Category: Business Daily

For over six decades, Kenya’s pursuit of prosperity has been defined by massive infrastructure. We have laid the Standard Gauge Railway (SGR) from Mombasa to Nairobi and look forward to its extension to Busia.

We have built the Nairobi Expressway and are now on to dualing the Nairobi – Mau Summit carriageway.

That comes after the dualing of the Nairobi-Nyeri highway that has greatly eased transport in the Mt Kenya region. The government has great interest in transforming the Jomo Kenyatta International Airport into a regional air transport hub. Yet, while these projects move our people and goods, they are consumers of energy, not the source of it.

As we stand at the threshold of a new industrial dawn, it is my firm belief that the Siaya Nuclear Power Plant-set to break ground in March 2027-will be the crowning jewel of President William Ruto’s legacy. It is the project that finally moves Kenya from a “moving” economy to a “producing” one.

Kenya Vision 2030 identifies energy as the key enabler of our national transformation. However, our current renewable mix, while impressive, cannot alone meet the projected 60,000 MW demand required for full-scale industrialisation.

Nuclear energy will undoubtedly provide, in the medium term, the 3,000 MW baseload that hydro and solar, which are prone to weather changes, simply cannot. This strategy aligns perfectly with the Bottom-Up Economic Transformation Agenda.

By slashing electricity costs from 9 US cents to as low as 4 US cents per unit, the country will be well on course to giving the “hustler”, the small-scale manufacturer and the Jua Kali artisan the power to compete globally in a world where energy is everything – literally speaking.

After careful evaluation, Siaya emerged as a premier site for the construction of Kenya’s first nuclear power plant due to its proximity to Lake Victoria which will provide the essential water cooling required for its operations.

This multi-billion shilling project will transform the Lake Basin into a high-tech industrial corridor, creating over 10,000 jobs during construction and thousands of permanent roles for our scientists, engineers, artisans, plumbers and all manner of professionals in the long run.

While the SGR and the Expressway are monuments of logistics, the Siaya Nuclear Plant is a multiplier. Unlike a road that requires constant maintenance, a nuclear plant provides reliable, zero-carbon energy for close to 100 years.

It is the infrastructure of infrastructures. The foundational energy that will finally make our industrial parks to be set up in all counties truly viable.

The Siaya nuclear power plant project is about more than just volts. It includes a nuclear research reactor to support cancer diagnostics, food irradiation to stop post-harvest losses, and advanced engineering.

Nuclear Power and Energy which I have been leading since 2023 will be partnering with key educational institutions in the Western region namely; Jaramogi Odinga Oginga University of Science and Technology and Masinde Muliro University of Science and Technology as well as Kisumu Polytechnic, to ensure our youth are ready for this atomic decade.

Across Africa, the conversation on artificial intelligence (AI) has shifted from curiosity to urgency. Governments are developing national AI strategies, private sector players such as healthcare providers and insurance players are investing in innovation, and development partners are positioning AI as a driver of economic growth.

Yet, despite this momentum, adoption across the continent remains uneven-fragmented in execution and, in many cases, confined to pilots rather than scaled systems. The missing link is not ambition. It is policy.

Research by the World Bank and International Finance Corporation highlights that digital technologies, including AI, achieve scale and impact only where enabling regulatory frameworks, institutional capacity and investment environments are aligned.

AI does not scale in isolation; it scales within the guardrails, incentives and direction set by policy. In an Africa context where markets are diverse, regulatory environments are evolving, and infrastructure gaps persist – policy is not merely an enabler; it is the primary accelerator of adoption.

AI holds immense potential to transform key sectors across the continent but without clear policy frameworks, this potential is theoretical.

Policy performs three critical functions that determine whether AI moves from concept to impact.

First, it creates certainty; businesses invest where there is clarity.

Second, it aligns priorities; AI must be directed toward solving real, systemic challenges and third, it builds trust; AI systems rely on data that is often sensitive and high-stakes. In essence, policy transforms AI from a technological capability into a scalable public good.

To accelerate adoption, three critical shifts are required. First, from policy announcements to policy execution. Strategies must be accompanied by clear implementation frameworks, defined timelines, and accountability mechanisms. Second, a move from siloed efforts to ecosystem collaboration and third, a move from short-term pilots to scalable systems.

The future of AI in Africa will not be determined solely by technological capability. It will be shaped by the quality, clarity, and adaptability of policy.

AI solutions must move beyond proof-of-concept and integrate into core institutional processes, whether in insurance automation, clinical decision support, or claims management.

The Kenyan Context: Legislative Momentum and the AI Bill, 2026

To understand how policy accelerates adoption, let’s look at Kenya, often called the Silicon Savannah. We have moved beyond conversation into concrete legislative action. In March 2025, the Ministry of ICT published a National AI Strategy (2025-2030), requiring an investment of Sh152 billion to position Kenya as a leading AI hub.

The strategy explicitly recognizes “a need for comprehensive AI-specific regulations to address ethical implications and potential harms.”

Building on this foundation, the Artificial Intelligence Bill, 2026, on the floor of senate, is currently undergoing public participation. The Bill proposes a risk-based framework similar to the EU AI Act, classifying AI systems from “unacceptable risk” to “minimal risk.”

