Category: Business Daily

AIB-AXYS Africa, a renowned and fully accredited brokerage firm at the Nairobi Securities Exchange (NSE) licensed by the Capital Markets Authority (CMA), today announced the expansion of its investment product suite.

Responding to surging investor demand for hard currency assets and effective hedging strategies the firm has launched access to a comprehensive suite of professionally managed offshore funds.

This strategic move simplifies access to international capital markets, offering investors a robust hedge against geopolitical risk and a pathway to secure long-term growth.

As a member of the distinguished AXYS Group, a fully integrated end-to-end investment powerhouse, AIB-AXYS Africa operates as the local investor’s gateway to advanced capital markets solutions and specialised fiduciary services.

Anchored by a presence in five key financial hubs – Port Louis, Mauritius; Nairobi, Kenya; DIFC and Abu Dhabi, UAE; Geneva, Switzerland; and London, UK – the Group serves over 10,000 clients across 85 countries and 6 continents.

This extensive infrastructure and footprint serve a dual purpose: offering institutional partners the governance and execution frameworks they require, while providing private investors with diversification options.

Expanding access to international markets

The newly curated offshore suite is engineered to transcend local limitations, enabling clients to build resilient, globally diversified portfolios. The expanded offering features targeted investment vehicles, including:

Axiom Africa Equity Fund: The firm’s flagship vehicle denominated in USD and EUR, which captures the continent’s most promising equities through a rigorous and proprietary “quantamental” approach. The fund has demonstrated robust resilience since inception and has delivered a 37.8 percent YTD performance as of October 2025.

Shariah-Compliant Funds: To facilitate access to ethical and faith-aligned investment options through investing in Halal stocks and global Sukuk.

Diversified set of Asset Classes: A broad array of instruments that is periodically adjusted to meet changing market demands and conditions ranging from Global Equity funds; Global Fixed Income funds; International Money Market and Index Funds; Mortgage and Real Estate Funds among other selections.

“This expansion is about more than introducing new products; it reflects our broader mission to equip clients with the knowledge, access and guidance needed to navigate global markets confidently,” said Mrs. Mary Maloba, Acting Chief Executive Officer of AIB-AXYS Africa. “It reinforces our commitment to long-term partnerships and thoughtful wealth stewardship.”

Seamless access for investors

In line with its strategic vision to deepen investor choice, AIB-AXYS Africa has streamlined the path to global investment, removing the historical complexity of accessing offshore solutions. At an entry point starting from USD 1000, Investors can now access these funds immediately through a simplified consultative process either in-person or by way of email.

Upon completing registration and submitting standard KYC documentation, clients are swiftly approved to fund their accounts. Once capital is deployed, investors gain full visibility into their portfolio performance through their dedicated client portal.

This offshore fund suite will soon also be accessible digitally (February 2026) via its market-leading mobile and online share trading platform, AIB-AXYS Digi Trader, which already provides users seamless access to local equities.

“Our goal is to meet investors where they are, offering solutions that adapt to their objectives while unlocking new opportunities across global markets,” commented Mr. Oltele Lemek, Head of Business Development. “These offshore funds enhance our ability to provide personalized guidance and deliver meaningful outcomes, allowing both institutional clients and private investors to pursue their distinct financial goals with confidence.”

About AIB-AXYS Africa

AIB-AXYS Africa is a leading investment and brokerage firm providing comprehensive solutions across capital markets. As part of the AXYS Group, it leverages a global footprint, integrated capabilities and deep expertise to offer client-focused, innovative investment solutions designed to create lasting impact.

Family Bank of Kenya has raised Sh8 billion through a private placement with the entrance of new owners diluting older shareholders, including the family of its billionaire founder, Titus Muya, even as the mid-sized lender eyes listing on the Nairobi Securities Exchange.

The private placement, which saw the bank offer new shares to a select group of sophisticated investors, was oversubscribed by 31.4 percent, with investors offering the lender Sh8 billion against a target of Sh6.09 billion.

Family Bank, which plans to list at the Nairobi bourse by mid-next year, said the bulk of the new shares offered were bought by fund managers, pension funds, insurance companies, and wealthy individuals.

The bank plans to use the funds for digital transformation, lending activities, and business expansion both locally and regionally.

