Category: Business Daily

Standard Investment Bank (SIB) says the National Treasury is selling its 15 percent stake in Safaricom at a discount of 15.4 percent, based on comparisons of recent transactions of similar assets and the telco’s expected future earnings.

The transaction announced last week is priced at Sh34 per share where the buyer -South Africa’s Vodacom Group will pay the government Sh204.3 billion for the six billion shares.

The investment bank however sees the fair value of the company at Sh40.19, signifying a higher premium to the prevailing market price and Vodacom’s offer price.

‘The transaction price of Sh34 is a premium of 20.6 percent to the current market price but a discount of 15.4 percent to our fair value estimate of the business,’ SIB said in a research note.

The fair value is a measure of an asset’s current market value which assumes a free negotiated price between a buyer and the seller.

The higher fair value estimate of Safaricom suggests that the government could be leaving about Sh37.1 billion on the table by selling its 15 percent stake in the telecom’s operator at Sh34 per share.

The government has also sold its rights to receive Sh55.7 billion worth of future dividends on what will be its residual stake of 20 percent in Safaricom to Vodacom for an upfront payment of Sh40.2 billion, discounting the future cash flows by Sh15.5 billion.

The National Treasury has stood by its valuation of the company amid contention on pricing from various quarters, highlighting the divestiture to an existing partner in Vodacom and low settlement risks.

‘The partial divestiture especially to an existing partner like Vodacom enables the government to realize optimal value from its mature investment by selling at Sh34 per share which represents a significant premium compared to the market price as opposed to an on-market sale which would typically attract a discount to the market price,’ the Treasury said in a sessional paper to Parliament.

‘It has also been agreed that the proceeds generated will be paid in US dollars amounting to $1.577 billion. This transaction eliminates any settlement risk, as Vodacom has a strong financial capacity and proven track record in completing similar investments.’

The shareholding of the South African multinational in Safaricom will rise to a controlling 55 percent from the current 35 percent. The Johannesburg Stock Exchange-listed firm is also buying a five percent stake in Safaricom from its parent firm Vodafone Group at a cost of Sh68.1 billion and at the same price of Sh34 per share.

‘Vodacom Group Limited, will in effect gain control premium on Safaricom Plc, implying that Safaricom financials will be consolidated by Vodacom Group Limited, with the remaining shareholding treated as minority, in line with IFRS standard,’ SIB added.

The government says proceeds from the transaction are expected to be deployed to critical infrastructure investment priorities including energy, roads, water and airports.

The National Treasury has asked Members of Parliament (MPs) to give the transaction the green light and has also highlighted approvals and notifications from relevant regulators and stakeholders including the Competition Authority of Kenya, the Central Bank of Kenya, Communications Authority of Kenya and the Nairobi Securities Exchange.

‘The National Assembly is requested to consider and approve the proposal for partial divestiture by the government of Kenya of its shareholding from 35 percent to 20 percent in Safaricom Plc,’ the National Treasury said.

During this holiday season, nyama choma will be on most tables, often served with a little extra salt for more flavour. It may seem harmless to sprinkle ‘just a bit more.’

Still, nutritionist Maryanne Wanza says that habit, especially when combined with alcohol – a common pairing with nyama choma – can work against your health.

High salt intake with alcohol can accelerate dehydration, and frequent indulgence in salty meats increases cardiovascular risk. Additionally, high-salt marinades or sides like kachumbari further add to your overall sodium load.

That extra pinch of salt on the meat, plus salty sauces and sides, can quickly push you beyond safe daily limits.

“And the same would be true with any other foods prepared with too much salt. So, best practice is having meats lightly salted in the cooking process and not added at the table,” she says.

How excess salt affects your body

The sodium in salt (sodium chloride) is an essential nutrient that helps the body maintain proper fluid balance, supports nerve function, and enables muscles to contract and relax. The problem is not salt itself, but how much of it we take.

Once consumed, dietary salt (sodium) is absorbed into the bloodstream, where it regulates fluid balance by pulling water towards itself. Excess salt will therefore draw in more water, increasing blood volume.

More blood volume, Ms Wanza explains, means more pressure on artery walls as the heart works harder to pump blood around the body.

“Over time, the arteries stiffen, leading to chronic high blood pressure.”

Besides hypertension, she says high salt (sodium) consumption is associated with stroke, kidney disease and kidney stones, osteoporosis (because salt causes calcium loss in urine), excess water retention and swelling which worsens heart failure (CHF) symptoms.

“There is some evidence that links high salt consumption to the prevalence of stomach cancer,” she adds.

One teaspoon per day

The adequate intake allowance of iodised salt is set for adults (14 years and above) at less than 5g of salt per day, or approximately 1 teaspoon, which is equivalent to 2300mg of sodium.