However, the African context demands unique solutions. As the Bill undergoes debate, stakeholders have cautioned that rigid frameworks risk unintended consequences.

One observer noted, “The developer in Nairobi is not asking for exemption from accountability. She is asking for a framework designed with her in mind. A framework that governs everyone except the most powerful is not governance.” This tension captures the essence of Africa’s AI policy challenge: how to regulate without stifling innovation.

The Role of Business Leaders: From Participants to Co-Creators

For too long, the private sector has been positioned as a recipient of policy rather than a co-creator of it. In the context of AI, that model is no longer viable.

Business leaders operate at the frontlines of implementation. They understand where systems break, where inefficiencies persist, and where innovation can deliver measurable value. This insight is indispensable in shaping policies that are both practical and effective.

Technology adoption accelerates when policy and practice are aligned and achieving this alignment requires deliberate engagement.

Business leaders must actively contribute to policy development by engaging regulators, providing evidence-based insights, advocating for balanced frameworks, and supporting capacity building within public institutions. In doing so, the private sector evolves from stakeholder to strategic partner in national development.

Bridging the Gap

Africa does not lack AI conversations. Conferences, summits, and policy frameworks are increasingly common. The challenge lies in translating dialogue into delivery.

To accelerate adoption, three critical shifts are required.

First, from policy announcements to policy execution. Strategies must be accompanied by clear implementation frameworks, defined timelines, and accountability mechanisms. Kenya’s shift from a national strategy to the AI Bill, 2026, represents progress, though critics warn of potential regulatory overreach if not carefully calibrated to local realities.

Second, a move from siloed efforts to ecosystem collaboration. The Bill’s proposal for an Advisory Committee on AI, comprising government, non-governmental, and private sector stakeholders, is a step toward coordinated governance.

Third, a move from short-term pilots to scalable systems.

AI solutions must move beyond proof-of-concept and integrate into core institutional processes, whether in insurance automation, clinical decision support, or claims management.

A Call to Action

The future of AI in Africa will not be determined solely by technological capability. It will be shaped by the quality, clarity, and adaptability of policy.

If we get policy right, AI will drive efficiency across critical sectors, expand access to essential services, and unlock new economic opportunities. If we get it wrong, adoption will remain fragmented, trust will erode, and the full value of AI will remain unrealized.

The responsibility, therefore, is collective.

Governments must lead with clarity and intent. The private sector must engage with purpose and accountability.

And together, stakeholders must build policy frameworks that are not only enabling but also transformative. Because ultimately, AI is not just about technology. It is about how we design and govern the systems that will define our future.

Kenya Reinsurance Corporation (Kenya Re) is poised for higher revenues following the gazettement of new regulations requiring insurers to cede a quarter of their general insurance business to the reinsurer.

Under the recently gazetted Insurance (Amendment) Regulations, the proportion of general insurance business that insurers operating in Kenya must reinsurer with Kenya Re has been increased to 25 percent from 20 percent.

‘The regulations have been amended to increase the mandatory placement from 20 percent to 25 percent of general insurance reinsurance business with the Kenya Re,’ said Tom Gichuhi, Association of Kenya Insurers CEO, in a circular dated April 30.

‘Accordingly, all insurers are now required to reinsure 25 percent of their general insurance business with Kenya Re. This requirement shall cease to apply on the date the Kenya Reinsurance Corporation Limited is privatised.’

The move marks a departure from the previous practice in which the reinsurer has been reapplying for the mandatory cession each year.

The changes will offer a boost to Kenya Re’s insurance revenue, with the amount having dropped for the third straight year to Sh17.07 billion in 2025 from Sh18.85 billion in the previous year. Insurance revenue peaked at Sh23.13 billion in 2022.

Insurance companies make money by assuming risks of certain unlikely events such as fires, accidents, or floods in exchange for a premium. However, when assuming such risks, they are obligated to ensure the maximum payouts in case the risks crystallise do not bankrupt them.

Cession therefore allows insurers to reduce their risks by passing on some of them to the reinsurance market as well as a portion of the profits. The 25 percent compulsory cession will mean a quarter of these risks must be placed with Kenya Re.

Treasury said the changes will provide a ‘clearer and more orderly’ framework and ensure higher local retention of premiums, potentially faster recoveries on domestic catastrophic losses and moderated foreign exchange outflows on outward placements of business.

In addition, Treasury said the higher cession will boost Kenya Re’s revenues and boost its dividend capacity over time, subject to capital needs.

However, the industry says Kenya should not have taken this move given that it is a liberal economy with other reinsurers such as Continental Re, Ghana Rei, Waica Rei and Zep-Re.

‘This is a retrogressive move. There is talk about premium protection, but you cannot claim to operate in a liberalised market while introducing such measures,’ said Gichuhi.

Ashok Shah, CEO at APA Apollo Group, warned that the move will lead to risk concentration and also distort competition.

‘Insurance is about spreading risk, not concentrating it in one entity. Mandatory cession restricts the industry because insurers can get better terms from other reinsurers. It is not going to be a level playing ground,’ he said.

Britam Group chief executive Tom Gitogo said the market should be cutting the compulsory cessions to boost insurance uptake through progressive policies that attract investment and quality underwriting services.

