10 percent of the words with synonyms reduced detection in its tests from about 92 percent to 66 percent.

‘Detection rates were substantially lower for content such as mathematics, where there is less flexibility in word choice,’ the US company added.

Another limitation is that there is no universal watermark detector. Anthropic can detect the watermark it puts into Claude-generated text, while Google can verify its own SynthID marks.

Still, experts warn that the presence or absence of a watermark should not automatically be treated as proof that a human or AI created a piece of content.

A watermark can be weakened or removed through editing, while content generated by systems without watermarking will not carry the same signal in the first place.

Kenyan push

For Kenyan businesses, the changes come as companies increase their use of generative AI while the country develops its own rules around the technology.

Kenya’s Artificial Intelligence Bill, 2026, is not as explicit on text watermarking as the EU framework. It requires AI systems that generate or manipulate images, voice or likeness to label their output as AI-generated, especially where there is a risk of harm, misinformation or infringement of rights.

The proposed framework also requires providers and deployers to disclose to users and affected people the nature, purpose and limitations of AI systems, the degree of automation involved, any human intervention and measures taken to mitigate bias and ensure fairness.

As global technology companies adapt their products to meet requirements in major markets such as the EU, Kenyan users are likely to encounter some of these features even where local rules do not yet impose the same requirements.

Analysts say companies that rely on trust — from banks and insurers to retailers, media organisations and professional services firms — need to know where AI has entered their communication workflows.

While an AI-generated policy explanation, customer response or marketing message may be legitimate, a company needs human review to ensure that the material is accurate and does not give customers a misleading impression about how it was produced.

Former Principal Secretary Esther Koimett has reversed attempts to hide her 18.24 percent stake in Middle East Bank Kenya under a nominee company amid ownership changes in the lender.

Regulatory disclosures from the financier show that Ms Koimett’s ownership increased from 17.48 percent in August to 18.24 percent in October in the lender, which has roots in Dubai, and was initially owned by the Al-Futtaim Group, associated with Carrefour supermarkets.

The disclosures show that Koimett’s stake was transferred twice in October, with the first move placing it under a company in the wake of multiple share dealings in the small-tier bank.

First, the increased holding was put under PrimeCorp Holdings on October 5 before being placed directly under her name on October 9.

The changes come in the middle of ownership shifts in the bank that saw two firms– MEB Holdings and Baumann Management Services Limited disappear from the list of the bank’s top five owners.

MEB Holdings had an 11.58 percent stake in August, while Baumann ownership stood at 6.6 percent in changes that triggered talks that Ms Koimett had transferred her shares.

‘There has not been any action on my side,’ Ms Koimett said in response to Business Daily.

She is the largest shareholder in Middle East Bank Kenya following a multi-billion-shilling wealth transfer from her father, the late long serving minister Nicholas Biwott.

The shareholding places her at the centre of strategic decision-making in the bank, where she joined the board on February 26, 2024.

Other firms that have appeared as top shareholders in the bank include Aloe Farm Limited and Ibui Company, which is associated with Titus Ibui, a board member at the bank and former chairperson of the Lamu Port-South Sudan-Ethiopia Transport Corridor. Both firms have a 5.2 percent stake each.

A 40.88 percent stake is equally distributed between Ilarem Enterprises, Meban Holdings, Ognoko Traders, Okoli Properties, Zon Capital, Bold Bucket, Kiko Fairs and Irobian Holdings– with each having a 5.11 percent ownership.

The number of corporate shareholders has also jumped to 23 from 21, with local investors controlling 89.79 percent of the bank and foreigners 10.21 percent.

It’s unclear when Ms Koimett acquired the top stake in the lender that Al-Futtaim Group established in August 1981, before the UAE-based conglomerate ceded ownership to locals in the early 1990s.

Previous reports have linked her late billionaire father Biwott, to a stake in the bank amid talk that the powerful cabinet minister in the Moi era acquired the ownership following Al-Futtaim’s exit in April 1991.

The exit of Al-Futtaim was modelled as an attempt to “Kenyanise” the bank’s ownership structure. Mr Biwott succumbed to kidney failure on July 11th, 2017, aged 77.

Mr Biwott entered politics in 1974 – almost 10 years after Kenya became independent from British rule – and later became personal assistant to President Daniel arap Moi when he was vice-president. Moi died in 2002.

While in government, Mr Biwott built massive wealth spanning several industries, which was recently passed to his heirs.

He bequeathed to each of his children, including Koimett, from the four wives an equal one-fourteenth share of his estate.

Middle East Bank posted a net profit of Sh264.37 million in the year ended December 2025, marking a 22.2 percent rise from Sh216.34 million.

In the first quarter ended March this year, net earnings rose 16.9 percent to Sh35.29 million.