“For children, it should be less, depending on age, and people with pre-existing cardiovascular conditions should take less than 4g of salt, which is equal to 1500mg sodium.”

It is easy to cross this line without realising it. Raising children on salty snacks and heavily seasoned foods from a very young age can increase the risk of early onset elevated blood pressure and obesity, as high-salt foods also tend to be high in fat.

Additionally, Ms Wanza says they can develop long-term taste preferences for salty foods, which are hard to reverse.

How to cut back without losing flavour

An early warning sign that your salt intake may be too high is hypernatremia, a condition where sodium in the blood is too high.

Ms Wanza says mild symptoms may include oedema (swelling) of the lower limbs or face, excessive thirst, headaches, weakness, muscle spasms, watery diarrhoea, nausea and vomiting.

“Severe symptoms, especially in unmanaged hypernatremia, may include seizure, coma and death.”

For people who are addicted to adding salt, she advises tasting food before reaching for the saltshaker, gradually reducing salt over 2-4 weeks to allow taste buds to adjust, and using natural flavour enhancers such as garlic, ginger, lemon, herbs and spices.

They can also avoid adding salt at the table and opt for low-sodium seasoning cubes and sauces instead.

That way, you still enjoy your nyama choma and festive meals – just without overworking your heart and arteries in the process.

The year 1995 was in some respects a banner year for the nascent technology industry – the PalmPilot was a smash hit, PlayStation took the world by storm, and a company named after a rainforest started selling books online.

The desktop computer was revolutionising access to computing, and Windows 95 had just been launched, rapidly becoming the world’s most popular operating system.

Thirty years later, people have a powerful computer in their back pocket – their smartphone, gamers across the globe can play together online, and technology is present in every facet of our lives.

Life as we know it has been transformed by crucial innovations at key moments, enabling technology to be more accessible to billions of people, and opening avenues toward a vibrant global digital economy.

These innovations have changed technology from something you use – hardware – to something that is accessible through many channels.

Today, the world is on the brink of another transformative era. Harnessing the power of AI, not only can companies and corporations introduce new efficiencies and speed of operations, but anyone with an idea can build something, opening the door for non-technical people to get involved in the technology world, from anywhere in the world.

Harnessing local skills, ideas, innovation and know-how, entrepreneurs and companies can stoke the fires of a global AI economy. So, what can we learn from previous key innovations that changed the landscape?

A pivotal moment in the tech industry was the move to the cloud. With this evolution, it was no longer about hardware, it was about solutions.

The adoption of cloud technology provided scalable, cost-effective solutions that are accessible to individuals and enterprises of all sizes.

This would not have been possible without the development of critical infrastructure including improved broadband connectivity and the establishment of datacentres to provide cloud access.

The focus of hyperscale cloud providers on developing data centres early on played a critical role in the rapid diffusion of cloud in Africa and enabled African enterprises to leapfrog some of the traditional IT constraints, fostering innovation and economic growth.

The hyperscale cloud infrastructure has enabled countless businesses to leverage secure, enterprise-grade cloud services, accelerating their AI transformation journeys.

Robust technology infrastructure ecosystem development continues to be vital to economic growth, with future plans for additional data centres and edge nodes across the continent scaling infrastructure for the AI digital economy.

Mobile technology is the next innovation that dramatically increased access to digital services, which is particularly relevant in Africa, where remote locations and underdeveloped infrastructure were barriers to entry.

With mobile phones being more affordable and widespread than traditional computers, millions of people could now find information, education, and services that were previously out of reach.

African entrepreneurs have developed life-changing services using mobile technology, with pioneers like M-Pesa in Kenya revolutionising the way people conduct transactions, allowing those without access to traditional banking to save, transfer money, and pay for goods and services.

Other Kenyan startups like Twiga Foods and SunCulture have harnessed the power of mobile to boost food security, providing smallholder farmers with resources and access to markets through technology-aided agriculture.

Now, integration of AI in mobile technology is transforming smartphones into highly intelligent and adaptive devices, while governments and businesses are increasingly using 4G and 5G networks alongside technologies like AI and IoT to enhance productivity and service delivery.

By harnessing local skills, ideas, innovation and know-how, African entrepreneurs and companies can stoke the fires of a global AI economy. The opportunity is enormous.

According to PwC’s Global Artificial Intelligence Study, it is estimated that AI will contribute more than $1.2 trillion to Africa’s economy by 2030.

With the IDC forecasting global AI-centric system spending to surpass $300 billion by 2026 and ICT spending in Sub-Saharan Africa to exceed $110 billion by 2027.

Certainties in life, sunrise, sunset, and death. If you’ve followed hip-hop long enough, another certainty is 50 Cent’s hatred for Sean ‘Diddy’ Combs.

At first, I used to think their beef was manufactured, another promotional stunt, the kind of thing artistes do to sell records or hype a tour.