‘Family Bank has successfully completed its private placement of ordinary shares, raising Sh8 billion against a Sh6.09 billion target, achieving an oversubscription of 131 percent,’ said Family Bank chief executive officer Nancy Njau.

‘The additional equity significantly bolsters our capital ratios, accelerates lending to priority sectors such as micro, small, and medium enterprises, green financing, women, and youth-led enterprises. This successful raise positions Family Bank strongly for sustained growth and enhanced shareholder value,’ she added.

Sources in the bank said current shareholders did not participate in the placement, allowing them to be diluted by new entrants.

Top ownership of the bank is dominated by Mr Muya, and his family. Dilution of the family stake has been a secondary goal in the bank’s capital raising ventures.

Mr Muya owns 5.6 percent of the bank directly, while his company, Daykio Plantations, owns 12.1 percent. Persons associated with him, such as Brian Muyah, Ann Muya, Mark Keriri, and Sheila Kahaki Muya, have a 2.6 percent shareholding each.

Kenya Tea Development Agency Holding Limited is the largest single shareholder with a 16.2 percent stake.

‘For existing shareholders, the planned listing creates an opportunity for improved liquidity and better price discovery of the stock, including a dilution pathway (if it involves fundraising), for investors looking to comply with maximum shareholding requirements by the Central Bank of Kenya,’ said Standard Investment Bank in a note to investors.

Family Bank, which has already contracted advisors to guide it in the listing process, will be listing by introduction, meaning it will not be raising new capital in the process. Currently, the bank’s shares are traded in the Over-The-Counter (OTC) market, limiting its liquidity. Listing by introduction will provide liquidity of the share and bring on board other investors who would otherwise not invest in the stock, while in the OTC market.

Before the private placement, the bank had 1,305,195,209 issued shares, which traded at an average of Sh16 each in the OTC market, valuing the bank at Sh20.8 billion.

Results of the private placement provide a huge boost for the bank, whose rights issue conducted last year had flopped, raising Sh252 million against a target of Sh9.3 billion.

The bank has enjoyed huge growth in the last year, pushing it to raise its capital buffers to support the business.

Family Bank reported a 56 percent increase in net profit for the nine months to September on the back of earnings from government securities.

The bank reported a net profit of Sh3.5billion, up from Sh2.3 billion in a similar period a year earlier. The bank’s improved performance was on the back of a 43.1 percent jump in interest earned from Treasury bills and bonds to Sh5.5 billion, up from Sh3.8 billion.

Family Bank is eyeing regional expansion with Uganda and the Democratic Republic of Congo on its radar.

The government has now formally begun selling its 15 percent stake in Safaricom to Vodacom of South Africa-a transaction that, once combined with the sale of future dividend rights, will raise approximately Sh244.5 billion for the exchequer.

Two statutory notices-one issued by Vodafone Kenya under the Takeovers Regulations, and another by Safaricom PLC under the Public Offers and Disclosures Regulations-set out the architecture of the deal.

What I find most revealing is not the headline valuation or even the politics around it, but the silent transformation happening beneath the surface: the foreign investor is taking 100 percent control of Vodafone Kenya.

Anyone familiar with Safaricom’s early history will appreciate the significance. Vodafone Kenya-the entity through which Vodafone Group long held its shares-was once the vessel that accommodated the infamous Mobitelea.

It was incorporated in 1998 with company number C79550 and registered to a lawyer’s office in Lonrho House. In many ways, this new transaction sterilises that dark and obscure chapter.

For years, Kenya has sat on immense value. Safaricom is the region’s most profitable company, boasting impressive margins and unmatched dominance in mobile money through M-Pesa. Yet the State has maintained its 35 percent stake largely out of sentiment, political pride, and the symbolism of holding equity in the country’s corporate crown jewel.

But the cold reality is unavoidable: the exchequer is now in a tightest fiscal position. Debt servicing is consuming the budget. Development spending has been crowded out. Cashflow pressures are acute. In such a context, raising Sh244.5 billion without borrowing is not just attractive-it is financially rational.

Critics will inevitably ask whether Kenya is surrendering too much influence over its national champion. They will argue the Vodacom will now effectively control the region’s most important telecoms and fintech infrastructure. But this claim is, at best, debatable.