Ms Koimett’s ownership in Middle East Bank emerges in a period when local banks have become a target for large African lenders seeking buyout deals for expansion into Kenya and to use the country as a launch pad into the East African market.

Kenya’s appeal lies in its gateway role to the East African Community, a fast growing trade bloc expanding by at least five percent a year.

This has placed owners of local banks on the cusp of making outsized capital gains as big African banks buy them out for a piece of Kenya’s crowded banking sector.

Koimett’s stake and directorship in Middle East Bank Kenya cement her boardroom dealings in corporate Kenya.

She is currently the chairperson of M-Pesa Holdings Company and AAR Insurance Kenya, and also sits on the boards of Kenya Airways, Car and General and the African Trade and Investment Development Insurance.

Her career as head Kenya Post Office Savings Bank, Permanent Secretary in the Ministry of Tourism and Information and investment secretary at the Treasury earned her the moniker: the iron lady of Kenya’s public service.

Middle East Bank Kenya was one of the 10 banks that raced to increase their capital last year in response to the Central Bank of Kenya (CBK)’s push to raise lenders’ minimum capital from Sh1 billion to Sh3 billion by last December.

Six of the 10 lenders, including M-Oriental Bank, Africa Banking Corporation (ABC), Middle East Bank of Kenya, CIB Kenya, Premier Bank and UBA Kenya, raised their core capital above Sh3 billion by the end of March this year.

Middle East Bank of Kenya’s core capital rose to Sh3.07 billion at the end of December 2025 from Sh2.11 billion in September.

Investors have until Tuesday to make their offer for Dangote refinery shares through either; arrangements with accredited brokers who are working with partners in Nigeria or purchase global depository receipts (GDRs), which will subsequently list on the Nairobi Securities Exchange (NSE).

Through engagements with the Capital Markets Authority (CMA) and Renaissance Capital-the lead sponsoring broker for the GDR programme on Dangote shares-the Business Daily details how brokers will buy and trade Dangote shares through the NSE.

A global depository receipt (GDR) is an instrument enabling foreign companies to raise capital by allowing investors to trade non-domestic shares on local exchanges. In the case of the Dangote IPO, investors in Kenya will acquire the receipts representing the underlying shares approved and listed in the Nigerian Stock Exchange (NGX).

What’s the total cost of ownership for an investor purchasing the receipts?

The minimum subscription of 10 GDRs in the programme at the price of Sh53.50 per unit, which rounds off to Sh535, represents the total cost of ownership to an investor as no additional processing fees are charged above the consideration for units.

An investor buying into the programme will, however, part with a custody fee of 0.16 percent per annum, pro-rated monthly.

The offer price of Sh53.50 factors both Forex pass through costs from the conversion of Kenya Shillings into Naira and includes additional costs related to the programme such as transaction advisory, placement commission and legal counsel fees.

Why did the GDR programme revise the minimum investment from Sh107,000 to Sh535?

Proponents of the programme including the capital markets regulator and the sponsoring broker previously acknowledged that plenty of investor education would be required if the minimum investment threshold was set at a more mass-market level which would have drawn in tens of thousands of novices and even first-time investors into a new instrument.

However, after investor feedback including high demand for the units, the programme has been revised to set the floor for investing at 10 GDRs from 2,000 previously. The previous cost to an investor would have started at a Sh107,000 floor.

The GDR programme now matches the Nigeria IPO where the minimum subscription to Dangote shares is set at 10 units.

What’s the advantage of GDRs over getting the shares from accredited brokers?

By trading on the Nairobi Securities Exchange (NSE), post issuance, from December 2,2026, the proponents of the programme reckon this to be an advantage to investors, by allowing trading visibility.

The listing of the instrument in Kenya shillings also removes Forex exchange concerns from investors.

The GDR price of Sh53.50 is viewed as competitive to the alternative broker arrangements with access to the IPO in Nigeria through partners. The brokers offer prices between Sh54 and Sh57 as of last week.

What rights do I have as a GDR holder?

An investor holding Dangote shares through GDRs will have similar rights to an investor holding the actual shares in Nigeria as the programme allows for voting rights and will hold annual general meetings (AGMs) or special convened meetings to relay shareholder information relating to the Dangote refinery including voting on key matters.

At the same time, a GDR holder will be able to receive dividends from the investment which will be paid out in US dollars. Dividends from Nigeria however attract a higher rate of withholding tax than Kenya at 10 percent.

How many GDRs can I buy through the NSE?

Upon listing, the GDRs will trade on the NSE like any other ordinary share. This means that the one share rule also applies allowing an investor to buy or sell as little as just one GDR unit.

The prevailing price of the GDRs at the NSE will be determined by the underlying performance of Dangote shares at the NGX, changes in foreign exchange and the underlying demand of the receipts in Kenya.