But, with time, I came to realise it’s different, personal to some extent. 50 Cent hates Sean ‘Diddy’ Combs to the point that after Combs was sentenced in October 2025, he went as far as executive producing a Netflix docuseries on him. Which is the show we are looking at today, to figure out whether there was a story that needed to be told or if 50 was just being petty.

Sean Combs: The Reckoning

Directed by Alex Stapleton and released on December 2, 2025, the four-part miniseries digs into the hip-hop mogul’s past and sexual misconduct allegations against him. Each episode runs about an hour, and together they paint a dark, unsettling portrait of one of hip-hop’s most controversial figures.

The production credits include G-Unit Films, House of Nonfiction, and Texas Crew Productions, with 50 Cent himself listed as executive producer.

Knowing that, to be honest, I expected bias, but I was surprised by how competently put together this is. I’m going to attempt to keep the review as spoiler-free as possible.

What stood out

The first thing that had my full attention was the utilisation of archival footage and pictures. I’ve seen plenty of documentaries recycle and lazily put together the same old clips when telling this kind of story, but here I was impressed by how they were able to stitch them together.

There are moments with Notorious B.I.G. I have never seen before, plus behind-the-scenes footage from the 90s and candid recordings of Combs in later years that I had seen before on YouTube but now make compelling arguments based on how they are stitched together.

As someone who’s followed Diddy’s story closely, I thought I knew most of it, but some of this footage genuinely caught me off guard.

The edit combines interviews with former friends, business partners, and insiders to create contextually rich moments. Each episode starts and ends with text on screen. At first, I thought it got repetitive, obnoxious even. But, by the final episode, I realised the repetition was a setup, some kind of anchor that kept reminding us where we are today with the character, tying the whole narrative together and eventually revealing something much more sinister that goes beyond what was being presented.

The series flows like a crime docuseries. You know that feeling when you’re hooked even though the subject is disturbing? That’s what happened here. The way they cut between interviews and footage makes Combs’ life feel like the profile of a manipulator, which, if we are being honest here, he is, based on what was presented, especially in episode 4.

Episodes one through three are really engaging if you love hip-hop. They take you back to the Bad Boy era, the 90s, the Tupac-Biggie beef, and the rise of Puff Daddy. For millennials, nostalgic but also revealing. It reminded me how chaotic that time was, and how Combs was the one figure who came out on top while others perished.

That survival becomes part of the bigger argument and question, revealing how he thrived in a system built on manipulation and exploitation.

One testimony that really hit me was Kirk Burrowes, a founding member of Bad Boy Records. His story about how Combs treated him was heavy. Burrowes’ account felt like the emotional heart of the series and a huge lesson on business.

I also liked the music choices and some of the classic hip-hop artistes involved. They’re woven in carefully, never overwhelming the interviews but adding to the tone, context and mood.

Gripes

The biggest issue is that the documentary sometimes tells you what to think. Instead of laying out the evidence and letting you decide, it spells out conclusions. I thought it would be stronger if it laid out the evidence and trusted the audience to piece the rest together on their own.

A lot of the material isn’t new if you’ve followed Combs’ story closely. Personally, I’d already seen most of the archival footage and pictures through YouTube clips and articles. But that’s me, for casual viewers, it’ll feel fresh.

The uniqueness, I thought, was in the editing and pacing, recent clips, and structure, how they utilised what they had to paint a compelling image.

There’s enough evidence presented in the docuseries to prove that Sean Combs is just a terrible human being, enabled by power and influence. I wasn’t convinced by the attempts to explain Combs’ behaviour through his childhood, let’s call a spoon a spoon.

I get the idea that trauma shapes people, but I thought those detours distracted from the real story. The bigger issue is the system he was mentored into, a system built on exploitation and manipulation.

And there are gaps. Some notorious aspects of Combs’ life, like his infamous parties, are barely explored. The absence of some specific celebrity voices who were around the parties across the decades felt like a missed opportunity.

I mean, a large majority of your favourite Hollywood stars attended the ‘freak-offs,’ but we hardly see the stars get interviewed.

I would have wished to hear from other artistes who worked with Sean Combs in the past like Mase, Jay Z (which I know would be impossible based on his relationship with 50 cent) Lebron James or 112, just to get an idea of what they thought of him

What makes it unique

What makes The Reckoning work is its structure and execution. Even if much of the footage isn’t new, the way it’s assembled creates a compelling arc. It’s a portrait of a man who built an empire on manipulation and exploitation.

The repetition of text, the deliberate pacing, the balance of nostalgia and drama, all of it adds up to a documentary that looks and feels well thought through..

Final thoughts

For me, Sean Combs: The Reckoning is one of the most gripping documentaries on Netflix this year. It’s not perfect, it spoon-feeds conclusions, skips over some notorious details, and occasionally tries to soften Combs with childhood context, but it’s still very engaging. And I know this will sound strange to say, but it’s very entertaining.