‘I believe it is a move in the wrong direction. We should be reducing the mandatory cessions, not increasing. Kenya Re should compete for business the way other reinsurers are doing through offering high quality services,’ he said.

This is one of those rare moments I found myself genuinely taken aback by what a studio was able to achieve with a property that many had written off.

To understand why this film feels like such a victory for the fans in some areas and such a missed opportunity in others, we have to look at the history.

The first film was produced on a $55 million budget and made roughly $84.4 million.

It was far from a perfect movie. It suffered from what I would call a massive identity crisis, trying way too hard to be profound and serious while attempting to appeal to people who had never touched a controller in their lives. In that movie, the producers and director Simon McQuoid created a film that didn’t know what it wanted to be, ultimately pleasing neither the hardcore gamers nor the casual audience.

But with this sequel, which brings back McQuoid alongside writers like Jeremy Slater and producers James Wan and Todd Garner, it feels like the team actually listened to the fans.

They took the feedback, worked on the flaws, and delivered what is, at its heart, a very good popcorn movie. It isn’t trying to be high art or a deep philosophical challenge. It is your classic Saturday afternoon movie that you go into, have fun with, and go home.

The tournament format

The story picks up with Earthrealm (if you have never played the game, bear with me, at some point it might make sense) in a precarious position. Lord Raiden, played by Tadanobu Asano, and Sonya Blade, played by Jessica McNamee, are forced to scramble to find their final champions as the tenth Mortal Kombat tournament looms.

The central hook of the marketing, and the reason most of us were excited, was the introduction of Johnny Cage, played by Karl Urban.

Cage is a washed-up martial arts actor who initially refuses to believe the supernatural stakes until he is thrust into the middle of a war between realms.

The plot revolves around the tyrannical Emperor Shao Kahn, played by Martyn Ford, who steals Raiden’s power early on to become immortal. This leaves the Earthrealm fighters, including Liu Kang, Jax Briggs, and the previous protagonist Cole Young, fighting an uphill battle.

While the tournament rages, the narrative splits, following Johnny Cage on a side quest to destroy the source of Kahn’s immortality while also introducing the Edenian princess Kitana, played by Adeline Rudolph, who is acting as a spy within Kahn’s inner circle.

It is a simple premise, which is exactly what a Mortal Kombat story should be. Mortal Kombat II was produced on a reported budget of $80 million.

During its opening weekend (May 8-10, 2026), the film earned $40 million at the US and Canada box office and an additional $23 million in international markets, bringing its total worldwide opening haul to $63 million.

Embracing the game’s DNA

If you have ever played a Mortal Kombat game, and I suspect many modern moviegoers haven’t, you know the premise is one of the simplest in gaming history. The plot exists solely to give two characters a reason to punch each other. This sequel finally narrows down on that core identity and revolves everything around the tournament.

The fight scenes are the standout here. There are far more of them than in the 2021 film, and they are structured in a way that feels satisfyingly familiar to fans of the franchise. Because the film simplifies the lore to the level of the games, it is much easier to understand the stakes.

You have two groups of people fighting for survival, and the viewer actually has something consistent to hold onto. The visceral nature of these bouts is impressive. Some truly brutal moments feel authentic to the ‘Fatality’ spirit of the source material, and do not get attached to characters.

One in particular that was unfortunately made available online by the marketing team is impressive. For those who haven’t played the games, it plays out like a tragic struggle between brothers, and the film does a great job of explaining that history so you don’t feel lost if you skipped the 2021 movie.

Everything stops just to focus on the technical craft of that fight, and it is glorious to watch. Similarly, the costume designs and world-building feel as if they belong in the game’s universe. The abilities and powers used by the characters feel natural and earned, accompanied by a soundtrack that hits all the right nostalgic notes.

Bait-and-switch

However, we have to talk about the ‘bitter taste’ left by the film’s narrative structure. There is a classic bait-and-switch happening here. I, like many others, went in because the marketing focused almost entirely on Johnny Cage. We wanted to see a story fully focused on his journey from a narcissistic actor to a hero of Earthrealm.

Karl Urban is fantastic in the role, providing a much-needed human element to a story filled with supernatural beings. But almost immediately, the film starts pushing the character of Kitana down your throat.

The story keeps swapping back to her world and her perspective, and every time she comes on screen, the momentum dies. It feels like the filmmakers were trying to make two different movies at once. On one hand, you have the campy, violent, and fun story following Johnny Cage and Kano.

On the other, you have this overly serious, slightly bloated Kitana arc that feels like it belongs in a different franchise.

Kano, played again by Josh Lawson, remains the best part of the film alongside Cage. He is brought back in a very cheesy way, but he is so entertaining and ‘natural’ that he makes the bizarre situations feel real. Putting Kano and Johnny Cage in the same room is pure cinematic gold, and I found myself wishing the entire movie had just stayed with them.

The problem with the finale

The climax of the film is where the logic really starts to unravel. The villain, Shao Kahn, is established from the very beginning as an incredibly powerful and formidable fighter. He is the kind of threat that takes out fan-favourite characters with ease.

Naturally, you expect the finale to involve a power-level struggle that makes sense within the rules the movie set up. Instead, the writers prop up Kitana to be the one who takes him out.