The proponents of the offer expect the daily opening price of the GDRs at the NSE to match the closing price of Dangote shares at the NGX.

What if inadequate GDRs are available on the NSE?

The programme can create more GDRs by buying Dangote shares in the open market in Nigeria.

Will I incur Nigeria’s capital gains tax when I sell my GDRs?

No. The GDRs are exempt from capital gains tax (CGT) being instruments listed on the NSE.

Do my depository receipts have an expiry date?

No. The GDR programme is open ended meaning that the units will trade on the NSE in perpetuity.

The GDRs could, however, delist in the future under special circumstances such as when the shares of the Dangote refinery in Nigeria are cross listed on the NSE. This would mainly be resolved through the conversion of the units into shares. The issuance of the GDRs on a 1:1 ratio with Dangote shares means this conversion would take place seamlessly.

What are the key dates for the GDR offer?

The offering for the GDR programme runs alongside the Dangote IPO in Nigeria which closes on Tuesday, October 13, 2026. Investors have until 5:00pm EAT on Tuesday to apply to the GDR programme.

The allotment of units in the offer will take place on November 11 while settlement runs from November 12 to December 2, 2026.

The GDRs will be admitted and start trading on the NSE from December 8, 2026.

Debt repayments are set to consume nearly four out of every five shillings collected in taxes and other ordinary government revenue in the current financial year ending June 30, 2027, tightening the squeeze on funding for public services, development projects and other public spending.

The National Treasury projects total debt service at Sh2.30 trillion in the year to June 2027, equivalent to 79.8 percent of ordinary revenue, increased from 72.4 percent last financial year.

This means the share of revenue going towards debt repayments will rise by 7.4 percentage points in a single year, highlighting the growing pressure debt obligations are placing on the Government’s finances.

The Treasury projects in the latest Annual Public Debt Management Report that total debt service will rise by about 23 percent to Sh2.301 trillion in the current financial year ending June 2027 from Sh1.875 trillion last year.

The Sh426.2 trillion increase means that a larger share of taxes will go towards servicing past borrowing, intensifying pressure on the budget as the Government struggles to balance debt obligations against competing expenditure needs.

‘Public debt service is projected to remain a significant component of the Government’s expenditure over the medium term,’ the Treasury writes in the report.

Interest payments will account for the biggest share of the burden, rising to Sh1.295 trillion from Sh1.075 trillion in the year ended June. The interest bill will absorb 44.90 of projected ordinary revenue of Sh2.884 trillion.

Domestic interest payments are projected to jump to Sh1.027 trillion from Sh862.7 billion, while interest on external debt will rise to Sh267.5 billion from Sh211.8 billion.

The Treasury will be looking to redeem domestic Treasury bonds of Sh463.5 billion and another Sh542.9 billion to meet external principal repayments by June 2027, adding to pressure on its finances.

The squeeze is expected to persist beyond next year, with debt service projected to rise to Sh2.535 trillion in 2027/28 and Sh2.562 trillion in 2028/29.

As a share of ordinary revenue, the burden is forecast at 79 percent in 2027/28 and 72 percent in 2028/29, before easing to 64.7 percent in 2029/30.

The Treasury attributes the decline in coming years to ‘the expected improvement in revenue performance and the moderation of debt service obligations’.

The projections underline a deterioration in the share of revenue available for other spending. Debt servicing costs consumed 47.9 percent of Government revenue in 2021/22, rising to 58.9 percent in 2022/23 and 69.1 percent in 2023/24.

The ratio climbed further to 71.2 percent in 2024/25 and 72.3 percent in 2025/26, according to the report.

The growing burden has persisted despite efforts to spread out repayments and reduce the risk of refinancing large amounts of debt at once.

During the year ended June 2026, the government issued a $2.25 billion (about Sh292 billion) Eurobond and retired part of its 2028 and 2032 Eurobond obligations through a tender offer. Domestic bond switches and buybacks amounted to Sh66.8 billion during the year.

The Treasury says these operations were aimed at ‘reducing refinancing risk and smoothing the public debt redemption profile’.

However, the report shows that refinancing vulnerabilities remain, particularly in the domestic debt portfolio.

Debt falling due within one year stood at 12.7 percent of total debt, above the 11.9 percent target, while the average maturity of domestic debt fell to seven years against a target of 8.3 years.

The Treasury attributed the higher refinancing risk to ‘higher issuance of short-term domestic securities’.

Kenya’s public debt stood at Sh13.12 trillion at the end of June 2026, equivalent to 70.4 percent of gross domestic product. While the Treasury considers the debt sustainable under its baseline assumptions, it acknowledges significant risks.

‘Kenya’s overall and external public debt remains sustainable but at high risk of distress,’ the report says.

