Category: Business Daily

Longhorn Publishers reported a larger net loss of Sh261.4 million in the year ended June, due to a substantial drop in sales in the Kenyan market.

This bigger loss, compared to Sh237.9 million a year earlier, extended the company’s dividend drought.

Sales in the review period fell by 55.8 percent to Sh679.8 million, with Longhorn attributing the decline to reduced demand from households and the government.

‘Revenue for the year declined by 56 percent . reflecting disruption in both the private and government markets,’ the Nairobi Securities Exchange-listed firm said in a statement.

‘Final approvals for revised [learning] materials were issued only in January 2025, creating uncertainty at the start of the school year. Parents deferred purchases, government procurement was delayed, and Sh463m of revenue was consequently pushed into the 2025 financial year.’

The company reduced operating expenses by Sh82.8 million to Sh328.1 million in the review period, but this was not enough to compensate for the revenue decline.

‘Management reduced operating expenses by 20 percent, but the company still recorded an operating loss of Sh35 million (excluding provisions and impairments), compared to an operating profit of Sh165 million in the prior year,’ the publisher said.

Longhorn says it has had a turbulent operating period since the introduction of the Competency-Based Curriculum (CBC) in Kenya, its biggest market.

‘The past seven years have been a testing period for the education sector and for the company. The transition from the 8-4-4 system to the Competency-Based Curriculum (CBC) required significant investment and adaptation,’ the company said.

‘Between 2018 and 2025, the company invested over Sh714 million in CBC content development, absorbed Sh254 million in inventory and debtor impairments, and wrote off Sh149 million in development costs.’

Longhorn expects costs to fall and sales to rise going forward as the CBC settles down.

‘With curriculum rationalisation complete and final CBC approvals in place, stability is expected to return to the sector. Development costs will decline, while clarity in curriculum requirements should support renewed sales momentum,’ the company said.

With the rollout to Grade 12 nearing completion, the business is positioned to move into a more stable and profitable phase, Longhorn added.

The company noted that it has secured government contracts and anticipates stronger uptake in the private market.

Longhorn said that its digital platforms – now serving more than 300 schools and 50,000 learners – continue to grow, providing an additional engine of expansion.

The government gave up an additional Sh4.6 billion in excise duty in 2024 compared to 2023, following a surge in the supply of alcohol to military canteens and increased local assembly of vehicles.

State tax expenditure is the value of taxes forgone due to waivers, exemptions, or breaks on certain commodities or entities to support certain groups, industries, or individuals.

The spending on excise duty rose 37 percent to Sh16.9 billion in the year to December 2024 from Sh12.3 billion a year earlier, according to the latest Tax Expenditure Report published by the National Treasury.

This came amid an overall drop in the government’s tax expenditure over the same period, which decreased by 22.2 percent to Sh286.5 billion from Sh368.4 billion, driven by the latest reforms to boost tax efficiency, according to the Treasury.

The largest increment on excise tax spending was on import excise duty, which nearly tripled to Sh6.2 billion from Sh2.1 billion in 2023, largely driven by the growing local assembly of motor vehicles.

‘This underscores a deliberate policy decision by the government to support and promote local manufacturing,’ said the Treasury in the report.

Imported cars are charged an excise duty of between 10 percent and 35 percent, depending on engine type and size, while locally assembled ones are fully exempt to support the domestic manufacturing industry.

The rise in domestic excise duty expenditure by the government was, on the other hand, driven by increased purchases of alcoholic beverages by the Defence Forces Canteen Organisation, which sells duty-free products to military officers.

Excise duty forgone on alcohol sold to the soldiers rose from Sh680.9 million in 2023 to Sh711.8 million last year, while those foregone on non-alcoholic drinks rose by Sh2.4 million from Sh14.7 million to Sh17.1 million.

In conversations about climate change and the urgent need to build climate-resilient economies, banks, investors, and governments often take centre stage. Yet there is one sector, which is just as critical to enabling this transition: insurance.

Green investments cannot scale without insurance. Every wind farm, geothermal plant, solar park, or electric vehicle depends on the assurance that risk can be managed.

Insurance forms the invisible backbone of the green economy and is one of the most powerful enablers of green growth. By taking on risks that would otherwise deter financiers, insurers help mitigate the risks associated with green investments, giving banks and investors the confidence to channel capital into clean energy projects and climate-resilient infrastructure.

However, their role extends beyond protection. Insurance, at its core, is about people. It is about safeguarding lives, livelihoods, and progress.