The disclosures show that the chairman will remain Kenyan. A good number of independent directors will remain local.

There will be no merger-related redundancies for the first three years. The government retains a 20 percent stake and the right to appoint two directors, alongside safeguards around national interest, security, and data sovereignty.

Beyond that, Vodafone, with its 39.9 percent stake, already exercised effective operational control over Safaricom. This transaction merely formalises a structure that has existed de facto for years. The idea that Kenya is ‘losing’ Safaricom is more political rhetoric than economic substance.

Still, critics will dismiss the deal as a fire sale disguised as portfolio optimisation. But what is the alternative? A fiscally distressed state clinging to the illusion of control while the economy suffocates under debt? What is the value of holding on to ‘prestige equity’ when the exchequer is starving for liquidity? When you are under pressure to meet debt obligations, cutting development budgets, and borrowing domestically at punitive rates, then control-mere control-becomes a luxury.

Seen from a wider lens, the government has been forced by circumstances to behave like a portfolio manager rather than a sentimental, long-term holder of assets. Mature, high-value state investments are precisely the assets that should be monetised to reduce fiscal pressure and fund productive investment.

Consider the ongoing process to sell a stake in Kenya Pipeline, where the state hopes to raise up to Sh600 billion. I am reliably informed that the transaction adviser has been directed to put the deal ‘on the road’ by December 19-an indication of the urgency gripping Treasury.

We have entered an era where the State will increasingly rely on asset sales, securitisation, and strategic divestiture to plug widening fiscal gaps.

The evidence is everywhere. The other day, the government securitised part of the Road Maintenance Levy and raised Sh178 billion to pay contractors. It securitised the Sports Fund to raise Sh40 billion for the Chinese-built Talanta Stadium.

Tourism Levy receivables were securitised to raise billions more for the construction of the new Bomas of Kenya complex. And the Nairobi-Nakuru-Mau Summit road is being delivered through a PPP model, shifting financing and operational risks to private partners.

This Safaricom transaction must be understood within this broader paradigm shift. Kenya is being nudged-quietly but decisively-into an era where the state survives not by taxing or borrowing, but by monetising assets and optimising the balance sheet.

If done transparently and strategically, this could mark the beginning of a more disciplined era in state asset management.

Centum Real Estate (Centum RE) has made winning awards a regular habit. November 21 was the latest chapter of this positive streak as the real estate developer won three trophies during the inaugural Nation Media Group Top Property Awards 2025.

Centum RE Managing Director, Mr Kenneth Mbae, was crowned the Property CEO of the Year 2025. The award was in recognition of his leadership in governance, infrastructure delivery, sustainability, investor confidence, and community impact across the development portfolio. At the same event, the real estate firm’s Vipingo Development won the Best Value Added Development.

Vipingo Development in the coastal county of Kilifi earned the award based on the scale and quality of value-added infrastructure delivered across the 10,254-acre master-planned city.

At this development, Centum RE has invested in all-weather roads, a 3 million-litre-per-day desalination plant, sewerage systems, power distribution, and fibre connectivity, enabling both residential and industrial uptake.

Centum RE’s Two Rivers Social City in Nairobi emerged first runner-up in the Best Mixed-Use Development category during the Top Property Awards 2025.

Two Rivers Social City is the largest mixed-use precinct in East and Central Africa, integrating retail, residential, entertainment, commercial, and hospitality uses within one master-planned environment.

The development has two completed and fully sold residential projects, which now command rental incomes of Ksh150,000 to 350,000 monthly, translating to strong rental yields and long-term return on investment (ROI) for buyers.

The precinct continues to attract new homeowners through flexible purchase options, with deposits starting from Ksh553,000 for upcoming units.

Two Rivers is supported by robust infrastructure, including a 23 MVA dedicated power substation, a 2 million-litre water treatment facility, extensive internal roads, green spaces, and pedestrian-centric urban design. These components underpin its growing standing as a high-performance mixed-use city.

International awards

The company additionally won some international awards this year. It received two major honours in the 20252026 International Property Awards (IPA), a globally recognised competition judged in the United Kingdom (UK).

Its 1255 Palm Ridge, which sits within the Vipingo Development, won the award for Mixed Use Development. The homes offer an accessible entry point of Ksh3 million, enabling a wider segment of aspiring homeowners to secure modern, well-planned residences within a fully serviced urban ecosystem.