Throughout the entire movie, she is never established as a fighter on that level. Her victory feels entirely too convenient and unearned. It feels as though the writers were working backwards from a specific ‘pose’ or a speech they wanted her to give, rather than letting the story evolve naturally.

If Sonya Blade had been the one to finish Kahn, it would have made sense. We see Sonya taking out powerful enemies throughout the film using her established skills. But for Kitana to just easily dispatch the main villain, a character who had just crushed some of the most powerful fighters in the realm, felt unsatisfying and illogical.

Johnny Cage’s development, by contrast, feels much more natural because you see his stages of struggle and his eventual unlocking of his powers through a believable arc.

A Bloated ensemble

This leads to a wider problem I see in most modern Hollywood productions. There is this need to include everyone and ensure every character is ‘represented’, which often results in a bloated, messy experience.

In Mortal Kombat II, it felt like they were actively getting rid of more interesting, powerful characters just to clear a path for Kitana to be the hero. One fan-favourite character goes out in a way that should have opened the door for something epic, but everything just redirects back to her.

I also wanted to see much more of Quan Chi. He is my favourite character from the games, and he is fascinating when it comes to abilities. While he is incredibly interesting here, he is reduced to a minimal role. In a potential third movie, I would love to see him given more to do. I would have also loved to see more of Kano, to put him in the same room with Johnny Cage for some witty dialogue.

Final thoughts

Despite my gripes with the bait-and-switch and the forced ending for Kitana, Mortal Kombat II is still an enjoyable experience. It is a clear example of a studio learning from its mistakes and attempting to correct the course.

They took the feedback, leaned into the tournament aspect, and delivered a film that feels authentic to the video game. It is a much better movie than the first one, even with its cringy moments.

If you can look past the illogical power scaling in the final act and the fact that you didn’t get as much Johnny Cage as the trailers promised, you are left with a solid, visceral action movie that actually respects the source material’s roots.

It is a great example of a group of people taking feedback and creating something that is, at the end of the day, just plain fun to watch.

Delays in the sale of the government’s 15 percent stake in Safaricom to South Africa’s Vodacom in the wake of a suit are on course to gift the Treasury Sh16.1 billion in dividends.

The government, through the Treasury, is expected to maintain its stake in the telecoms operator at 35 percent or 14 billion shares as a court process drags out the stake’s sale process.

This will earn the State dividends of Sh16.1 billion from the 15 percent stake, which initially would have gone to Vodacom.

Parties to the transaction had expected the Sh244.5 billion Vodacom deal to be concluded by March 31, locking out the government from earning the final dividend of Sh1.15 that Safaricom declared on Thursday for the 15 percent stake.

The sale of the stake could be delayed beyond August 4, 2026, when Safaricom closes its books for the payment of a final Sh1.15 dividend per share payout covering its financial performance in the year through to March 31.

The State is set to raise Sh244.5 billion for the exchequer, including Sh204.3 billion for 6.0 billion shares sold for Sh34 per share, and an advanced dividend of Sh40.2 billion.

The transaction was frozen when petitioners, Tony Gachoka and Fredrick Ogola, sued several State agencies, Safaricom Plc and Vodacom Group over the legality of the government’s plan to reduce its stake in the telecoms giant.

Two other petitions were filed by Paul Maina and one only identified as Mr Samuel.

The High Court referred the petition to Chief Justice Martha Koome at the end of March to appoint a multi-judge bench, after the judge handling the case stepped aside due to time constraints.

The planned sale to South Africa’s Vodacom has sharply dividing opinion in Kenya.

Analysts and politicians are divided on the merits of the sale, which requires legislative and regulatory approval.

Some reckon the deal is good for Kenya, while others are sceptical about the value for the country, arguing that Vodacom remains the winner after getting full control of a cash-generative subsidiary.

A joint parliamentary committee approved the sale, paving the way for the conclusion of the deal.

The board of Safaricom has lauded its shareholders for remaining calm amid the roller-coaster of deliberations and intrigues.

‘There is an ongoing process. We commend the shareholders for the constructive and professional manner in which the discussions have been conducted so far,’ said Adil Khawaja, the Safaricom Plc board chairman.

‘Once concluded, the transaction will position Safaricom to leverage greater scale, deeper expertise and enhanced regional capability as we continue to expand.’

The National Assembly’s committees on National Planning and Finance and Public Debt and Privatisation reckoned that Safaricom’s share sale agreement with Vodafone is silent on the Treasury receiving dividends from a 35 percent shareholding.

The report from the joint committee said the sale agreement and Sessional Paper or Treasury document on the deal presented to Parliament was unclear whether the Treasury would receive dividends from the 15 percent stake should the deal close after Safaricom’s financial year in March.

‘The joint committee observed that the Sessional Paper does not clearly specify entitlement to dividends declared for the 2025 financial year, particularly if the divestiture is approved and completed before Safaricom’s financial year-end on March 31, 2026,’ said the two committees in their report.

‘The transaction must also clearly specify whether it is on an ex-dividend (buyer does not receive the dividend) or cum-dividend (buyer receives the dividend) basis.’

Safaricom has already declared an interim dividend of Sh0.85 per share for the current year, which was paid on March 31 to shareholders who were on its books on February 25.

Facing high public debt, limited room to raise taxes, and annual debt repayments that absorb 40 percent of government revenues, President William Ruto’s administration is turning to asset sales to bolster its finances.