If you’re a hip-hop fan, you’ll appreciate the trip back to the foundation with individuals I call the founding fathers of hip-hop. If you’re not, you’ll still be drawn in by the structured and chilling look at how one man manipulated an entire industry.

From time to time I’ve written here about the relationship between the public and private sectors, going back to when I first started being deeply engaged in this interface in the 1990s.

My last article on this was a year ago, when we celebrated the 20th anniversary of the founding of the Kenya Private Sector Alliance (Kepsa), the umbrella body of the private sector.

What’s prompted this one was last month’s Kepsa Speaker’s Roundtable with the National Assembly, to address policy bottlenecks and fast-track economic delivery. Such high-level events are always very helpful, not just for the formal agreements reached, but for the quiet behind-the-scenes relationship and trust building, and the mutual influencing.

Kepsa and its two million direct and indirect constituent business and professional member organisations have certainly not been spectators in law-making, as they actively engage with the three arms of government through the now well-established public-private dialogue platforms.

What we see is that businesses that wish to see a level playing field which creates an enabling and meritocratic environment are the ones likely to join such associations, while for many others this is the opposite of what they seek.

We have a whole spectrum, from the responsible players who engage constructively with each other, with the government and other partners, to the ones who opt to operate on their own, wheeling and dealing as they defy ethical behaviour. Plus so many in between, swinging one way or another.

Whether you are in government, in civil society, or just an ordinary citizen, it’s good to acknowledge the evolution of the private sector, from just profit-driven to today’s more sustainability-focused, with ‘profits, planet and people’ at the heart of business strategies, and treating all stakeholders fairly.

What I particularly liked about the outcome of the recent Speakers Roundtable is that Kepsa and the National Assembly will meet quarterly to review progress on what was agreed.

And that they will look beyond the electoral cycle and beyond Vision 2030. This will ensure transparency and accountability in the joint efforts to translate ‘Policy to Practice’ and deliver through business and government partnership, the theme of the roundtable.

The event was structured to facilitate sector-specific discussions involving departmental committees on Energy, Health, Communication, Information and Innovation, Trade, Regional Integration, and Finance and National Planning.

So, what sort of things were agreed upon? First, cross-cutting issues such as driving national competitiveness; exploring inward-focused opportunities and alternative markets within Africa to enhance regional economic integration and resilience; developing adaptive, responsive policies and legislation; and a tripartite meeting between the private sector, Parliament, and the Judiciary to ensure alignment of the legislative and judicial systems to support a conducive business environment.

Then, on the state of the economy, to promote innovative investment channels for diaspora remittances; have the banking sector develop and implement a transparent, standardised credit pricing model; further explore and restructure Public Private Partnerships to unlock fiscal resources, accelerate infrastructure and service delivery, and alleviate budgetary and public debt service pressures on the national exchequer; address fiscal crowding-out by the public sector and curb overreach by the government agencies; and prioritise export-led economic expansion.

On the cost of doing business, to transition to precise, geo-referenced boundaries for all land parcels to enhance tenure security, reduce disputes and streamline administrative processes; continue to advocate for the implementation of a one-stop-shop mechanism for land administration; explore an energy tariff structure exclusive to telecommunications operators; involve the private sector in the digital infrastructure; and explore proposals around formulation of an infrastructure to regulate data generation, sharing and monetisation.

Finally, on productivity, the digital economy and the social market economy, to collaborate in the enhancement of a structured and evidence-based gig economy; commit to intensifying and diversifying programmes and policy coherence that foster specialised, market-relevant skills among the youth, with deliberate integration of innovation in ICT to drive employability, entrepreneurship and digital transformation.

Kepsa chairperson Jas Bedi noted that real progress from this engagement will be measured by how many jobs are created, how affordable energy becomes, how competitive exports are, and how secure Kenya’s fiscal footing remains.

The fundamentals of Kenya’s economy are improving, he stated. Together, he was confident that we could turn this moment of recovery into a decade of sustainable, inclusive growth.

After seven years of a moratorium, Kenya has seen minimal new power plants onboarded to the grid. Unfortunately, it took a crisis to lift the moratorium despite the warnings for a while now.

Be that as it may, we are all glad that the summons and restrictions are now behind us-stakeholders in the electricity space will tell you they are now a little too familiar with two legislative houses, the carpets and seats, thanks to the summons they’ve had to attend to over the seven years.

In Kenya, the private sector accounts for 35 percent of the current installed capacity. To add to that, they also account for $2.2 billion in foreign direct investment in the electricity sector alone. In the just-released Energy Compact 2025-2030, the government is seeking more involvement of the private sector beyond power generation.

With an urgent need to improve the transmission infrastructure in Kenya, the government is seeking nearly $1 billion from the private sector out of the $250 million that Kenya Electricity Transmission Company needs per year, for the next 20 years.