Vipingo Development combines residential neighbourhoods with commercial, industrial, and hospitality zones – including an EPZ, SEZ, a PGA-certified golf course, an airstrip, and access to the beach, creating a comprehensive mixed-use environment.

Another winning project feted during the International Property Awards is Mzizi Court apartments. The project won the Sustainable Residential Development award.

Known as 26 Mzizi Court, the development is located within Two Rivers Social City, and is designed to provide high-quality, sustainably built homes. Units are priced from Ksh5.53 million, supported by flexible payment plans and mortgage partnerships with leading lenders.

The development is IFC EDGE-certified, demonstrating verified reductions in energy, water, and materials consumption. Sustainability is embedded in its design and construction, contributing to healthier living environments and operational cost savings for residents.

Last year, Centum RE was formally recognised as an IFC EDGE Champion, reflecting its commitment to delivering independently certified green buildings across its portfolio. The accreditation acknowledges the company’s consistent achievement of measurable energy, water, and materials savings in developments such as the 26 Mzizi Court.

This recognition positions Centum RE among a select group of developers in Africa that have embedded sustainability, climate-conscious construction, and environmental performance into their end-to-end development process.

The government has surpassed its revenue targets for entry into national parks, reserves, sanctuaries and marine protected areas for three consecutive years, due to the digitisation of tourism payments and increased visitation, officials have disclosed.

Officials from the State Department for Wildlife told the National Treasury that revenue from wildlife conservation matched its target of Sh7.92 billion for the financial year ended June 30,2025.

The performance extended the upward trajectory after the collections hit Sh7.74 billion in 2023/24, surpassing the Sh7.53 billion goal and Sh5.37 billion the previous year, which was also above the Sh5.27 billion target.

The State department says the revenue growth has been underpinned by an increase in domestic and international visitors to national parks and other conservancies.

The Kenya Wildlife Service (KWS) recorded 3.38 million visitors in the year to June 2025, exceeding the planned 3.3 million.

The State department says the revenue growth has been underpinned by an increase in domestic and international visitors to national parks and other conservancies.

The Kenya Wildlife Service (KWS) recorded 3.38 million visitors in the year to June 2025, exceeding the planned 3.3 million.

Visitations the previous year reached 3.18 million, beating the 2.7 million target, while 2022/23 drew 2.4 million against the 2.1 million goal.

‘Target [for revenue] surpassed due to increased visitors in parks and digitisation of revenue collection (e-Citizen),’ the State Department for Wildlife said in its report to the National Treasury to inform allocation for the next financial year starting July 2026.

‘Target for park visitors surpassed due to enhanced marketing initiatives, rehabilitation of the guesthouses in parks, and tourism recovery measures in place.’

Digitisation of park payments has helped improve collections of park entry fees, officials say, after Kenya transitioned to e-ticketing for national parks and attractions, including Nairobi National Park.

That has eliminated cash transactions, with visitors required to pay in advance through platforms such as eCitizen, reducing queues at park entry points.

‘Through innovations such as TouristTap, which convert NFC-enabled smartphones into point-of-sale devices, foreigners can pay with Visa or MasterCard directly, or via mobile money, without the need for cash, foreign exchange, or traditional point-of-sale machines,’ Tourism and Wildlife Cabinet Secretary Rebecca Miano said in September.

The disclosures on above-target performance have come amid a policy battle between the State and stakeholders over a policy to increase park entry fees.

The KWS has sought to introduce a new fee structure for accessing national parks, reserves, sanctuaries, and marine protected areas under the Wildlife Conservation and Management (Access and Conservation Fees) Regulations, 2025.

The new fees, announced at the end of September, are aimed at helping bridge a Sh12 billion annual budget deficit in the KWS books.

The High Court has, however, temporarily stopped their implementation after the Kenya Tourist Federation petitioned the move on grounds that the abrupt rollout would hurt Kenya’s competitiveness as a global safari destination.

Justice John Chigiti issued conservatory orders halting the changes in early October, noting that the matter required fair hearing and proper stakeholder engagement.

Tour operators complained that the new fees made it impossible to adjust pre-sold packages or consult stakeholders adequately.