As climate-related shocks such as floods, droughts, and extreme storms intensify, the strain on communities, businesses, and national economies across Africa is unprecedented. For families and enterprises in East Africa, access to insurance cushions these shocks and provides a pathway to recovery and resilience.

Beyond protection, insurance also serves as a compass for the flow of capital. Through underwriting decisions and risk pricing, insurers can guide capital allocation toward low-carbon, climate-resilient ventures, ensuring that markets reward sustainability rather than perpetuating high-carbon risks.

This catalytic role is increasingly recognised at the global level. The United Nations Environment Programme’s Principles for Sustainable Insurance emphasise that insurance is not only about transferring risk, but also about preventing and transforming it.

Similarly, the OECD highlights climate risk insurance as a critical tool in strengthening adaptation, particularly in vulnerable regions in Africa.

Across the continent, insurers are already putting this into practice-from providing cover for hydroelectric power plants, dams, and solar energy installations to underwriting geothermal and wind energy projects.

By taking on these complex and capital-intensive risks, the insurance sector is helping catalyse Africa’s green transition, building the confidence that enables investors, governments, and communities to commit to clean and resilient energy systems.

In underwriting these projects, insurers transfer risk and actively catalyse East Africa’s green transition, building the confidence that enables investors, governments, and communities to commit to clean and resilient energy systems.

To sustain this momentum, insurers must also evolve how to understand and manage climate risk. Increasingly, companies are adopting internal climate risk assessment tools that evaluate the exposure of corporate and small and medium enterprise policyholders to both physical and transition risks.

These tools integrate indicators such as sectoral vulnerability, geographic exposure to extreme weather events, and transition factors like regulatory shifts, carbon intensity, and market changes.

The green transition is not just an environmental imperative; it is an economic one. Insurance will determine which investments thrive and which falter in the face of climate uncertainty. For insurers, the mission is clear: to build confidence in a future that is cleaner, fairer, and more resilient.

By mapping climate risk across portfolios, insurers enhance their underwriting, protect SMEs, ensure that capital flows to climate-resilient activities and consequently empower clients to self-assess and be more resilient.

Globally, the opportunity before the insurance industry is enormous. If countries deliver on their current renewable energy targets, the related investments would generate additional premiums from the energy sector of $237 billion by 2035, a tenfold increase compared to $22 billion in premiums from oil, gas, and coal insurance paid in 2022.

Even with slow progress, the potential for insurers to unlock green growth remains vast.

Public universities in Kenya will benefit from a Sh9.5 billion ($73.31 million) loan from the African Development Fund-the concessional lending arm of the African Development Bank Group (AfDB), aimed at strengthening science and technology education.

Implemented in partnership with the Ministry of Education, this financing marks the second phase of the Support for Higher Education, Science and Technology (HEST) Project.

The initiative will modernise 19 public universities by equipping them with advanced laboratories, updated teaching tools, and improved digital learning infrastructure.

Three engineering centres of excellence and a science and technology park will also be established, providing spaces where students and researchers can transform innovative ideas into practical business and industrial solutions.

‘For many, education remains the surest path to a better life,’ said Hendrina Doroba, Division Manager for Education and Skills Development at AfDB.

‘We’re helping Kenya’s young people gain the skills that employers need today-and the confidence to create their own jobs tomorrow.’

Similarly, the HEST II will fund scholarships for 103 university lecturers, provide retraining for academic staff in line with emerging technological needs, and implement a competency-based education system.

The initiative will also promote youth innovation and entrepreneurship by offering training, mentorship, and incubation support to more than 100 start-ups, providing young innovators with the necessary space and resources to grow their enterprises.

The first phase of the project, HEST I, launched in 2012, laid the groundwork by upgrading eight public universities, modernising laboratories, and enhancing engineering and applied science programmes. It also supported staff training, curriculum review, and stronger links between academia and industry.

The second phase involves rolling out the initiative nationwide to ensure that all regions benefit from a more equitable, innovative and well-connected higher education system that supports Kenya’s Vision 2030 goals.

It is expected that the project will benefit over 20,000 students by 2030, including 8,000 young women, and generate approximately 5,000 direct and indirect jobs.

Passengers and motorists involved in accidents where the drivers had expired licences will qualify for insurance compensation under proposed rules that also allow customers with unpaid premiums to enjoy coverage, as the regulator seeks to curb arbitrary rejection of claims.