The urgency to improve our transmission infrastructure has never been so urgent, more so with the country at the forefront of the regional power pool conversation.

In addition to that, the government is also targeting more than $2 billion for the generation capacity in the same timeframe. This translates to double the current private investment of independent power producers (IPPs) in the country today. This not only requires collaboration with the private sector, but it also signals confidence in the private sector.

In most economies, the private sector has been known to lead the technology development front.

The balance of maintaining a good reputation and efficiency forces the private sector to deliver. Most world-changing developments in different fields have been led by the private sector. It is no different in the energy sector.

In the spirit of collaboration and utilising the private sector in Kenya, the Public-Private Partnerships (PPP) Directorate, in its framework, seeks to ‘accelerate infrastructure delivery by leveraging private sector efficiency and innovation.’

Recently, President William Ruto made pronouncements of developing 10GW of power. While this is overly ambitious compared to our current 3GW installed capacity, it is visionary.

And while the sector is finally aligned on the need for new generation capacity, it is also a good time to align these ambitions with a proper framework. Generation must, however, always be coupled with demand.

The Least Cost Power Development Plan is a good guide for the sector as it is informed largely by the realities of our economy and times. One thing time has made clear for us today is the need for proper data to make predictions and plans for the future.

Population growth is predicted to continue rising, and power demand has steadily grown by 7.4 percent in 2024-25 alone; the call for more generation well aligns with the need for it.

Unlike the case of the egg and chicken on who came first, demand and generation must go hand-in-hand. It will be unwise to build capacity without an assured uptake in the end. If anything, it will be way more expensive for the country in the end, and the investor confidence in this case is wanting.

One thing about capital is that it loves security. We’ve already established what we need. We know how to get it. What we now need is to assign the risks accordingly. Lay out the structures and policies, and the blessed assurance of return on investment will be a reality.

You want to invest in 2026, but the questions are overwhelming. Where do you even start? How much do you need? And with memories of failed chamas, rogue apps, predatory microfinance firms, and pyramid schemes that sank people’s savings, how can you be sure your money is safe?

You’re not alone. As the year winds down, many Kenyans are thinking about how to grow their money in the new year – but fear and confusion often hold them back.

The truth is, investing isn’t just for the wealthy or financially savvy. It’s a journey anyone can begin with the right mindset and knowledge.

The first question to ask yourself is: What’s your risk appetite?

In this article, four investment experts from Absa Bank Kenya and financial expert from @the_acemt Consulting share practical insights to help you start, grow, and protect your investments in 2026.

Understanding The Basics

I’m a beginner. What are my basic investment options in Kenya?

Think of investments on a spectrum from safest to growth-focused. The main categories anyone can access are: money market funds and Treasury bills: ‘Near cash’ options – low risk, high liquidity, great for short-term goals.

Fixed income funds and bonds: You lend money to the government or companies for interest. They offer steadier returns than cash.

Equity Funds (stocks): Buy a piece of a company; high growth potential but also higher volatility.

Balanced Funds: Mix of bonds and stocks for moderate risk and return.

Offshore/dollar Investments: Diversify globally to shield against local economic swings.

Do I need a lot of money to start?

Absolutely not. Many unit trusts let you start with as little as Sh1,000. The goal isn’t to start big – it’s to start early and stay consistent. Time, not timing, builds wealth.

I don’t want to lose my money. How do I know how much risk I can actually handle?

Ask yourself five key questions, according to Mwenda Rarama: When do I need the money? (timeline) How fast can I get it out? (liquidity) Can I afford to keep contributing? (affordability)What are the total fees? (costs, taxes) and Who is managing my money? (trust and track record).

Everyone talks about inflation risk. What does it actually mean for my money?

Mercy Gatukui explains, if inflation is 5 percent and your investment earns 4 percent, you’re effectively losing 1percent in purchasing power each year. Your shillings grow in number but shrink in value.

How can I tell if an investment is too risky for me?

Mercy Gatukui suggests a practical rule: risk generally increases with complexity.

Here’s a simple risk ladder (from lowest to highest): Lowest Risk: Money Market Funds (cash-like investments); Low-Moderate Risk: Fixed Income Funds (bonds); Moderate Risk: Balanced Funds (mix of bonds and stocks); High Risk: Equity Funds (stocks); Highest Risk: Specialised/Alternative investments (e.g, cryptocurrencies, private equity).

Always ask for the fund’s fact sheet. If you can’t understand what it’s invested in, ask for a simpler explanation. A good advisor will always provide this.

What should I do before investing?

Determine your goals and timeline – what you’re saving for and when.

Build a safety net – keep emergency cash in a Money Market Fund.

Understand your risk tolerance – know how you’d react if your investment dropped in value.