Before the injunction, entry fees for adult Kenyans and East African residents visiting Amboseli or Lake Nakuru National Park had been raised by 74.4 percent to Sh1,500, while foreign visitors were to pay $90, up from $60.

Charges for students and children aged between five and 17 were to more than triple to Sh750.

The entry fees to Nairobi National Park would have jumped steeply by 132.5 percent for locals to Sh1,000, while foreign charges would have climbed 86 percent to $80.

The entry charges for Tsavo East and Tsavo West had been raised by 94.2 percent to Sh1,000 for citizens and 53.8 percent to $80 for foreigners.

KWS says Amboseli, Lake Nakuru, Nairobi National Park, Tsavo East, and Tsavo West account for more than three-quarters (78 percent) of its park revenue.

Former Prime Minister Raila Odinga, world champion athlete Faith Kipyegon, and the Social Health Authority (SHA) were the most searched topics by Kenyans this year, according to Google.

The annual ‘Year in Search’ report, now in its fifth year, reveals the questions, curiosities, and cultural moments that captured the nation’s attention and provides a window into what Kenyans were thinking, talking about, and exploring online.

Raila Odinga dominated public interest, with searches mostly linked to the term ‘enigma meaning’, which surrounded his political persona. Kenyans also followed his statements, engagements, and public appearances closely.

In the year under review, sports also captured the hearts of the nation, with Faith Kipyegon emerging as the most searched sports personality, attributed to her consistent excellence as a runner, which affirmed her status as a national icon.

“Football continued to unite and energise the country, with the African Nations Championship, popularly known as CHAN, becoming the most searched news item,” Google said.

Similarly, interest in global football stars, including Slovenian player Benjamin Šeško and Portuguese player Diogo Jota, whose passing left a mark on fans, also trended strongly, blending local passion with international attention.

SHA became a central topic of discussion in 2025 as Kenya transitioned from fragmented healthcare schemes to a more structured national system.

In their search, Kenyans sought to understand how the new authority would streamline access to medical services, introduce standardised benefit packages, and improve financial sustainability for both patients and private health facilities.

“Questions about registration processes, contribution rates, service delivery, and compliance with the new system drove online searches, reflecting the public’s keen interest in how SHA would affect everyday healthcare access and affordability,” said Google.

Kenyans also spent the year exploring language, culture, and global events. Searches for terms like conclave, habemus, and papam accompanied curiosity about the new pope, while interest in international figures such as Charlie Kirk indicated an awareness of global political developments.

Locally, searches for jowi, kubant, saba saba, demure, and wantam reflected evolving language and cultural conversations, while questions about Sudan and Congo highlighted the public’s engagement with global geopolitical shifts.

In kitchens across Kenya, the year was marked by a mix of health-conscious habits and indulgent cooking. Ginger shots led culinary searches, reflecting a focus on wellness and home remedies, while comfort foods and creative dishes such as chocolate chip cookies, cinnamon rolls, dawa, mini pizzas and osso buco captured the public’s imagination.

Meanwhile, music trends painted a vivid picture of Kenya’s cultural landscape, blending nostalgia with contemporary hits. Harry Belafonte’s Jamaica Farewell became the most searched lyrics, resonating widely alongside modern tracks like Kendrick Lamar’s Not Like Us. Regional hits, including Mbosso’s Pawa, Donjo Maber, Iyanii with Dufla Diligon, and Toxic Lyrikali’s Backbencher, illustrated the richness and diversity of the music scene.

The year’s top songs, such as Jamaica Farewell, Taya by Okello Max, and Bien’s All My Enemies Are Suffering, shaped the soundtrack of 2025, reflecting a dynamic interplay between the old and the new.

In theatre, the staging of The Nutcracker signals that Christmas is finally here. With the first shows opening last weekend, The Nutcracker continues its run this weekend at the Kenya National Theatre. This show also marks DCK’s 10th anniversary as a production company.

Based on Russian composer Pyotr Ilyich Tchaikovsky’s two act classical ballet, the story begins at the house of Count and Countess Stahlbaum hosting their annual Christmas party.

