Stocks 101: Your guide to opening a CDS account and start trading

Local stocks have emerged as the top-returning asset class of 2025 by a significant margin (an accounting mile), reigniting massive retail investor interest in the Nairobi Securities Exchange.

On this episode, we break down everything you need to know to capitalise on this boom – from opening a CDS (Central Depository System) and trading account, placing the first trade, and understanding how the system works.

Joining us is Sheila Wambui, Research Analyst at AIB-AXYS Africa, who walks us through the process, answers the most common beginner questions and shares practical tips for navigating the market confidently.

The financial supermarket: Can your bank do it all?

Customers are no longer just looking for loans and savings; they demand a one-stop shop for all their financial needs. This puts commercial banks under pressure to expand beyond their traditional roles and deliver a full suite of financial services. But can lenders evolve into true financial supermarkets?

Moses Muthui, Director of Consumer Banking at Absa Bank Kenya Plc, joins us to discuss the future of banking and whether this all-in-one model is a customer dream or a business reality.

Tanzanian tycoon takes 41.75pc control of cement maker EAPC

Tanzanian conglomerate Amsons Group has completed the buyout of a 29.2 percent stake in East African Portland Cement (EAPC) valued at Sh718.66 million from Swiss multinational Holcim, strengthening its foothold in Kenya’s cement market.

The acquisition, executed through Amsons’ subsidiary Kalahari Cement Limited, follows the signing of a share purchase agreement on July 31, 2025 and subsequent regulatory clearance. The deal was closed on November 4, ending weeks of uncertainty that arose from a Parliamentary probe into the transaction.

Under the agreement, Kalahari Cement acquired a 14.6 percent stake in EAPC from Associated International Cement Limited (AIC) and another 14.6 percent stake from Cementia Holding AG, both at a price of Sh27.30 per share. The two investment vehicles that held a combined stake of 29.2 percent in EAPC are owned by Holcim.

Amsons Group managing director Edha Nahdi described the acquisition as a ‘strategic investment’ that will build long-term value for EAPC, by strengthening the firm’s infrastructure and providing access to additional resources.

‘Our subsidiary Kalahari Cement is a committed and experienced strategic investor and will leverage its market positioning to provide capital and technical resources necessary to transform EAPC into one of Kenya’s leading cement manufacturers by volume and profitability, as part of our corporate contribution to Kenya’s economic prosperity,’ Mr Nahdi said.

The deal comes hardly a year after Amsons completed the full acquisition of Bamburi Cement in December for Sh23.6 billion, cementing its hold on Kenya’s cement market.

With Bamburi already owning 12.5 percent of EAPC, Amsons will emerge as the single largest shareholder of EAPC with a 41.75 percent stake.

Kalahari Cement is controlled by Tanzanian tycoon Edhah Abdallah Munif through his wholly-owned Mauritius-based investment companies -Pacific Cement (90 percent) and Comercio Et Consiel (10 percent). In Bamburi, his stake is held through an investment vehicle called Amsons Industries Kenya.

The ownership in EAPC will effectively give companies controlled by Mr Munif the muscle to access strategic information in two of Kenya’s top cement firms that have a combined share of 31 percent of the country’s production capacity of 14.5 million tonnes per annum.

Amsons applied to the Capital Markets Authority (CMA) for an exemption from the requirement to make a mandatory take-over offer to all shareholders in EAPC. On August 5, 2025, CMA approved the exemption application in line with Capital Markets (Takeovers and Mergers) Regulations, 2002 (the Takeover Regulations).

The EAPC stock at the Nairobi Securities Exchange opened the day trading at Sh60.50 per share, being more than double the negotiated selling price of Sh27.30 in the Kalahari deal.

At the prevailing price, the company has a market capitalisation (valuation) of Sh5.44 billion, while Kalahari Cement’s purchase price values it at Sh2.46 billion.