A urinary tract infection (UTI), which often begins with pain during urination or frequent trips to the toilet, can become life-threatening if it spreads and triggers sepsis, a condition in which the body’s response to an infection can damage its own tissues and organs, potentially causing organ failure and death.

UTI is an infection that happens when bacteria enter and multiply in any part of the urinary system.

Prof Moses Obimbo, an obstetrician and gynaecologist, says that the danger lies in allowing the infection to progress without appropriate treatment.

‘Patients with symptoms such as frequent urination, pain during urination and pain below the belly button, sometimes accompanied by fever, need to be treated early,’ says Prof Obimbo.

The urinary system comprises the kidneys, ureters, bladder and urethra. UTIs can affect any of these parts, although most begin in the bladder. Prof Obimbo notes that bacteria are the most common cause of UTIs, but fungi can also cause them, while viral infections are rare.

How does a UTI lead to sepsis?

When an infection spreads from the urinary tract, bacteria can enter the bloodstream and trigger sepsis. The body’s response to the infection can damage tissues and organs, disrupting their normal functions. Prof Obimbo says that severe cases can lead to organ failure and death.

‘The infection can travel from the bladder upwards to the kidneys, causing a condition known as pyelonephritis,’ says Prof Obimbo.

‘From there, it enters the bloodstream. And then, from the bloodstream, it spreads throughout the body.’

A bladder infection, known as cystitis, can cause a burning sensation when passing urine, frequent urination, an urgent need to urinate and pain in the lower abdomen. When the kidneys become infected, a patient may develop a fever, back or side pain, vomiting and a loss of appetite.

Prof Obimbo notes that urinary symptoms can be confused with those of vaginal or sexually transmitted infections. He warns that these conditions should not be treated interchangeably, as their causes and treatments differ.

‘People tend to confuse the three conditions. But they are very different,’ he says. ‘A proper assessment helps establish what is causing the symptoms and whether treatment for a UTI is needed.’

He clarifies that not every UTI progresses to sepsis. However, a kidney infection can become serious, especially if treatment is delayed. Symptoms such as confusion, difficulty breathing, faintness or collapse may signal a medical emergency requiring immediate hospital care.

Who is at greater risk?

The likelihood of complications can be higher in people whose bodies have difficulty fighting infection or who have underlying health conditions.

Prof Obimbo says that weakened immunity and diabetes are the risk factors that can make a UTI more difficult to manage.

‘If a patient has low immunity for one reason or another, or if they are diabetic or have other health conditions, then a urinary tract infection can easily spread very quickly,’ he says.

Pregnant women also require prompt assessment if they experience urinary symptoms, as UTIs during pregnancy can lead to complications if left untreated.

‘People who have difficulty emptying their bladder or who have an obstruction in the urinary tract may also develop persistent or complicated infections,’ says Prof Obimbo.

He says that these groups should not wait for symptoms to become severe before seeking care.

Why are home remedies not enough?

Some people try to manage urinary symptoms at home, including drinking water mixed with baking soda. However, Prof Obimbo warns that baking soda is not an established treatment for bacterial UTIs and should not replace a medical assessment.

‘They are not part of mainstream medical practice,’ he says.

He also cautions that remedies used without proper testing may have unknown effects.

‘The danger is that they have not been subjected to rigorous testing processes. It is not advisable to treat the infection at home because it can quickly become complicated,’ says Prof Obimbo.

While drinking water helps to maintain hydration, it does not clear a bacterial infection, which requires antibiotics. Pain relief can ease discomfort without treating the underlying infection.

Similarly, taking leftover antibiotics or buying them without appropriate medical advice can also result in inappropriate treatment.

How a UTI is treated

Prof Obimbo stresses that a person with a suspected UTI should visit a health facility for assessment.

‘A urine test can help establish whether an infection is present, while a urine culture (a laboratory test that detects bacteria or yeast in a urine sample) can identify the responsible bacteria and help guide antibiotic choice,’ he says.

He adds that testing is important before deciding on the appropriate treatment.

‘The patient should go to hospital to confirm that they actually have a UTI through a urine test,’ he says.

He adds that laboratory findings can help determine the treatment regimen. ‘Once this has been tested and confirmed, you can then develop a treatment regimen based on the culture or the kind of findings that have been obtained at the hospital.’

After confirming that it is a UTI, the infection is generally treated with antibiotics. However, the choice of medicine and the length of the treatment depend on the infection, the patient’s health, and, where available, the laboratory findings. Social media is awash with home remedies, including baking soda and garlic, but experts warn that these methods are ineffective at clearing the infection.

‘Patients should take their prescribed medication as directed and seek further medical advice if their symptoms persist or worsen,’ advises Prof Obimbo.

If the infection progresses to sepsis, he says that treatment becomes an emergency, and the patient may require hospital admission and the administration of antibiotics through a vein, as well as intravenous fluids and close monitoring of organ function.