The government’s stake in Safaricom will drop from 35 percent to 20 percent.

Concurrently with the purchase of the 15 percent stake from the government, Vodacom is also buying a five percent stake in Safaricom that is held by parent firm, Vodafone Group, at the same price of Sh34 per share.

Once the twin deals are sealed, Vodacom will raise its ownership in the telecoms operator to 55 percent, attaining majority control.

Other investors hold a 25 percent stake, equivalent to 10 billion shares, which were offloaded in a March 2008 initial public offering (IPO) of the company, raising Sh51.75 billion.

The government received Sh11.9 billion in interim dividends from Safaricom after it raised its initial payout by 54.5 percent to Sh0.85 from Sh0.55 previously.

Last week, Safaricom raised its final dividend to Sh1.15 per share from Sh0.65 previously as its net profit rose 36.9 percent to Sh95.6 billion for its financial year ending on March 31.

The cumulative Sh46 billion dividend will be approved at Safaricom’s annual general meeting (AGM) on July 31, and will be paid by September 4 to shareholders on the company’s register by August 4.

Safaricom’s total dividend for the year translates to Sh80.13 billion or Sh2 per share and aligns with the company’s dividend policy of paying out 80 percent of its earnings to shareholders.

The share of the government’s dividends from the pool is Sh28.04 billion.

What can you tell me about yourself that is not on your LinkedIn?

I am married to one wife, and have children. I’m a family man. And my hobbies too, how I spend my free time. I’m a big lover of Rhumba music, especially Rhumba Bakulutu. I dance quite a bit, haha! I enjoy life.

How did you get into Rhumba?

It’s one of those things that you acquire. I was born and raised in Mombasa. And as a small child, my dad loved me. I would be the guy he calls to go with him to meet friends on weekends, in Rhumba joints. At home, I was the house DJ, and when he had visitors, I did the selection [chuckles].

Then I developed a taste for reggae music, because in Mombasa, people loved reggae. When I joined university politics, I started listening to rap music – Ice Cube, RedMan, Ice-T, and NWA, the rebellious rap.

In my first three jobs, I went into modern music, soul and the like. I hung out a lot at Choices and Bubbles nightclubs. After that, I went back to Rhumba, and I was back home [chuckles].

What is the one thing you want most people to understand about you?

People tend to get my personality mixed up. They think I am an extrovert, but I am not [chuckles].

I’m actually an introvert. I get more peace when I recoil. Crowds suck my energy. That’s how I do my me-time: I recoil especially to water sounds. I’m a water person. I have a lot of energy, and when I withdraw, it sometimes makes me look like a snob, haha!

What kind of loneliness do you carry?

Leadership is lonely. But I guess that is for most people. Because of your leadership role, there are spaces you can’t enter with others. You need to be vulnerable with your staff, but as a leader, there is a level you can’t go.

From a family front, we were brought up as eight children, and then we all scattered, and I miss that.

Are you the firstborn?

No, I’m the third born. But I act like the firstborn. I’ve had the responsibility since I was in high school. Taking care of the family. Taking care of myself.

What did that cost you personally?

I did adult roles as a child. A lot of guys I know were still children in high school. Sometimes I look at the risk propensity – when I was starting work, I would see where my peers were investing. I could not do that. I had to take care of my siblings back home.

I could not take a risk like going abroad like some of my friends, because what happens to your people then? Even the choice of woman you have, you look at many factors that other people may not.

What did you learn too early?

I learned that relatives can be plastic; I should not have learned that. It created a wall between me and some of my relatives. When my father retired, and he used to take care of other people, they didn’t give back even though they could.

It shattered my innocence. I was not mature enough to learn that human beings can be vile and uncaring. Even as an adult, there are people I have struggled to warm up to.

Are you living the life you thought you would at this age?

Yes, as a child, I thought I wanted to be a leader. I have. I wanted a beautiful wife, which was a non-negotiable. I have a beautiful wife. A good job and a beautiful wife. I am living that.

I wanted to do better than my father; I decided that in Class Six, because when I was going out with him, I noticed there were people saluting him, and there were people whom he saluted. I wanted to be the guy everyone salutes [chuckles].

What does success mean to you beyond money?

Being happy. We really underestimate the value of just sitting and not having to think about things. It’s a very powerful feeling that, at this age, starts hitting you. Success is what I feel inside, being able to do the thing that makes me happy, the way it makes me happy, at the time it makes me happy. The right person brings fulfilment, sometimes I just sit and smile, looking at my family.

What habit has best served you in your life?

Hard work. I learned early that your life is in your hands. Nobody is coming to save you. When I’m focused on something, I work hard on it. I consider myself disciplined, and I can be very adaptable and resilient. Sometimes my wife thinks I’m too cold. I tell her there are things you can control, others you can’t.

And what unhealthy habits have you had to unlearn?

Sometimes, the issue of loving life too much gives me the wrong priorities. Sometimes I say, ‘If you die, you die’. But at the expense of something that probably could be better.

At the end of your life, what will you consider a memorable life?

If I can pick one, two, or three differences to planet Earth that I would have contributed to, I’d be happy. Why I have to do better than my parents is so that I can propagate standards in society. It should also be the same in these leadership roles, to make a difference, as God has been gracious to me.