Both valuations are also well below EAPC’s net asset or book value of Sh20.4 billion, as per the company’s latest audited financial results dated June 2024. The company’s total assets stood at Sh35.19 billion and total liabilities at Sh14.79 billion as at end of June last year.

Stocks 101: Your guide to opening a CDS account and making your first trade

Local stocks have emerged as the top-returning asset class of 2025 by a significant margin (an accounting mile), reigniting massive retail investor interest in the Nairobi Securities Exchange.

This episode is we break down everything you need to know to capitalise on this boom – from opening a CDS (Central Depository System) and trading account, placing the first trade, and understanding how the system works.

Joining us is Sheila Wambui, Research Analyst at AIB-AXYS Africa, who walks us through the process, answers the most common beginner questions and shares practical tips for navigating the market confidently.

Make Money, a podcast series, hosted by Kepha Muiruri, from Business Daily Africa unravels ways to be financially savvy. Get practical tips and advice on how to increase your income, build wealth, and achieve financial freedom in Kenya. Whether you’re just starting out or a seasoned investor, we’ve got something for everyone.

Listen here:

Season 5

Inside the Sh600bn money markets fund growth – Episode 1

Why more Kenyans are taking their money offshore – Episode 2

The low-interest playbook: Where to invest your money now – Episode 3

The bonds ladder: How to get a monthly pay cheque – Episode 4

The hidden cost of investing: How to stop fees from eating your returns – Episode 5

The financial supermarket: Can your bank do it all? – Episode 6

NSE rally: Is it too late to invest? – Episode 7

Season 4

Episode 1: The allure of infrastructure bonds

Episode 2: Maximising the dividend earning season

Episode 3: Minting generational wealth

Episode 4: Is the MMF party over?

Episode 5: Is your money safe in Saccos?

Episode 6: Insurance: Investment or Illusion?

Episode 7: Why Kenyans are going into business

Episode 8: Willy Kimani’s leap: Business insights from corporate to entrepreneurship

Season 3

Episode 1: Government bonds: Risk-free or low risk?

Episode 2: MMFs: Who really needs a fund manager?

Episode 3: How to protect your investments as interest rates fall

Episode 4: Is the stock market still a way make to money?

Episode 5: Does it still make sense to buy dollars?

Episode 6: How time directly impacts your investments

Episode 7: Hacking home ownership

Episode 8: Money matters: To bank or not to bank?

Episode 9: Trading 101: Separating wheat from chaff

Episode 10: What music can teach us about money

Season 2

Episode 1: Redefining your money goals

Episode 2: Making money work for you

Episode 3: Where to make money in 2024

Episode 4: Make your side hustles worthwhile

Episode 5: Loan and Behold: The art and science of borrowing

Episode 6: Career driven – Triumph at your job

Episode 7: Better Together – The Power of Group Investing

Episode 8: Make your networks shape your net worth

Episode 9: Buy now, Pay later – The A to Z of consumer credit

Episode 10: What would you do if you had Sh500,000?

Season 1

Episode 1: Financial fitness – walk before you can run

Episode 2: Myths about investing

Episode 3: Baby steps.Little is more

Episode 4: A cheque from government

Episode 5: NSE – Taking stock of the market

Episode 6: Going offshore – cast your bread in many waters

Episode 7: Kenya’s black gold

Episode 8: Investor’s edge – Saccos

Episode 9: How wife’s wake-up call led Ken to make more money

NSE rally: Is it too late to invest?

The Nairobi Securities Exchange has recorded back-to-back gains of more than 30 per cent in 2024 and again so far in 2025, buoying investor confidence and lifting portfolio values. But for those who stayed on the sidelines, is it too late to join the rally?

In this episode, NSE Chief Executive Officer Frank Mwiti breaks down the key drivers of the market recovery, where fresh opportunities remain, and what investors should watch as the momentum continues.

Why is the speed limit on town streets at 50kph

The best traffic systems do have limits in built-up areas that are sometimes higher and sometimes lower than 50kph. But 50 is by far the most common option, worldwide.