Where To Begin Safely

I’ve heard I shouldn’t just keep my money in a Money Market Fund (MMFs). Why?

MMFs are great for safety and emergency funds, but returns drop when interest rates fall – making them less suitable for medium-term or long-term goals. Fixed Income Funds usually offer better stability and returns over 3-7 years.

According to financial consultant Rhina Namsia, MMFs rarely beat inflation in the long run. They’re ideal for liquidity and short-term parking, not for wealth-building goals like retirement.

If I need to access my money quickly, which investments are truly liquid?

Liquidity ranking: bank accounts (immediate), MMFs (same/next day), Treasury bills or flexible deposits (may need notice), and listed stocks (liquid but price-dependent), says Rhina Namsia.

What’s the difference between investing for retirement versus other goals?

Retirement investing through pension products often comes with tax advantages, and the long time horizon means you can afford to take more risk early on.

For shorter-term goals like buying a car or a house down payment, you’ll want to prioritise capital preservation over high returns, says Rhina.

What’s the single most important piece of advice for a new investor?

Start today. Compounding – earning returns on your returns – is the engine of wealth. Delay costs more than risk.

Your action plan: Define your goals, pick a low-fee fund that matches your risk profile, start small, even with Sh1,000, and set up a standing order for monthly contributions.

How do I start practically – where do I go or who do I talk to?

Fiona Lukalo suggests: Visit any major bank branch and ask for the investment desk; contact the head office wealth team for complex needs; start online – most fund managers have downloadable application forms or digital sign-up options.

Land is a popular investment among Kenyans. Is it really a good choice-and what are the alternatives?

Mwenda Rarama notes that while land remains a trusted investment, its main weakness is liquidity-you can’t easily sell it when you need cash.

To avoid locking up funds, he recommends one not to rely on one asset class-like land-but to build a diversified portfolio that balances liquidity, income, and long-term growth.

This includes more flexible options such as MMFs for short-term needs, Fixed income funds or bonds for steady income, and equity funds for long-term growth.

Rhina cautions that land has hidden costs, and fraud risks. Alternatives include REITs (Real Estate Investment Trusts) for easier property exposure, rental properties (if you can manage them), bonds for stability, and unit trusts for diversified, hands-off investing.

Diversifying And Growing Wealth

What does ‘diversification’ mean, and why is it like a Matatu?

It’s not putting all your eggs in one basket. Like taking a matatu – if one breaks down, you can hop on another. If one investment underperforms, others keep you moving toward your goal.

Everyone is talking about the stock market. Is it a good time to buy shares?

The Nairobi Securities Exchange is performing well. Instead of ‘timing’ the market, focus on time in the market. For most people, equity funds offer safer diversification than picking individual stocks.

Should I be investing internationally?

International investing provides access to global industries and diversifies risk. Downsides include currency swings and higher fees. A balanced mix of local and global funds works for most investors.

Gold is considered a ‘safe haven.’ Why recommend it when the economic outlook is positive?

Gold adds balance. When stocks zig, gold often zags – reducing overall volatility. Interestingly, gold has rallied over 40 percent this year, showing it can also deliver growth, not just safety.

Practical Smarts: Managing Fees, And Funds Managers

How are my investment earnings taxed?

Published fund returns are gross of tax – meaning tax isn’t yet deducted. A withholding tax on interest (usually 15 percent) applies for taxable investors, while some pension schemes are tax-exempt.

What are the management fees and other costs associated with a Fixed Income Fund?

Expect around 2 percent per year in management fees, usually already deducted from returns. Always ask for full disclosure of entry, exit, and transaction fees before investing.

How much do fees really matter for someone investing small amounts?

A lot. A 1 percent difference in annual fees can reduce your total returns by nearly 30 percent over 20 years. Always compare total costs between providers.

When looking at a fund fact sheet, what three things should I check first?

Asset Allocation: How much is in stocks, bonds, or cash?

Top 10 Holdings: Which specific assets make up the fund?

Performance vs. Benchmark: Is it beating or lagging its index?

How do I actually check if a fund manager is trustworthy?

Look beyond licensing. Check how they performed during tough periods for example Covid-19 or election year like 2022. Reliable managers are transparent and work with separate custodians holding client assets.

To save on costs, is it advisable to cut out the middleman and manage investments myself?

Fund managers do more than place trades, they provide research, diversification, and daily risk management. Rather than cutting them out, build a relationship. Ask questions and learn from their expertise.

According to Rhina, DIY investing saves fees and builds confidence but requires discipline, knowledge, and emotional control. ‘You gain freedom but also take on all the risk of mistakes.’

How do I avoid investment scams?

Only deal with CMA- or CBK-licensed institutions. Legitimate firms provide fact sheets and transparent returns. Be skeptical of ‘guaranteed’ high returns – if it sounds too good to be true, it probably is.