The beauty of this show happens because one guest, Dr Drosselmeyer, (Alvin Weru) a friend of the family always remembers the children and brings something special for them including Clara, who is his goddaughter. While the other children get toy soldiers and life-size dancing dolls, Clara (Ava Cheptoo Cheruiyot) gets an extraordinary toy – a wooden nutcracker in the shape of a toy soldier.

It is Clara’s dalliance with her nutcracker that makes the magic of the evening through the various scenes she imagines on that Christmas night, entirely in her dreams.

Managing a large ballet company of over 500 students, each of whom is expected to appear on stage at some point, can be daunting. This show gives company director Cooper Rust the opportunity for each child to experience the magic of performing on stage.

From the dancing mice who first appear under the tree to the snow-flake fairies in the Kingdom of Sweets and the beautiful angels, each moment offers an opportunity for the children to get their part. They do it oh so well and Ava Cheptoo charms with her small frame and maturity on stage in her role as Clara.

The Nutcracker comes to life at the arrival of the Rat King (Hyogo Yamane), and they battle it out in a ferocious sword battle. The Nutcracker’s spell is broken with the wave of Drosselmeyer’s cape transforming him into a handsome prince (Abdoulaye Diebate) who sweeps Clara to the Land of sweets.

This show’s central focus is not only its storyline but the changing scenes and costumes. Outside of the producer’s primary role, the costume director would be the most important assignment on this show.

From procuring the trimmings and tule for the skirts to the battle soldiers coats and hats, the mice’s outfits and Little Bo Peep and her beautiful sheep at the very end, it requires attention to detail. It is in the satins and corsets, the winter hats and cloaks of the men and the crowns worn by each of the ballerinas. It is in the colours that come in the second act complementing the winter wonderland in the backdrop.

Movement is also determined by the type of costume worn. The handsome prince and Snow Cavalier (Francis Kibe) keep their arms around the ballerina’s waists, measuring the distance with the tule skirts yet keeping the ability to lift them off the ground and admirably, into the air.

Cooper celebrates the growth even in costuming, noting that when they first produced The Nutcracker, the productions used leotards with tulle skirts stitched by themselves. Today, DCK can have their costumes made to the highest standards both locally and abroad, and it shows.

Music in this show is another achievement and area of growth. The symphonies in The Nutcracker are old, the sound of yesteryears demanding an experienced hand in its direction.

May Ombara leads the music composed by Igor Tchaikovsky and conducted by Anthony Muriuki and Levy Wataka, now in his 5th year with DCK on their musicals. The sounds coming from the pit also feature experienced hands and transport us to the music from Russia, India, Arabia all the way to the Dance of the Reed Pipes and all the 24 tracks combined.

This year, the musical was graced by the presence of Christine Gustafson, a flute soloist who has performed in several places including Austria, Germany, Taiwan and China. A renowned player in her circles, it speaks to the influence that DCK has for its ability to bring in this talent to join them.

DCK uses a cast made entirely of students in its performances, and if there are adults, very few and often just graduated students. In contrast, the New York city ballet which does up to 50 shows of the same performance has both professionals and students showing that DCK can only keep growing in its appetite for great things. This year however, there was the noticeable presence of four adult ladies in the middle of the second act in the scene with the sugar plum ladies. The special group are ladies taking adult ballet classes and are also parents and desired to be included. The magic seemingly rubbed off and they could not resist.

Speaking of students, a special mention must be made for Brookhouse school’s Jannel Musili playing P.T. Barnum, the master of the Show in The Greatest Showman. Showing at the Brookhouse theatre two weeks ago, The Greatest Showman is the story of Barnum, the dreamer who turned imagination into spectacle and gave the world one of its greatest shows.

Jannel not only played Mr Barnum effortlessly, but her voice travelled far into the spaces in which she sang. A multi-talented actress, singer and musician, the year 11 student shows great promise in the theatrical world. She studies drama amongst her other subjects but is keen on finding a career on stage, or as a lawyer and it can only get better for her from here.

A parliamentary committee and the Competition Authority of Kenya (CAK) have rejected a request by local transporters to have multinational companies operating in the country compelled to give them at least 60 percent of transportation contracts.

Acting on the regulator’s advice, the National Assembly’s Trade, Industry and Cooperatives Committee dismissed the bid by the Kenya Transporters Association (KTA), which argued that its members receive minimal business from multinationals in Kenya.