In my clan, I have pushed the bar, despite the odds – the schools I went to and the jobs I have worked. In my retirement home, I have put up a Wall of Fame to remind my grandchildren of my contribution to Earth because of the work I’ve done.

Congratulations. What’s on your bucket list?

I really want to go to Antarctica. The place I’ve never been, there’s this resort I see on YouTube where you land on ice, you live in the middle of ice, Antarctica. I think it’s an 18-hour journey [chuckles]. They fly there once a year, and it is very expensive.

What are you looking forward to doing this weekend?

I’m a big fan of Formula 1. F1 returns after the problems we had in the Middle East. My team, Red Bull, is not doing very well, but I’m hoping in this break, they’ve sorted out the problems they have.

I’m a big fan of Manchester United in the EPL, and I can’t wait to win more games. I have a friend who is celebrating his 50th birthday, so we’ll be heading to Maanzoni with my wife for that.

Give us some good advice.

Enjoy your life. This is something I learned much later. Sometimes, we are too hard on ourselves. We don’t celebrate on the journey. If there is something you can do now, don’t wait; do it.

We miss small opportunities to celebrate, and then when it’s time to celebrate, we are too exhausted to celebrate. I used to have a colourful life, but I was always looking for that big day [chuckles]. Enjoy the journey.

About 84,000 small investors bought shares on the Nairobi bourse through the M-Pesa stock-trading platform, Ziidi Trader, between February and March this year, underlining the impact of mobile financial platforms in revitalising retail market participation.

New disclosures from telecoms operator Safaricom show that 84,000 Ziidi Trader accounts participated in share purchases within two months of the platform’s launch.

About 511,000 investors signed up for Ziidi Trader, which allows M-Pesa users to directly buy shares on the Nairobi Securities Exchange without opening a traditional brokerage account. This indicates that while many small investors showed interest in the platform, only a fraction actively traded.

The number of traders on the M-Pesa platform also trails the total number of individual investor accounts with CDS accounts, which stood at 1.28 million as of the end of March, according to data from the Central Depository and Settlement Corporation.

Additional data from the NSE covering February 10 to May 6 shows that Ziidi Trader facilitated trades valued at Sh772.2 million, represented by 268,840 transactions. The platform’s share of overall market trades has fluctuated between one and two per cent, averaging 1.67 per cent over the period.

Peak market share was recorded on March 30, 2026, at 4.27 percent, while the highest number of trades occurred on February 11, the day after launch, when 9,320 deals were executed. The highest daily turnover was recorded on February 16 at Sh28.98 million.

The average Ziidi trade size over the period to May 6 was Sh2,872.60, compared with the overall market average deal size of Sh63,950.

This highlights the dominance of institutional investors and high-net-worth individuals in traditional market activity.

The Ziidi Trader has been credited with boosting retail participation by removing the requirement for a Central Depository System (CDS) account.

‘This confirms that ordinary citizens are now actively participating in Kenya’s capital markets,’ said Eric Ruenji, founder and chairman of Theo Capital Holdings.

The Ziidi Trader is a mobile-based share trading platform jointly offered by Safaricom, NSE and Kestrel Capital. It enables customers to buy and sell NSE-listed shares and corporate bonds directly from their mobile phones, monitor portfolios and access market insights digitally.

Safaricom has credited the platform with expanding access to capital markets. ‘The launch of Ziidi Trader marked an important milestone, broadening access to capital markets and demonstrating early traction as a new driver of financial deepening and inclusion,’ the company said.

The platform played a key role in the recently concluded Kenya Pipeline Company IPO. Of the 73,000 individual investors who participated, 36,000 placed orders through the M-Pesa platform.

At the close of the IPO, President William Ruto and National Treasury Cabinet Secretary John Mbadi praised the platform for enabling citizens to directly participate in ownership of national assets.

Ziidi Trader’s most notable impact on the NSE has been increasing the number of share orders rather than overall traded value. Daily orders have risen above 10,000 from a previous average of below 7,000 before its introduction. More than half of NSE share orders on launch day came through the platform.

The system relies on existing M-Pesa know-your-customer credentials and PIN authentication, eliminating the need for new account creation.

Stocks purchased are held in a single omnibus account managed by Kestrel Capital, which executes trades on behalf of users.

The Nairobi Securities Exchange is betting on the platform to grow retail participation to as many as nine million investors by the end of December 2029.

Africa has the world’s vibrant youngest population, vast arable lands, large water resources, and a growing base of agricultural technology and innovation.

Yet paradoxically, she still spends lots of its resources importing food while millions of its people remain food insecure. With a collective will to transform her agrifood systems sustainably, inclusively, and at scale the continent can easily become a global breadbasket.

Across Africa, climate change is no longer a future threat; it is a daily reality.

Droughts, floods, pests, and livestock and crop diseases are occurring with greater frequency and intensity, disproportionately affecting smallholder farmers who remain highly dependent on rain-fed agriculture.

In East Africa alone, repeated droughts have pushed millions of people into food assistance, while conflict and insecurity continue to displace farming households across the Sahel, the Horn of Africa, and parts of Central Africa.

These shocks expose a central weakness in our agrifood systems – low resilience. When production systems collapse under pressure, countries are forced to rely on imports and food aid, placing further strain on already limited public resources.