Whatever the limit, anywhere, its first objective is to reduce the chances of an accident happening, as part of a package of measures including well-designed and marked roads, roadworthy vehicles, competent drivers, and observance of related laws which set out the human behaviour protocols for a complex and highly interactive mix of different road users.

A secondary purpose of speed limits is to achieve uniformity and predictability in the general flow of traffic, reducing the differential in speeds between one vehicle and another, minimising obstruction and the need to overtake, etc.

If all those conditions prevail, all road users can go about their business smoothly, calmly and safely, and there should be no accidents, even where hundreds of cars and trucks and buses and bicycles and boda-bodas are interacting with thousands of pedestrians in a matrix of junctions and corners and crossings.

In the best systems, to the greatest possible extent, different forms of traffic are segregated (physically separated), with things like dedicated bus lanes and cycle lanes on the road itself, and pavements either side for pedestrians, in a ‘never-the-twain-shall-meet’ manner. Safety is possible without them, but they make the job easier and even safer.

With or without advanced designs, accidents should only occur when something goes wrong – when a vehicle’s brakes fail, a tyre bursts, a driver is intoxicated, suffers a heart attack, or is distracted by texting, when a child runs into the road, or when a cyclist loses balance.

Only then does the third purpose of a speed limit come into effect: not just to avoid a collision, but to minimise the consequences of a crash when it does happen.

Only then does a ‘specific’ speed (30 or 50 or 70) make a significant difference. Perhaps as significant as the difference between life and death.

That’s because the human body has limits to the shock forces it can withstand, and that’s why motorists have seatbelts and airbags inside safety-cell bodwork, why cyclists and boda-boda riders wear helmets (and sometimes gloves and knee-pads). And that’s where regulators have to think even more carefully.

If while walking down the street, you tripped over a square root or a gentle gerund and fell flat on your face, your nose would hit the pavement at about 15kph.

That can hurt, and even cause superficial injury, but the greatest danger and damage will be to your dignity. The human body can take most 15kph impacts with solid objects and will usually emerge almost unharmed.

There is, of course, a difference between a rickety granny and a professional wrestler or rugby player in this respect.

The ouch would be significantly bigger if you fell off the top rack of a bunk bed while dreaming about.whatever you dream about. In this instance, you would hit the floor at about 25kph.

Whether you awoke in a startled daze or in an ambulance would depend on how you landed. The injury is more likely to be bruising than a breakage, and almost certainly not fatal.

Next, you might fall off a ladder while fixing the gutters on your bungalow.

Welcome to the garden.at about 35kph. If your landing place were a concrete patio, you would almost certainly suffer injury, a high probability of a broken bone or two, but again, you would almost certainly survive.

For up to about 35kph, the oops! ouch! and aaargh! Are progressively more painful, but the average body-basic can usually get up and walk away.perhaps with a limp and some interesting vocabulary.

However, that seems to be about the limit of the human body’s built-in crash capacity, and at higher speeds the damage doesn’t just get progressively more severe – it rapidly shifts from fall to.funeral.

Fall onto paving slabs from the gutter of a two-storey building, and flesh will meet cement at 50kph. Breakages move up from possible to almost definite, include a probability of internal ruptures, and you don’t need to be particularly unlucky to kill yourself.

These examples and impact figures are more than just interesting. They are the basis of safety regulations, worldwide. In public places, structures or equipment (parks and playgrounds, staircases, viewing platforms etc.), where a fall will result in an impact of less than 30kph, regulations are few and if it all goes wrong everyone says ‘bad luck’ to both the owner and the user of the stairs.

But where size and height involve a potential fall impact at higher speed than that, design (like safety rails) and conduct regulations (like accompanied children) are strict and mistakes are called ‘criminal negligence’.

Traffic regulation appears to be an exception to this scientifically based standard.