Digital marketplaces will have to police pesticide sales if a new Bill before the National Assembly is passed.

The Pest Control Products Bill, tabled by Majority Leader Kimani Ichung’wah, will require platforms to verify that every pesticide seller is certified and every product listed online is registered with a new proposed Authority.

The proposals target loopholes that have allowed uncertified dealers to exploit digital platforms.

‘No person shall offer an online platform for the sale, advertisement, or marketing of pest control products unless that person ensures that persons using the platform are certified by the authority and the pest control products are registered by the Authority in accordance with this Act,’ reads the Bill, which proposes a fine of up to Sh50,000, a imprisonment for up to six months or both as punishment.

Regulatory systems

The requirement means that digital marketplaces must now integrate verification systems capable of authenticating seller certification details and product registration status, significantly reshaping how online platforms manage agricultural chemical listings across Kenya.

Digital platforms will need to align their onboarding processes with regulatory systems to automatically validate product registration data, preventing uncertified individuals from listing unregistered pesticides within Kenya’s online marketplaces.

The draft law seeks to establish the Pest Control Products Authority, whose tasks will include registering products, licensing dealers, enforcing standards, and oversight across the pesticides ecosystem.

The authority will maintain national registers of certified dealers, approved products, licensed premises, and inspection outcomes, enhancing oversight and strengthening traceability across all pesticide transactions.

If enacted, the legislation will impose mandatory certification for pesticide handlers, including manufacturers, formulators, distributors, and retailers, , creating a uniform licensing structure to strengthen national control over pesticide handling.

County governments will get powers to inspect dealers and monitor pesticide movements, collaborating with national regulators to suppress illegal circulation.

Further, the Bill requires the listing of approved waste facilities, structured disposal procedures, and coordinated monitoring to prevent unsafe dumping of expired pesticides.

The new law will authorise scientific re-evaluation of pesticides, allowing regulators to restrict or withdraw products when new evidence shows unacceptable health risks, environmental harm, or failure of mitigation measures, introducing sweeping obligations that place compliance responsibilities directly on online platforms

Kenya Power has been ordered to pay a Nyeri couple Sh20 million in damages after the Environment and Land Court found the utility firm guilty of trespassing and erecting high-voltage power lines on their private land without consent.

The judgment concluded a legal dispute that began in 2021, when the couple sued the electricity distributor over their land parcel in the Mweiga/Thungari area.

The couple purchased the property in 2012 intending to construct executive and affordable residential houses, but the project was allegedly frustrated by the utility firm’s actions. They told the court that they were finalising architectural drawings in 2014 when workers from Kenya Power and Lighting Company (KPLC) Limited now Kenya Power Company, entered the land and installed live electric cables and electricity poles without permission.

They argued that this made it impossible to proceed with the planned development and sought Sh71.7 million in compensation, along with an unspecified amount in general damages for trespass. They submitted photographs to support their claim.

Additionally, they requested an order compelling Kenya Power to remove the offending posts and electric cables from the land.

The court found that the company had neither sought nor obtained permission before entering the land, surveying it, or erecting the power infrastructure-actions that contravened the Energy Act.

The court stated that the law clearly prohibits anyone from entering another’s land to lay electric supply lines without first notifying the owner and obtaining written consent.

‘In this matter, there was no demonstration on the part of the defendant that it had sought or received permission from the plaintiffs to survey and use their land to lay electric power lines before erecting them. The conclusion can only be one,’ the court said.

The court noted that Kenya Power’s own documents proved the trespass.

A March 2021 letter from the company’s Nyeri County Business Manager admitted that its technical team had visited the site and confirmed the power line ‘had been constructed about half a meter inside your land.’

The court questioned how Kenya Power later produced witnesses who claimed the lines lay outside the property.

Two company witnesses testified that they had visited the property to determine the location of what they referred to as KPLC’s medium-voltage electricity poles and lines relative to the property boundaries.

They asserted that the medium-voltage lines were on the road reserve outside the property, contrary to the plaintiffs’ claim, and that only low-voltage lines serving the property lay within its boundaries.

However, the court dismissed their testimony, stating that the witnesses ‘were being very economical with the truth’ after failing to involve the landowners in a site visit that contradicted an earlier official admission.

The court also criticised the company for conducting a unilateral survey of the land in 2023 without inviting the landowners.

In their claim, the couple had also sought reimbursement for professional architectural fees and projected profits lost due to the stalled housing project. However, the court dismissed these financial claims as speculative. It ruled that the professional fee note the first plaintiff issued to himself-addressed to both his Kenyan address and his own American firm-lacked credibility.

‘I was unprepared to accept that the first plaintiff could sit somewhere, dream of a project that had not been approved by any authority, and claim he was entitled to charge fees to himself,’ the court stated.

The court took a similar stance on the alleged loss of profit, stating that it lacked factual or actuarial basis.