The draft Insurance (Claims Management) Guidelines, 2025 introduces strict timelines for claim processing, bans unreasonable grounds for rejecting claims, and imposes stronger customer service obligations on insurers.

If adopted, the guidelines by the Treasury will require insurers to compensate drivers whose licences may have expired at the time of an accident, provided they were not disqualified from holding one.

Policyholders often face arbitrary rejection of claims, with insurance firms offering divergent reasons for their decisions.

The Treasury has spelled out in the proposed rules a list of ‘unreasonable or unfair grounds’ that insurance companies can no longer cite when rejecting claims.

Insurers will not be allowed to decline claims from incidents that have been reported late without considering and documenting the reasons for the delay.

Claims will also not be rejected due to non-payment of premiums where the insurers had not cancelled the policy or where cancellation was done by brokers and agents without notifying the policyholder.

The guidelines also bar insurers from rejecting claims on non-disclosure of facts customers could not reasonably be expected to know or innocent misrepresentation that is neither fraudulent nor negligent.

Undiagnosed pre-existing medical conditions will not be used to reject claims, notably life covers.

Insurers will also lose the right to reject claims based on breach of conditions if the terms of the policy were not provided to the customer.

The rules are aimed at protecting policyholders while improving the image of an industry that has long faced criticism over delayed or rejected claims.

Many insurers have been relying on technical grounds to reject legitimate claims.

‘The objective of these guidelines is to ensure prompt payment of claims and promote consumer confidence in the insurance industry,’ the draft guidelines say.

Insurers see the proposed guidelines as a mixed bag and are currently deliberating before taking a position through their umbrella body, the Association of Kenya Insurers (AKI).

‘Currently, insurers make their own assessments, usually based on the uniqueness of each case at hand. Having the grounds for not rejecting claims spelled out is a mixed bag for the industry,’ said William Kiama, the AKI manager for general insurance business.

‘For instance, reporting a claim late may, in some circumstances, mean the insurer cannot collect any evidence to determine whether they are dealing with a genuine claim.’

Mr Kiama said while many insurers may not have a problem with settling a claim for drivers with expired licences, doing so for those whose premiums they have not received would be impractical.

‘We understand the spirit of the guidelines is for consumer protection, but it should also strike a balance with the industry’s ability to fairly assess and manage risks. Our members are still going through the draft up to November 5, after which we will state our position,’ he said.

IRA data shows complaints against insurers rose for the fourth straight year to 1,962 in 2023, surpassing the 1,878 in the previous year.

Delayed settlement of claims accounted for 1,045 or 53.3 percent of the complaints, followed by 370 cases of denied claims (18.9 percent) and 227 cases of unsatisfactory compensation (11.6 percent).

In the half year ended June 2025, insurers rejected claims worth Sh1.51 billion compared with those worth Sh879.85 million that were declined in a similar period last year.

Kenya’s insurance penetration rate – the ratio of premiums to gross domestic product – remains below three percent compared to the world’s average of seven percent, despite the country’s relatively mature financial sector.

The new guidelines also aim to rein in the delays in claims settlement, which has seen many Kenyans view insurance as a last resort product rather than a financial safety net.

If adopted, insurers will be required to acknowledge receipt of claim notifications within two working days and to provide clear instructions on the documents needed for processing.

Once all required documents are received, insurers will be required to acknowledge this within another two days and settle the claim immediately if the liability is clear.

If further assessment or investigation is required, the insurer will be required to appoint an insurance service provider, such as a loss adjuster or investigator and communicate this to the claimant.

Once the assessment or investigation report is received, the insurer will have seven days to make an offer or communicate the rejection, complete with reasons.

The proposed guidelines also seek to standardise how motor vehicle valuations are done.

All vehicles must be valued at policy inception and upon renewal, with the valuation forming the basis for determining compensation.

This proposal aims to eliminate disputes arising from undervaluation or inflated depreciation during claims.

The provisions effectively strengthen consumer rights and limit insurers’ discretion to reject claims without clear justification. They will also speed up the claims settlement process.

Insurers will be required to develop detailed claims handling procedure manuals-covering every step from notification to settlement for all classes of business. The manuals will include expected timelines for each stage and define internal controls and reporting systems.

Insurers will also be expected to update customers regularly on the progress of their claims and to establish a well-resourced customer service function to handle queries and complaints.

The High Court has ordered real estate and property management firm Lloyd Masika Limited to disclose its financial records to Stanbic Bank Kenya, escalating a debt dispute triggered by alleged inflated asset valuations.