CAK told MPs that enforcing a quota would distort fair competition and breach the Competition Act, and therefore should not be permitted. Enforcement of a fixed quota system would be inconsistent with prevailing competition laws and Kenya’s trade liberalisation commitments,’ the committee, chaired by Ikolomani MP Bernard Shinali, said in its report.

KTA, a lobby for local freighters, had petitioned Parliament to sanction several multinationals for allegedly favouring foreign transporters at the expense of Kenyan firms.

It argued that global companies rely on pre-established contracts used across their markets, thereby bypassing local operators and undermining fair competition, contrary to local laws.

The association claimed local freighters own 90 percent of trucks but receive only about 30 percent of logistics contracts issued by multinationals, with the bulk going to foreign transporters who control a small share of the fleet.

It also accused international firms of price fixing, predatory pricing, exclusive agreements, barriers to entry, and opaque conduct.

CAK was asked to investigate these allegations but found no evidence to support them. MPs separately questioned several multinational firms, including Kenya Breweries Limited, British American Tobacco, Nestlé, Unilever, Coca-Cola, and GlaxoSmithKline, all of which submitted contractor lists showing that most of their logistics providers are local.

The regulator reviewed contracts awarded to both local and foreign transporters and found no significant differences or exclusionary terms as alleged by the locals’ lobby in their petition.

‘There was no evidence found to establish that the multinationals were discriminating against local transporters, leading to market foreclosure,’ the committee said.

‘While local transporters raised legitimate concerns about limited access to logistics contracts and perceived preferential treatment of multinational peers, the evidence provided did not substantiate claims of deliberate discrimination or exclusionary conduct.’

Although MPs declined the 60 percent quota, Parliament is currently considering a separate bill that would require foreign firms to source at least 60 percent of their inputs locally and ensure that at least 80 percent of their employees are Kenyan citizens.

Existing regulations also require public entities to give preferential treatment to local suppliers, including sourcing consumable products from Kenyan firms.

KTA did not respond to requests for comment on the committee’s decision.

Joe Thomas, better known as Joe, the quintessential 1990s American R and B crooner, best known for a string of soulful romantic classics, returns to Nairobi for an eagerly awaited concert tonight, more than 13 years after he first performed in the city.

After making his debut as a 20-year-old in 1993, Joe became a prolific star of that decade with a catalogue of hits that turned him into a household name the world over.

Here in Kenya, his music became a staple on the playlists of radio station in the 1990s and the popularity of his songs has transcended generations.

As the veteran singer takes to the stage in Nairobi tonight as part of a tour that has already seen him perform sold-out shows in Kampala and Dar es Salaam, here are 10 essential songs from Joe’s discography.

I’m in Luv

Joe was just 20 in 1993, pictured on the sleeve of his debut album Everything wearing his cap back to front. This upbeat R and B track flavoured with dancehall ‘Toasting’ by Brown Man was the pick of that album whose style was largely hard-edged New Jack Swing in keeping with the trend of black urban music at the time.

All The Things (Your Man Won’t Do)

Four years after his debut, Joe returned with the follow up, All That I Am and the sheer class of songwriting, the strength of his vocals and the overall production has made this album an absolute classic.

The opening track, All The Things (Your Man Won’t Do) builds the anticipation for the rest of the high-quality set. The song had first been released a year earlier than the album when it was featured on the soundtrack to the comedy Don’t Be a Menace to South Central While Drinking Your Juice In the Hood. The spoken word intro, sensual lyrics delivered with genuine sincerity and a sweet guitar solo make for an outstanding arrangement.

The Love Scene

The tempo drops slightly and the lights get dimmer on the second track of the album All That I Am as Joe paints a vivid picture of ‘a love scene steamy and blue’. Even the most emotionally hardened person would find it difficult to resist being swept up by the heights to which Joe takes this scorcher.

Good Girls

Another sparkling tune from All That I Am – how good was the album! Here Joe moans about the heartbreak of always falling for the girl who is already taken and the frustration is clear when he asks: ‘why are all you good girls taken every time’. The single topped the R and B charts in the US in 1997.

All That I AM

When he performed at the Bomas of Kenya in 2013, Joe, perched on a high stool with his guitar, swept the crowd away with an acoustic medley of All That I AM and No One Else Comes Close.