This is why nations need to place strong emphasis on anticipatory action, early warning systems, and resilience-building investments-so that farmers are protected before crises escalate into humanitarian disasters.

Africa has great agricultural policies. Through Comprehensive Africa Agriculture Development Programme (CAADP,) AU member states committed to allocating at least 10 percent of national budgets to agriculture and to achieving percent annual agricultural growth.

The Malabo Declaration further raised ambition by committing countries to ending hunger, halving poverty, boosting intra-African trade, and enhancing resilience to climate variability by 2025.

What is now required is accelerated implementation. Countries that have invested consistently in agriculture-backed by good governance, data, and private sector participation-are already seeing results.

From rice self-sufficiency and surplus exports in parts of East and Southern Africa, to productivity gains driven by mechanisation, innovations and digital agriculture, progress is possible when policy commitments translate into action on the ground.

Africa missed the first Green Revolution-but it must not miss the digital and climate-smart revolution.

Mechanisation, irrigation, precision agriculture, biotechnology, and artificial intelligence are no longer optional; they are essential for competitiveness and resilience agriculture.

Across the continent, we are seeing promising innovations-from drone-based crop surveillance and digital extension services to climate information systems that help farmers adapt planting decisions to changing weather patterns.

Equally important is youth engagement. Agriculture will not transform if it continues to be perceived as a sector of last resort. Youths in Africa must see agrifood systems as modern, profitable, innovative and appealing.

Supporting youth-led agribusinesses, mechanisation service providers, and agri-tech enterprises is not just a social investment-it is an economic necessity for food security and employment creation.

Kenya’s Vision 2030, like many national development strategies across Africa, recognises agriculture as a key driver of economic growth, industrialisation, and food security. Similar priorities are embedded in Ethiopia’s long-term development plans, Morocco’s Green Generation Programme, Egypt’s investments in precision agriculture, and Rwanda’s digital transformation agenda.

These national blueprints reflect a growing consensus: food security is national security and a priority.

By fostering better governance, stronger institutions, and inclusive value chains, we can ensure that agricultural growth translates into improved nutrition, decent rural livelihoods, and environmental sustainability.

Sixty years ago, Africa fought for political independence.

Today, the challenge before us is food independence. Ending hunger and reducing food imports is not only about feeding people-it is about dignity, stability, and sovereignty. The resources exist.

The policy frameworks exist. The technologies and innovations exist.

What is required is to translate these great visions into realities through bold leadership, sustained investment, and coordinated action across governments, the private sector, development partners, and the millions of energetic youths of Africa. If we act decisively, Africa can not only feed itself but become a global breadbasket.

Treasury Cabinet Secretary John Mbadi has backpedalled from 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.

Instead, the Treasury has increased tax on rent, mobile phones, beer, cigars and betting in the race to raise Sh120 billion from the Finance Bill, 2026, up from Sh30 billion it targeted via the Finance Act 2025.

It also targeting another Sh81 billion from its crackdown on tax cheats, with the Kenya Revenue Authority (KRA) expected to collect Sh2.985 trillion for the year starting in July, up from Sh2.784 trillion.

But workers expecting income tax to lift their disposable income, which have been eroded by inflation in the past five years, will be disappointed.

Mr Mbadi promised that salaried workers earning Sh50,000 and below would enjoy income tax cuts of between Sh731 and Sh2,127 under proposed changes to Pay-As -You- Earn (PAYE) tax brackets aimed at cushioning low-income earners from inflation.

The Treasury shelved a special Tax Laws (Amendment) Bill 2026 that would have facilitated the tax cuts and signalled the reliefs would be included in the Finance Bill 2026.

The Bill, which has been tabled in Parliament and set to be passed by the end of June, does not have the cuts.

‘We, however, had to set this aside because we just have a few weeks to Finance Bill 2026, and so bringing some tax law adjustments at this time would be too close to the Finance Bill,’ Mr Mbadi told the National Assembly’s Budget and Appropriations Committee on March 31.

‘We would rather review all this and consolidate and bring them together as opposed to having two separate Bills.’

This U-turn by the government means that salaried workers earning below Sh50,000 will now wait longer for adjustment of PAYE bands to boost their disposable incomes, even as the country’s inflation jumped 5.6 percent in April from 4.4 percent a month earlier on costly fuel following the Iran war.

Treasury is proposing to increase tax on gross rent from 7.5 percent to 10 percent in what could trigger landlords to increase leasing.

It has imposed a 5 percent tax on second hand shoes and clothes and 16 percent VAT on locally assembled phones.

Excise duty on mobile phones will increase to 25 percent from the current 10 percent, making the gadgets costly as imported pass on the additional costs to consumers.

President Mwai Kibaki’s administration significantly reduced taxes on mobile phones in the mid-2000s as part of a broader strategy to expand mobile penetration and digital connectivity in Kenya.

Tax amendments on excise duty largely target alcohol and tobacco products, as well as a myriad of items imported duty-free from countries in the East African Community (EAC).

Excise duty on ethanol has been reduced from Sh500 per litre to Sh88 per litre, even as the government moves to expand the pool of taxpayers beyond licensed spirits manufacturers.