The court granted Stanbic Bank’s application compelling Lloyd Masika to produce its books of account, audited financial statements, bank statements, title documents, and such other records relevant to the recovery of the contested debt.

The unprecedented decision comes after a public auction of the firm’s assets, which recovered less than two percent of the outstanding debt.

The legal battle traces back to February 2018, when Lloyd Masika valued three Machakos County properties (Machakos/Ndalani Phase II/461, 462, and 465) at Sh87 million open market value and Sh56.5 million forced sale value.

Relying on this valuation, Stanbic Bank advanced a Sh40 million loan to an unnamed borrower.

Trouble began when the borrower defaulted, prompting Stanbic to commission a revaluation that pegged the same properties at Sh17 million open market value and Sh13.1 million forced sale value-a huge drop from Lloyd Masika’s initial assessment.

Stanbic was aggrieved with the occasioned loss because it advanced a loan facility on the footing of Loyd Masika’s report.

The dispute was referred to arbitration, and in December 2021, the arbitrator found Lloyd Masika ‘wholly negligent in submitting false valuation reports,’ holding the firm liable for the Sh40 million loss Stanbic incurred.

The arbitrator noted the valuations fell ‘outside permissible margins of error’ and ordered Lloyd Masika, a prominent real estate firm, to pay Sh44 million, including costs.

Despite the company’s attempts to set aside the award, the High Court upheld it as binding in April 2023.

However, Stanbic’s recovery efforts hit roadblocks after Lloyd Masika defaulted on repayment, leading to a public auction that raised only Sh1.1 million, of which Sh706,335 was remitted to the bank. The lender said the debt balance remains unpaid.

It accused the company of concealing assets and sought court orders to compel directors to submit to oral examination as to the debts owing and means of satisfying the decree.

The bank hinted at plans to lift the corporate veil should evidence emerge that directors fraudulently transferred company assets to evade creditors.

Lloyd Masika’s directors opposed the application, arguing they had initiated a separate case at the High Court to enforce a Sh500 million professional indemnity insurance policy from UAP.

They insisted that this insurance policy constitutes a “chose in action” (a legal right to sue) capable of satisfying the decree and that the bank’s application for disclosure of financial books was therefore premature. The company argued that the bank’s application was intended to embarrass and blackmail the directors.

“The bank knowingly contracted us under an agreement requiring this insurance. Their application is premature and violates our constitutional property rights,” the directors stated in court filings.

However, the court dismissed Lloyd Masika’s objections, noting that the existence of an insurance claim did not exempt the firm from disclosing other financial affairs.

The court held that the insurance claim does not preclude the decree-holder from invoking Order 22, Rule 35 of the Civil Procedure, which allows decree holders to apply for the disclosures.

‘The purpose of this provision is to enable the decree-holder to obtain information on the company’s assets and financial affairs. Whether or not the insurance claim ultimately satisfies the decree is a separate question that does not foreclose discovery of other potential assets,’ ruled the court.

The ruling shows that upon furnishing the bank with the stated documents, the lender will be at liberty to apply for the cross-examination of the company directors in court, potentially leading to piercing the corporate veil-a rare move that would expose directors’ personal wealth to recovery efforts.

The preferred contractor for the Nairobi-Nakuru-Mau Summit Highway is heading into talks with the government seeking a raft of tax reliefs-including a 30-year corporate income tax exemption on toll revenues.

The consortium says the goal is to keep tolls affordable for motorists while making the project bankable for investors over the life of the concession.

A summary of the evaluation report published by the Kenya National Highways Authority (Kenha), the contracting authority, shows that the consortium of China Road and Bridge Corporation (CRBC) and the National Social Security Fund (NSSF) Trust has requested 18 tax exemptions. The government has since settled on the privately-initiated-proposal (P-i-P) for the CRBC-NSSF consortium.

Some of the tax sweeteners the bidders are looking for include relief from county cess and other levies that they argue raise the cost of delivering Sh170 billion toll road from Nairobi to Mau Summit in the Rift Valley.

However, the government has insisted that the CRBC-NSSF consortium should enter negotiations having designed the project under the existing legal tax regime.

The requested adjustments may only be considered for discussion at a later stage, and cannot be treated as pre-conditions for moving the project forward.

‘The Proponent is to proceed to the next stage subject to unequivocal and unconditional confirmation that it shall.apply the existing legal tax regime to the project,’ reads a summary brief of the project development phase documents for CRBC and NSSF. This sets a firm baseline for talks.