The two songs are placed next to each other sequentially on the album, but the title track just slightly edges it because it is so beautifully produced with lyrics expressing the sincerity of love.

Stutter

Another mid-tempo R and B jam showcasing Joe’s versatility as a multi-dimensional artiste who has over the years, in addition to his well-loved ballads, also been adept at dropping energetic dance grooves. Produced by the pioneer of 1990s New Jack Swing, Teddy Riley, Stutter, is from his third and most successful album to date, My Name Is Joe released in 2000.

I Wanna Know

No doubt about Joe’s signature tune and his most streamed song (more than 230 million plays on Spotify alone). It was a major success for him hitting No 4 on the main US pop singles charts, the Billboard Hot 100 and one of the biggest hits of 2000. The song also appeared on the soundtrack to the 1999 film The Wood.

I Believe in You (featuring NSYNC)

Another classic from My Name Is Joe and one that was such a huge radio favourite. It is not hard to see why the song still resonates with audiences, because Joe’s soulful voice matches the pop-oriented harmonies of one of the most successful boy bands of the 1990s, NSYNC. Together, the vocals blend perfectly on this romantic masterpiece with a chorus that captured the hearts of millions around the world.

What If a Woman

Released as the second single from his fourth studio album Better Days in 2001, Joe pricks the conscience of the man by asking if he could handle a woman, who just like him, is always ‘working late’ leaving him ‘home with the kids’ and ‘running the streets’. Lyrically, this is one of Joe’s strongest songs and, fingers crossed, should be on his concert setlist tonight.

Ride Wit You (featuring G-Unit)

Whenever Joe collaborates with rappers, from Fat Joe to Mystikal, his personality adds melody and soul to the raw edges of hip hop. And so, it was when he combined with 50 Cent and his G-Unit crew on this head-bopping jam from Joe’s fifth album And Then.in 2003.

In the midst of their contrasting musical styles, the artistes found a connection between rapid-fire rap bars and smooth, soulful rhythms.

Kiharu Member of Parliament Ndindi Nyoro sold 3.08 million shares of Kenya Power with a current market value of Sh37.8 million in the six months to June 2025, booking part of his profitable investment in the electricity distributor.

The sale reduced his holdings to 26.9 million at the end of June this year compared to 30 million shares in December 2024. He remains the top individual investor with a stake of 1.3 percent.

The stake is now valued at Sh322.8 million based on Kenya Power’s closing price of Sh12 yesterday, having posted major gains from the share price rally that has been driven by the company’s return to profitability and increased dividends.

Mr Nyoro had accumulated 32.5 million shares of the company at much lower prices to emerge as the top individual shareholder with a stake valued at Sh51.3 million at the end of June 2023 when the share price closed at Sh1.58.

The stock has risen by about 7.6 times since then, boosting the fortunes of investors who bought the stock when it was trading cheaply. The share price hit a record high of 15.8 on October 03, 2025.

Mr Nyoro has been buying and selling the company’s shares over the years, with his previous sales occurring in the six months to December 2023 when he traded 11.78 million units.

Two other individual investors increased their shareholding in Kenya Power in the six months to June this year, setting them up for enhanced dividend payouts from the company.

James Ochieng Ooko bought an additional 1.39 million shares in the six-month period to June this year, pushing his total shares to 13.67 million.

Nehemia Ikuah Ruhari was the other individual shareholder who increased his ownership stake with a purchase of 1.29 million shares, boosting his total to 11.27 million units.

‘I can assure our investors that this (dividend) is not a one-off and for the next few years they should expect to see growing profitability and more value for their money,’ Joy Masinde, chair of the Kenya Power board of directors said when the company announced its results for the year ended June 2025.

Kenya Power’s net profit dipped 18.66 percent to Sh24.46 billion in the review period as lower electricity prices and higher finance costs ate into the increased power sales.

But the firm enhanced its dividend payout to Sh1 per share for the year ended June 2025 from Sh0.70 a year earlier, boosting earnings for its big individual shareholders like Mr Nyoro.

The firm’s fortunes are set to get a major boost from July 2026 if it maintains the growth in electricity sales. This is because new electricity tariffs which are expected to be higher than the current ones will kick in.