First recognise that a construction worker hitting the ground at 30kph after a fall, or a pedestrian being hit by the front end of a bus doing 30kph, are much the same thing as far as human muscle, bones and organs are concerned.

And yet, in virtually every field of activity bar motoring, elaborate measures are taken to completely remove the possibility of ‘falls’ greater than 30kph, and anyone who allows such a possibility is liable to prosecution.

Logic suggests that in a city street, where there is constant and close interaction between pedestrians and vehicles, the speed limit should arguably be 30kph.

But a 50kph limit might not be as irrational as it looks. And there are lots of other issues to consider. To restrict all traffic at all times to half (!!!) the current flow rate would adversely affect millions of vehicles all day and every day. And this crawling pace might tempt thousands of pedestrians to take less care and higher risks when crossing the street.

Further, in the event of a pedestrian stepping in front of a car doing 50kph, in almost all instances the driver will at least hit the brakes and swerve to some degree before impact.

So, if the two do collide, the speed at impact will be reduced, the blow may be glancing, and the front of a car, though robust, is not as solid as concrete (where all the shock of the collision will be transmitted to the human).

The front of the vehicle might absorb some of that shock by bending and some more will absorbed as the pedestrian is flung aside (not brought to an instant halt).

So, the fact that the actual speed limit in cities, almost everywhere, not just Nairobi, is 50kph – a potentially lethal velocity – is not as anomalous as it might seem.

If a pedestrian is struck by a bus doing 50kph, there is a possibility that the impact will be fatal, but because that is within the legal speed permitted, in legal terms the verdict is most likely to be ‘bad luck’.

If a pedestrian steps out into flowing traffic without looking, whether the vehicle that hits him is doing 30, 40, 50, or 60kph, the collision is the pedestrian’s fault.

However, if the vehicle is travelling within the speed limit, the pedestrian almost certainly lives. If the vehicle is travelling above the speed limit, the pedestrian very possibly dies.

So, the pedestrian may be to blame for the collision – but who is to blame for his death?

That’s a question that street and traffic planners, lawmakers, and courts presumably ponder – and motorists too, not just on technical or legal grounds, but as a moral issue.

It is a question that underscores a much underrated aspect of road safety: the moral attitude of people toward road laws and traffic offences.

Economy seen growing faster in 2026 on lower credit costs

The economy is projected to grow at a slightly faster speed in 2026 helped by falling cost of credit, stronger exports and improved household spending, a fresh forecast by select global banks, consultancies and think-tanks shows.

The December 2025 FocusEconomics Consensus Forecast for Sub-Saharan Africa indicate Kenya’s gross domestic product (GDP) will expand by 5.0 percent next year an estimated 4.9 percent in 2025.

The country’s GDP – a measure of all economic activities by the government, companies and individuals – is seen expanding faster than projected 4.1 percent average for the sub-Saharan region.

The outlook by 14 panelists is, however, clouded by high public debt and fiscal vulnerabilities.

Citigroup Global Markets is the most optimistic on growth prospects, forecasting that the economy will expand by 5.8 percent followed by JPMorgan at 5.5 percent, Economist Intelligence Unit (5.4 percent), Standard Chartered (5.3 percent) and Goldman Sachs (5.2 percent).

Analysts at Fitch Ratings and FrontierView both see a growth of 5.1 percent in 2026.

The remainder of the surveyed firms expect Kenya’s economy to grow at a rate lower than 5.0 percent.

Oxford Economics holds the most conservative view among analysts, projecting output growth of 4.5 percent. It is followed by Euromonitor International (4.9 percent), Capital Economics (4.8 percent), Moody’s Analytics (4.8 percent) and Allianz (4.6 percent).

‘Declining interest rates should spur an acceleration in GDP growth this year and next, keeping both years above the sub-Saharan African average. In 2026, exports should also expand at a faster rate,’ the report states.

‘A worse-than-expected fiscal stance-about 65 percent of revenue is spent on debt-is a downside risk.’