The CRBC-NSSF consortium has sought exemptions on virtually every tax applicable to the project, including value-added tax (VAT), corporate income tax, withholding tax and import duty-cost items they say feed into the eventual tolls that users pay.

The bidders argue that targeted reliefs would ease cash flow pressures and support faster delivery.

The group is seeking a corporate income tax holiday on toll revenues collected from motorists using the upgraded road over the 28-year concession period. They also propose that toll fees should not be subjected to the 16 percent VAT. Their view is that trimming these charges will reduce operating costs and help keep the price per kilometre in check for users.

The CRBC-led consortium has proposed a base toll of Sh8 per kilometre, adjustable to reflect inflation and exchange rate movements.

Under this approach, the toll would start at a set level and then rise modestly each year to account for the cost of money and imported inputs needed to maintain the road.

The proponent also wants VAT zero-rating for goods and services procured locally and imported for use on the project. This covers the construction of the road from Nairobi via Nakuru to Mau Summit, and the Nairobi-Maai Mahiu-Naivasha link. They further seek excise duty exemptions for imported or locally purchased vehicles above 1,500cc used on the project.

Additional requests include exemptions from import duty and the Export and Investment Promotion Levy on equipment and materials used on the road.

The consortium also proposes withholding tax exemptions on payments to non-resident expatriates during construction and operation, covering income, dividends, insurance premiums and interest on loans. They want similar relief for payments to resident contractors and agents working on the scheme.

Beyond operating taxes, the bidders want changes to the Income Tax Act to improve cash flow over the concession. They seek permission to carry forward tax losses from the project throughout the period by amending Section 15. They also want relaxation of interest deduction limits so all project-related interest can be deducted during the concession.

In addition, they propose a Capital Gains Tax exemption when the project special-purpose vehicle’s shares are transferred during the concession and again when the road is handed back to the government. This would require changes to the Eighth Schedule of the Income Tax Act.

The consortium also seeks relief on stamp duty. It wants renewal of a discontinued legal notice that granted exemptions for secured loan agreements used to fund strategic infrastructure. It further asks for renewal of Legal Notice 60 of 2016 to exempt stamp duty on the initial nominal share capital of the project company.

At the county level, the bidders want local levies and cess to be waivable under existing law. They point to the Public Finance Management Act, 2012 and county Finance Acts, which allow County Executive Committee Members for Finance to waive or vary county taxes, fees and charges under set criteria and proper documentation.

Taken together, the bidders say these measures would lower financing and transaction costs, ultimately helping to keep toll fees affordable for motorists.

The government, however, faces tight fiscal constraints and is likely to be cautious about granting extensive concessions when public finances are strained.

A massive nine out of every 10 of the Sh65 billion unclaimed assets, including cash shares and dividends, are worth below Sh1,000, piling pressure on the Unclaimed Financial Assets Authority (UFAA) to lower the cost of reunifying the properties with their owners.

Auditor-General Nancy Gathungu revealed that 17.7 million of the 20 million idle assets in the books of UFAA, or 88.5 percent as of the financial year ended June 2024, are worth sums below Sh1,000.

Cash sums below Sh100 formed the bulk of the idle asset records forwarded to the UFAA, with 61.5 percent or 12,318,000 falling under this category.

The Auditor-General said that holders of small amounts were forced to incur high costs, such as travel expenses and certification fees, when claiming the money from the agency. This resulted in most of them forgoing the money.

All claimants are required to present claim forms duly commissioned along with certified copies of the national identity card and the Kenya Revenue Authority PIN certificate. The cost of certifying the documents is an average of Sh500.

Claimants are also required to physically visit the office of the unclaimed asset holder to obtain an official letter, increasing the time and cost involved in lodging the claims.

‘Due to the non-differentiated nature of the claim process, apparent owners of unclaimed financial assets that were relatively low in value incurred the same cost as high-value claimants. Consequently, fewer claims were lodged, leading to a low reunification rate,’ reads the report by the Auditor-General.

The National Treasury was cited for failing to implement proposals by UFAA to simplify the claims process. The agency had proposed the use of a single standardised form to be signed by the claimant without certification by a judicial officer or legal practitioner. The small amounts accumulated to form a huge sum, with the authority previously disclosing that assets worth less than Sh5,000 totalled Sh43 billion.

These small amounts have been attributed to people forgetting their bank accounts, ignorance, relocation, and death.

Mobile money has also been cited for the small records, as dormant accounts are passed on to new users.