The judge noted that trespass to land is actionable even without proof of specific damage. Citing legal precedents, he emphasised that damages depend on the circumstances of each case.

The court noted that Kenya Power had been aware of the trespass for years but failed to rectify it despite receiving complaints and admitting fault in writing.

‘In the circumstances, this court awards general damages in the sum of Sh20 million,’ the court ruled.

It also issued an order compelling Kenya Power to remove the offending posts and electric cables from the land and directed the company to bear the full cost of the suit.

Political interference and weak corporate governance have turned Kenya’s state-owned enterprises (SOEs) into hubs of inefficiency, forcing them to rely on taxpayer money, and creating an environment where, warns the World Bank, ‘these firms are shielded from market rules that apply to other players.’

In the latest Kenya Economic Update report, the World Bank describes these SEO as outfits often steered by short-term political priorities and ministerial interests.

The international lender has also criticised performance-contracting system for SOEs saying it lacks real discipline.

Although the National Treasury sets KPIs (key performance indicators) and targets, these targets are not aligned with private-sector standards and therefore do not impose meaningful financial pressure on SOEs.

The World Bank says there is virtually no accountability for failure.

‘While performance bonuses for directors and executives are contingent upon meeting KPI targets, failure to do so is not generally considered grounds for removal,’ it adds.

The World Bank warns of extensive conflict of interest with ministries responsible for setting policy in a sector being the very same institutions that sit on the boards of the SOEs operating in that sector.

‘Line ministries act both as policymakers for the whole sector and shareholders of selected companies,’ added the World Bank.

For example, Kenya Airways has a board member representing the Ministry of Roads and Transport, with the Principal Secretary for Aviation serving as a director.

Similarly, Kenya Power and Lighting Company (KPLC) and KenGen have a board representative from the Ministry of Energy and Petroleum.

Now, the World Bank wants the government to enhance governance of SOEs to enhance competitiveness.

‘Kenya should ensure that subsidies and grants to SOEs are tied to clear public policy objectives and measurable outcomes,’ said the World Bank.

Kenya’s state owned enterprises (SOEs) are not operating efficiently because of weak governance and political interference, the World Bank has warned. The multilateral lender says the firms perform poorly and rely heavily on taxpayer money to survive, creating a big financial burden on the country.

The World Bank has pointed out that governance in SOEs has created an environment where these firms are shielded from market rules that apply to other players leaving management unchecked and reducing their productivity.

This has seen these state run companies struggle to function like proper commercial entities and instead of being guided by efficiency, financial discipline, and long-term strategy, they are often steered by short-term political priorities and ministerial interests.

‘Kenya’s SOE governance arrangements create potential for SOEs to be insulated from market discipline, leading to poor performance. Kenyan SOEs are often insulated from market discipline, reducing incentives for them to become more productive,’ said the World Bank in the latest Kenya Economic Update report.

The International lender has also criticized Kenya’s performance-contracting system for SOEs saying it lacks real discipline.

Although the National Treasury sets KPIs (key performance indicators) and targets, these targets are not aligned with private-sector standards and therefore do not impose meaningful financial pressure on SOEs.

The World Bank says there is virtually no accountability for failure and while executives and board members can earn bonuses for meeting targets, they face almost no consequences when they fall short.

Poor performance is not treated as grounds for removal, and leadership rarely changes even when results are consistently weak.

‘Kenya’s National Treasury (NT) entered into performance contracts with SOEs based on key performance indicators (KPI) and related targets.However, there is no systematic guidance that financial targets commensurate with private sector benchmarks be achieved,’ said the World Bank.

‘Furthermore, while performance bonuses for directors and executives are contingent upon meeting KPI targets, failure to do so is not generally considered grounds for removal.’

The World Bank says that the government ministries responsible for setting policy in a sector are the very same institutions that sit on the boards of the SOEs operating in that sector resulting in a conflict of interest.

In Kenya, government ministries often sit on the boards of state-owned enterprises, blurring the line between policymaking and commercial oversight.

For example, Kenya Airways has a board member representing the Ministry of Roads and Transport, with the Principal Secretary for Aviation serving as a director.

Similarly, Kenya Power and Lighting Company (KPLC) and KenGen have a board representative from the Ministry of Energy and Petroleum, specifically the Principal Secretary of the State Department of Energy.

‘Kenyan SOEs’ governance structures may cause conflict of interest between policy, political and commercial objectives since line ministries act both as policymakers for the whole sector and shareholders of selected companies,’ added the World Bank.

The World Bank has called for the government to enhance governance of SOEs in a bid to also enhance competitiveness in various industries.

‘Enhancing governance of SOEs to establish competitive neutrality: Kenya should ensure that subsidies and grants to SOEs are tied to clear public policy objectives and measurable outcomes,’ said the World Bank.