The Central Bank of Kenya has cut its benchmark interest rate by a cumulative 375 basis points since August 2024 to stimulate lending and investment after months of difficult trading conditions driven by weak spending on non-essential goods and services and anti-government street protests.

Panellists expect further monetary easing to 8.55 percent by end-2026 from 9.25 percent currently, while inflation is projected to remain stable at 4.9 percent, which is within the CBK’s 2.5 to 7.5 percent target range.

Growth in GDP should ideally mean people are earning and spending more money. This should result in increased tax receipts, which the government should ideally spend on improving public services such as education, healthcare and security.

The GDP measure has, however, been criticised for not showing how income is split across various working groups, hence expansion in GDP could sometimes be a result of rich getting richer and poor getting poorer.

Firms projecting a growth output of more than 5.0 percent cite stronger household consumption, improved liquidity due to growth in private sector credit flow and a rebound in exports.

The analysts expect merchandise exports are forecast to grow 4.3 percent next year, recovering from an estimated 3.8 percent contraction in 2025.

Exports earnings will be supported by expected growth in global demand for horticulture such as vegetables, fruits and cut flowers.

Panelists with a conservative outlook, on the other hand, warn that Kenya’s debt overhang and weak fiscal consolidation will continue to constrain investor confidence.

Kenya’s public debt remains elevated at 68.1 percent of the GDP, one of the highest ratios in the sub-Sahara Africa. As a result, the country spends nearly 65 percent of taxes on debt service, leaving little cash for critical public investments such as education, health and infrastructure.

‘The negotiations for a new deal with the IMF soured recently, with Kenyan officials arguing that securitized bonds for infrastructure should fall outside the scope of public debt. A deal is key for the country’s financial health,’ the report cautions.

Bring-and-share feasts take over Kenyan parties

Pilau. Mahamri. Chapati. Ugali. Fried chicken or fish. Sautéed potatoes. For years, these were the dishes most Kenyan hosts would start preparing when they knew they had guests.

Home-cooking has been part of Kenyan party culture, but now bring-your-own-food is gaining popularity. Instead of the host cooking, the guests come with dishes of their choice. To many, this is an affordable and easy way to serve food and drinks, removing the hassle from the host.

As guests walk in, balancing pots of meat, one spreads Maasai shukas on the grass, while another unwraps a still-warm cake baked that morning. These potluck parties are held indoors or outdoors. There is always the ‘trusted chapati supplier’ or ‘nyama choma king,’ and that one meal that steals the show.

Njeri Gachuhi, a lawyer turned entrepreneur, is among those who have embraced the bring-and-share meals concept. She says she has been attending potlucks for years now, but social media has made them popular.

‘Social media can make things trendy, but potlucks have always been here,’ she says.

For Njeri, the appeal is simple: the food and the connection.

‘I enjoy seeing how the dishes all come together,’ she says. ‘Even when you don’t assign who will cook what, the meals somehow complement each other. The energy is great, too.’

Are there rules to potlucks? When she is invited to a potluck, her go-to dishes include potato salad or honey-glazed pork chops, but she says she does not police what people bring. Neither does she ‘side-eye the people who buy food instead of cooking it.’

‘I just want everyone to bring what they’re comfortable with. Sometimes you get two people bringing the same dish, but that’s part of the fun,’ she notes.

Her most recent potluck brought together 12 people, a mix of friends and new faces, around one large dining table.

‘The meal that excited people the most was chicken masala curry,’ she recalls.

‘We had a mix of everything, but the meats that were prepped well, the curries, and the marinated, pan-grilled pork, also stole the show. Some food was reheated, and others were microwaved. We used paper plates to avoid cleaning afterwards, and after eating, everyone even carried some food home.’

From TikTok reels to getting real

Sylvia Inyanje, who discovered potlucks through TikTok, says the trend offers a relaxed, budget-friendly way for friends to gather. ‘They are a cheap and easy way for friends to come together and eat. The cost of hosting is spread among the visitors, so no one person carries the burden.’