On the upper side, 2,000 records worth between Sh500,000 and Sh750,000 were submitted to the authority. Records worth more than Sh100,000 but below Sh500,000 were 22,000.

The auditor general urged UFAA to make use of Huduma Centres to decentralise its services and increase the rate of reunification with rightful owners of assets.

‘The audit established that the authority intended to deploy their staff in the Huduma Centres, although they had yet to recruit the required staff. This contributed to the low number of claims lodged and ultimately the low reunification rate,’ said Ms Gathungu.

As of August 2024, the authority had received Sh65 billion from holders of unclaimed assets, with four percent of the assets reunified with their rightful owners.

Assets are considered unclaimed if they are dormant for a long period. The period differs between asset classes; for example, dormant bank accounts become unclaimed after five years, while utility deposits such as water and electricity are marked unclaimed two years from the date service is terminated.

The Kenya Ports Authority (KPA) faces pressure ahead of the peak activity at the Mombasa port, coinciding with the December festivities.

Traders and shippers are cautioning of potential delays and congestion if the port agency fails to streamline operations to manage the anticipated high volume of cargo.

The number of vessels scheduled to dock in Mombasa is much higher compared to previous years.’

The port is braced for record vessel traffic in the next few weeks as traders rush to stock up ahead of the December festivities.

More than 50 vessels are expected to dock at the Mombasa port in the coming 14 days, including 34 container ships, 11 conventional cargo carriers, four car carriers, and two oil tankers.

The port traditionally records peak traffic in November, following a buildup in activity from late July into October as traders stepped up shipment of stocks in readiness for the Christmas period.

A latest Central Bank of Kenya survey of more than 1,000 private sector CEOs confirmed projections of heightened business activity ahead of December.

The survey shows private sector firms plan to raise the number of full-time employees in the final quarter of the year to support heightened activity anticipated during the festive period.

The CEOs expect improved business activity in the fourth quarter, relative to the third, with higher demand orders, sales, production volumes, and employment levels projected as consumer spending rises.

The Mombasa port handled 32.86 million tonnes of cargo throughput between January and September 2025, compared to 29.97 million during the same period last year, marking a 9.6 percent growth.

In the latest data, the port registered 1.55 million twenty-foot equivalent units (TEUs) between January and September 2025 compared to 1.46 million TEUs in 2024.

The increase represents a growth of 91,000 Teus, equivalent to 6.2 percent.

KPA Managing Director, William Ruto, said the agency has invested in equipment and technology to boost efficiency at the port.

‘Over the past year, the port has invested heavily in modern handling equipment and technology to boost throughput. Last month, we brought ten Rubber-Tyred Gantry (RTG) to improve efficiency and are part of the authority’s equipment modernisation programme, with the new cranes expected to ease rising cargo pressure at the port,’ he said.

KPA two weeks ago offered a significant amnesty on port storage charges for long-stay containers at the Mombasa port ahead of the peak season.

The agency offered an 80 percent waiver on the accrued storage fees as one of the strategies to ease pressure on the port. The amnesty runs until November 6, 2025. Any cargo not cleared by the deadline would be transferred to the Naivasha Inland Container Depot (ICD).

‘This measure is expected to improve port efficiency by clearing up space currently occupied by aged cargo. We intend to expedite the clearance of cargo by offering 80 percent amnesty on accrued storage fees,’ Mr Ruto said in an October 15, 2025, notice.

KPA said the waiver applies to long-stay containers that have been at the port of Mombasa for more than 21 days from the date of the notice, and those affected cargo owners must lodge a waiver application to be considered for the reduction.

While offering the amnesty, the KPA issued a firm warning regarding uncleared transit containers, saying that all long-stay transit containers that are not cleared within the notice period will be transferred to the Naivasha ICD.

‘This transfer will be at the owner’s cost. Furthermore, these containers shall attract normal storage charges from the date the container landed in Mombasa,’ Mr Ruto said.

Mary Claudio Trevisan’s journey to dual citizenship began with the 2010 constitutional shift.

After Kenya’s 2010 Constitution lifted restrictions on dual nationality, she seized the opportunity to reclaim her Italian roots flowing through her paternal grandfather’s Kenyan-Italian bloodline.

‘I’m Kenyan, born and raised here, but my paternal grandfather was half Kenyan, half Italian. After the 2010 Constitution was passed, I applied for an Italian passport. It took three years to come through.

Whether it could have been faster, I’ll never know,’ she tells the BDLife.