This will hit manufacturers of pharmaceuticals, sanitizers, cosmetics and industrial chemicals, meaning hospitals, drug manufacturers, cosmetics firms and chemical processors.

The excise duty, popularly known as a ‘sin tax’ because it traditionally targets alcohol, cigarettes and betting products.

Small independent brewers producing alcohol content of less than six percent who had been spared from paying the full rate of excise duty at Sh22.50 per centilitre of pure alcohol might now have to shoulder the full cost of the tax.

This is after the Finance Bill proposed abolishing the provision that exempted them from the full duty, under which they instead paid Sh10 per centiliter.

Kenya has also proposed introducing excise duty on several items, including paper, furniture and glass imported from EAC countries, in a move likely to ruffle partner states within the seven-member regional bloc, which aims to eliminate all forms of non-tariff barriers under the Common Market framework.

The Finance Bill has also proposed fresh changes targeting tobacco products, including higher excise duty rates on cigarettes and other nicotine products as the government seeks to shore up revenues from sin taxes amid declining alcohol collections and growing public health concerns over tobacco consumption.

The higher revenue projection will be put to test by a deterioration of the economic outlook on effects of the US-Israel war against Iran.

Kenya like many ?other African countries is heavily reliant on energy imports.

The Iran conflict has left it scrambling to ?stave off shortages of essential commodities like fuel, and the war’s ripple effects are ?expected to spur inflationary pressures that could dampen Kenya’s growth prospects.

The National Treasury has revised its growth projection for 2026 from 5.3 percent to five percent and expects output to be much lower if the conflict persists.

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.

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.

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 National Social Security Fund (NSSF), the Social Health Insurance Fund (SHIF), and the Affordable Housing Levy (AHL).

The Kenya Bankers Association proposed a uniform 5.0 percent reduction in PAYE rates across all existing tax bands.

Last year, real wages, which have been adjusted for inflation, rose marginally to Sh56,566 from Sh55,450 in 2024. The earnings are, however, still lower than in 2020, when they stood at Sh62,256.

When the Capital Markets Tribunal was reconstituted in June 2023 after years of inactivity, the moment passed with little public attention.

Yet within a few years, the tribunal has built a body of decisions that are quietly redefining governance expectations within Kenya’s capital markets.

Before the reconstitution of the tribunal in 2023, disputes arising from regulatory action in the capital markets were largely taken to the courts. These cases were framed as judicial review or constitutional matters, focusing on whether due process had been followed in the course of taking regulatory action.

This kind of oversight, although important, left deeper issues around corporate governance failures, board responsibility and market conduct unexplored.

Unlike the courts exercising judicial review jurisdiction, the tribunal has the mandate to engage with the merits of the disputes. These are the substantive governance issues at the heart of conflicts between regulators and market participants. Its decisions offer emerging guidance on how responsibility is assigned within regulated institutions.

One of the most striking developments is its firm stance on the role of directors in regulated entities. In several cases, directors sought to distance themselves from decisions that attracted regulatory action, arguing that they were not involved in day-to-day operations or had delegated the responsibilities to third parties and management.

The tribunal has consistently rejected this defence and determined that directors of issuers of securities are expected to interrogate management decisions, exercise independent judgment and ensure compliance with regulatory frameworks.

The tribunal has effectively dismantled the notion of the ‘sleeping director’, making it clear that board membership comes with real and accountable responsibility. This thinking extends to senior management.

Additionally, the tribunal has looked beyond job titles and examined the actual influence executives wield within institutions. It recognises that leadership is not defined by formal descriptions alone.

Those who shape decisions, control processes and influence outcomes must also bear responsibility when things go wrong. This focus on substance over form is particularly important in a sector where accountability can easily be diffused. The message is simple but powerful: authority comes with responsibility.

Investor protection has also emerged as a central theme, especially in cases involving collective investment schemes.

Today, over two million investors participate in these schemes, with assets under management growing from about Sh56.6 billion in 2018 to approximately Sh756 billion by the end of 2025. There are now dozens of licensed schemes offering a wide range of investment options. This growth reflects increasing financial inclusion, as more Kenyans turn to professionally managed funds.

The tribunal has underscored fairness, transparency and meaningful investor participation, intervening where investors are excluded or inadequately informed and reinforcing safeguards such as investment limits to curb excessive risk-taking.

These interventions matter. Without strong governance, the scale that makes these schemes attractive can also expose investors to harm.

The tribunal continues to test regulatory actions against standards of fairness by law. This balance between substance and process is critical, ensuring regulators act lawfully and responsibly.

The tribunal demonstrates the value of specialised forums in complex areas like capital markets, where disputes often involve technical, financial and legal issues, complementing the courts by offering focused expertise without diminishing their role.

The continued impact of the tribunal depends on consistency. Specialised bodies work best when consistent. Periods of inactivity, from institutional or administrative issues, can stall governance development, especially during market peaks, as seen in recent large transactions, restructurings, and listings. At such moments, a functioning tribunal is not a luxury. It is a necessity.

Disruptions can push disputes back to the courts, where past cases show procedural issues often dominate, slowing specialised governance decisions. Therefore, sustaining this momentum by ensuring the tribunal’s work continues uninterrupted is critical: strong capital markets rely on trust, built on clear, enforced and widely understood governance.