The appeal goes beyond cost. ‘Potlucks allow people to share many different flavours and home-cooked foods. You try each dish, and if you like a recipe, you can ask the person and try it at home.’

As free and easy as it may appear, there are still other rules. ‘We create a sign-up sheet for different dish categories, and everyone volunteers for what they can bring. Someone might take appetisers, another main courses, desserts, or drinks. It’s cost-effective, and no one feels pressured. Everyone contributes according to their budget, and it all comes together.’

The most recent one Sylvia attended was ‘a planned garden-inspired potluck.’ ‘We brought fried chicken, meat stew, apples, oranges, mangoes, pilau, and even alcohol for the ‘potomaniacs,’ plus chapatis, cake, and pizza. We didn’t have to borrow hotpots; everyone carried theirs from home,’ she says, laughing.

Because it was a picnic, they carried shukas and picnic mats. ‘We used disposable plates and tumblers, and gladly, everyone arrived on time. The potluck was for nine of us – just friends – and we haven’t encountered or attended a failed one yet. Everyone tasted every food, and it was nice; they liked everything.’

Sylvia adds that meals that always work are rice, chapatis, pilau, meat stews, and chicken.

‘Our setup was just simple. First, we planned the menu by assigning dishes to categories-appetisers, mains, sides, and desserts – using a sign-up sheet to avoid duplicates and ensure a balanced meal. Then we coordinated logistics by asking guests to bring serving utensils, plates, serviettes, drinks, and hotpots to keep the food warm. Finally, we prepared a display area, we scattered the picnic mats and Maasai shukas on the ground where our tent was for a relaxed atmosphere, a kind of garden lounge style.’

More personal experience

She believes potlucks foster a more personal and communal experience than a restaurant or a club.

Esther Alex hosts and attends multiple potlucks. ‘It’s a good way to do birthdays without spending too much because everyone contributes something,’ she says, adding that the gatherings are usually made up of close friends or Bible study circles.

They make theirs more exciting by bringing board games and competing to see who brought the best dish.

Her go-to dish for any potluck is always pilau, though for simpler meetups, she’s happy to show up with pizza. ‘Our parents used to do them without knowing the name,’ she says. ‘The style might change, but the purpose, coming together and sharing food, will always remain.’

Business opportunities

Potlucks are also turning into business opportunities. ‘I organise the events myself,’ says Millicent Ndegwa, an event organiser.

So far, she has hosted two potlucks, each with a small, intimate turnout. ‘We were six people at the last one,’ she says. ‘It’s female-only, catering to all age groups. That was intentional, creating a space where women could relax and enjoy the experience together.’

Cost is minimal for attendees.

‘The only cost is a small entrance fee, which helps cover basic arrangements. Unlike other events, I don’t ask guests to pay for hosting or to bring utensils. I provide plates, tumblers, and napkins, so guests don’t have to worry about logistics.’

Food safety and portioning are important considerations for Millicent.

‘I make sure everyone knows how to prepare their dishes and that the food is drug-free and alcohol-free,’ she explains. ‘I ask each guest to bring enough for at least two to three people. That way, no one goes hungry, and there’s always variety on the table.’

Millicent emphasises the advantages of hosting a potluck. ‘It’s cost-effective. The host doesn’t bear the burden alone. You can have a full meal for everyone without spending too much. I’d estimate around Sh1,000 for the entire event, with individual contributions averaging Sh300.’

Janet Wambui, also an event organiser, says with the festive season approaching, she wants to blend the idea of a picnic and a ‘friendsgiving’ celebration. She is planning a potluck that will bring together 15 to 20 people.

‘The main cost goes into the picnic experience,’ Janet notes, adding that guests will pay an entry fee of around Sh1,000. ‘Everyone brings their own food, and I’ll be rewarding the best dish,’ says Janet, whose idea for the potluck was inspired by a previous ‘rainbow picnic’ she organised, where guests dressed and plated food according to assigned colours.