The mother of three, aged 15, 13, and 11, is now stepping up and taking the next necessary steps to secure a second residency for herself and the children.

She is part of a growing wave of affluent Kenyans exploring second residencies and citizenships, particularly in Italy.

In 2017, Italy introduced the Italian Golden Visa, a residence-by-investment programme designed to attract foreign capital by offering residency in exchange for strategic investments.

By investing in Italy’s economy, one earns the right to live, work, and study in the Mediterranean nation. The programme grants a two-year visa, renewable for an additional three years, provided the investment is maintained.

Holders may later apply for permanent residency once they meet the long-term stay requirements of 10 years. The scheme has quickly blossomed into a lifeline for wealthy Africans seeking global mobility.

Orience, a global investment migration firm operating in Africa from its South African base, tells the BDLife the scheme has been gaining traction in recent years among Africa’s ultra-high (UHNWI) and high-net-worth individuals (HNWI), with South Africans and Kenyans emerging as the continent’s most enthusiastic applicants over the past two years.

‘Residency-by-investment programmes such as Portugal’s Golden Visa or the US’s EB-5 programme, China, and India are always at the top, but among African countries, South Africa leads, followed by Kenya. Kenya’s numbers are still much lower than South Africa’s, but they’re growing quickly’ notes Lisa Bathurst-Orience’s Southern Africa Manager.

She notes, ‘The Kenyan number wouldn’t be anywhere near 60 percent; it’s a very small fraction as these programmes require a high level of wealth, so you’re really looking at the top five percent or so.’

Luxury Property firm Knight Frank classifies UHNWIs as persons with a net worth of above $30 million (Sh4 billion), while those whose net worth is at least $1 million (Sh128 million) are classified as HNWIs.

Kenya has a substantial HNWIs base of approximately 6,800 individuals compared to South Africa’s 41,000 as of August this year, according to The Africa Wealth Report 2025 compiled by Henley and Partners.

Initially, when the Italian Golden Visa launched, applicants were required to invest at least pound 500,000 (Sh75 million) to qualify.

However, in recent years, the enquiries and applications have surged when Italy slashed the minimum investment threshold to pound 250,000 (Sh38 million). With this, one can invest in stocks or shares of an Italian innovative startup.

Other investment levels are pound 500,000 in an active Italian company, pound 1 million (Sh150 million) as a philanthropic donation to a project of public interest in culture, education, immigration management, scientific research, or heritage preservation. The highest investment threshold is pound 2 million (Sh300 million) in government bonds.

When the Italian government lowered the entry investment, that move triggered an avalanche of inquiries from South African and Kenyan elites, according to Orience.

“I’ve never pursued a second residency for my children before, but with this opportunity, the timing feels right. I see this opportunity as giving them a chance to integrate, learn the language and culture, and study in Italy. Personally, I don’t speak Italian, it’s also an opportunity to invest there. The process now feels much more plug-and-play compared to when I applied in 2010 and had to wait until 2013 for approval.’

Since obtaining her Italian passport, Trevisan says one of the biggest perks has been the freedom to travel, and she believes an opportunity to secure a residency would benefit her even more.

‘ I barely remember the last time I applied for a visa to the US or Europe. An Italian Visa allows you visa-free access to about 20 European countries, and having once studied in the UK, I know just how frustrating visa applications can be, especially to European countries.’

Orience, which also offers its financial consultancy services for high-net-worth clients in other attractive residency markets such as Greece, Spain, and Portugal, says that, whereas these markets also offer very mouthwatering deals, it has been impossible to ignore the rising interest demand for the Italian Golden Visa by South Africans, Kenyans, and Namibians.

‘Italy’s Investor Visa or Golden Visa is fast becoming one of the most cost-effective and flexible residency routes for Africans seeking opportunities in Europe, and I see a few reasons for that. Initially requiring a minimum investment of pound 500,000, the threshold has since been lowered to pound 250,000 through an innovative real estate company accredited by the Italian government. Adding to its modern appeal, investors also now have the option to transact using cryptocurrency,’ says Lisa Bathurst-Orience, Southern Africa Manager.

Ms Bathurst adds that the processing times of Italy’s Golden Visa are also considerably faster, often taking three to four months compared to for instance, Portugal, which can extend over 12 to 18 months or even longer.

But that’s not all.

Italy also imposes no strict minimum stay requirement, whereas Portugal’s Golden Visa typically demands about seven days per year.