Are there rules made to be broken?

An American road safety analyst with the unlikely moniker of Prof Poppleton argues that a law must be ‘respected’ in order for it to work. In that context, what does ‘respect’ mean? What increases it and what undermines it? Crispus

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Respect usually suggests a degree of approval or admiration. But it can also mean due regard for the interests and feelings and wishes and rights of others.

I suspect the professor had both these in mind, and a third factor: Obedience.

The philosophy of that is sound, but the law also needs to consider the context of a breach and leave room for discretion – especially in a field like traffic law which involves so much complex and interactive movement between very different entities from one moment to the next.

What road users will respect is a law that they agree is necessary to general good order, adequate flow, safety and as a guide to good manners.if it is enforced rationally and fairly and equitably.

What they will not respect, and therefore more often disobey, is a law that does not achieve (or is not necessary to) those objectives, or is enforced (or ignored) irrationally or disproportionately.

Obedience to a 50kph speed limit is acceptable on a busy city street during a rush hour, but perhaps not when that street is completely deserted at dawn on a Sunday morning.

Obedience to solid yellow line is acceptable on a brow or a bend where the view ahead is severely limited, but not when it is painted where there is a clear view ahead of more than a kilometre and when you are travelling at ten times the speed of the vehicle you are overtaking.

What is plain to know is that all our traffic laws are much the same as the laws in any and every other country. What differs is the balance of respect between those who make (and mark) the roads and those who use them, and between those who enforce the laws and those who are expected to obey them.

Public opinion will not respect a system that focuses on easy-catch technical errors and ignores truly reckless or dangerous conduct.

Mutual respect would undoubtedly deliver he safest, surest, swiftest traffic system and conduct. What we need to find – within our own context and economic conditions – is that balance between providers, users and enforcers.

DHL to pay former finance controller Sh3.8m for unfair dismissal

Logistics company DHL has been ordered to pay a former employee Sh3.8 million after a court found that the firm sacked her unfairly and without justification.

Jacqueline Amutavi sued DHL Supply Chain Kenya Limited over her termination in June 2020, which was allegedly due to a conflict of interest.

This followed the hiring of her nephew in the finance department and the contracting of her sister-in-law’s catering firm by DHL.

Ms Amutavi had worked for the logistics firm since May 2004, initially joining as a transport clerk before rising to become the company’s finance controller in April 2019.

She maintained that the transactions were transparent and did not breach company policy.

In a November 7 ruling, the Employment and Labour Relations Court in Nairobi found that Ms Amutavi had been subjected to a flawed disciplinary process that violated the Employment Act 2007.

The court also found that DHL lacked a clear conflict-of-interest policy and that the disciplinary committee had pre-emptively decided on her fate before hearing her case.

‘The intention and action to terminate the claimant were premeditated. The claimant appealed her termination, but by May 28th 2020, she had already been sent clearance documents a day before the hearing of her appeal,’ said the court.

The labour court also found that DHL had failed to prove that Ms Amutavi’s conduct conflicted with its business interests or that the disciplinary process followed had adhered to the firm’s own internal rules.

‘Having found lack of valid reason to warrant termination of the claimant and having found that the disciplinary process was flawed, I find the termination of the claimant was unfair and unjustified,’ the court ruled.

The court awarded Ms Amutavi Sh3.45 million in compensation for unfair termination, equivalent to 10 months’ salary, and an additional one-month salary of Sh345,532 in lieu of notice, bringing the total to Sh3.8 million before statutory deductions.

DHL was also ordered to pay the legal costs and interest.

Ms Amutavi had submitted claims to the court relating to underpayment during her 16 years of employment at the firm, discrimination and defamation arising from a newspaper notice announcing her dismissal.

However, the court dismissed most of her claims due to insufficient evidence.