‘This scheme unlocks mobility across the 26 countries of the Schengen zone, education in top-ranked EU schools and universities, and Italian healthcare access ranked as one of the world’s best, and family inclusion – spouse and children under 18 and citizenship in 10 years with minimal presence of one day per year required,’ she goes on.

To further incentivise, the programme processing of Italian Golden Visa takes 60 days.

‘You’re approved for the visa before transferring any funds, which makes it low-risk. Investing in this Visa also comes with very attractive and favourable tax incentives and an assured three percent return on investments in government bonds.’ Ms Bathurst adds.

For citizenship paths, Italy requires 10 years of residency before naturalisation, matching Spain, while Portugal currently allows citizenship after five years, though proposed reforms may extend this period, Ms Bathurst adds.

Healthcare and education access

Once residency is established, it guarantees the investor access to essential public services, though a few distinctions remain between residents and full citizens.

Golden Visa holders are also eligible to register with Italy’s national healthcare system, the Servizio Sanitario Nazionale (SSN).

The SSN covers most essential medical services, with only modest co-payments required for certain treatments or prescriptions.

Compared to private healthcare, these costs are significantly lower, making public care an attractive option for most Italian residents.

Besides health care, without needing to relocate, the residency also offers access to European universities at local tuition rates.

Closure of Spain Golden Visa

The discontinuation of the Spanish Golden Visa in April this year has also contributed to the rise in enquiries and applications for the Italian Golden Visa.

Since its launch in 2013, before its suspension, the Spanish Golden Visa had been one of the most sought-after second residency programmes among African high-net-worth individuals.

The Spanish Golden Visas allowed individuals to make investments with an entry investment of Sh75 million in Spanish real estate businesses.

But visa holders were not obliged to live, work, or study in Spain, even though they had purchased the right to do so, meaning they could just as easily use properties as personal holiday homes or to rent out to tourists.

However, in 2024, the government announced it was stopping the programme this year to address the rising property prices and help ease Spain’s housing shortage, which could reach a deficit of 600,000 homes in 2025.

Venice, the new frontier

Such a geopolitical situation pushed investors to look for other options, and Ms Bathurst says the floating city of Venice is emerging as one of the most eye-catching Italian cities for wealthy Africans.

‘Beyond its rich cultural history and romance, Venice has become one of the most compelling strategic investment opportunities in Europe, especially for African families seeking residency through real estate.

‘The investments are in pre-existing hotels across Italy, such as the historic Garibaldi Hotel in Venice, now being refurbished under the luxury Soho Hotel Group. Because it isn’t a timeshare or faceless equity fund giving assurance of real ownership in hotels in one of the world’s most visited cities, it’s easy to see why there is a huge demand from Africa. The bricks and mortar boutique hotel is also just good business as Venice is in huge demand as a tourist destination and hence demand for hotel rooms consistently outpaces supply,’ she says.

Ms Bathurst also observes that the majority of these wealthy Africans are not looking to leave their home countries but have an investment tool that can earn them money in foreign currencies, which translates into good returns when reinvested in Africa.

‘The appeal isn’t really about whether Africans personally like Venice. You don’t even have to live in Italy to qualify for residency. But Venice is one of the world’s most popular tourist destinations, so investing in hotels or property there is secure and potentially very profitable. You can make money without ever setting foot in the country and still gain European residency. Its for these reason that the wealthy are increasingly investing abroad because these programmes allow them to diversify into strong currencies. The Kenyan shilling has been depreciating, which means local wealth is losing value. Investing in euros, pounds, or dollars acts as a hedge.’

Ms Bathurst further adds: ‘Also, Kenyans love tangible investments, especially real estate, bricks and mortar. So, these programmes appeal culturally, too. You can buy into property or a company that invests in property, and in return, you get more than just an investment so you gain lifestyle and tax benefits. For example, as a resident, you no longer have to worry about visa restrictions. There are also tax efficiencies if you move part of your business structure abroad.’

For the super wealthy Africans seeking even greater mobility, Ms Bathurst says they strongly advocate for Caribbean citizenships such as St. Kitts and Nevis, where a $250,000-$300,000 (Sh32 million – Sh40 million) investment grants a passport within five months, providing visa-free access to 168 countries.

Another option for those seeking even greater mobility is the US EB-5 Green Card.

‘We had a client, a Kenyan energy entrepreneur, who chose the US EB-5 Green Card route. By investing $800,000 (Sh103 million) in a US property project, he secured green cards for his family, saved significantly on his children’s university tuition, and gained permanent business access to the US market.’