Kenya overtakes Nigeria in mobile internet speeds as 5G use surges

Mobile internet speeds in Kenya overtook Nigeria’s for the first time in 2025, as uptake of newer generation networks improved performance and boosted value for money.

Average mobile speeds rose from about 21 megabits per second (Mbps) in 2024 to 45 Mbps by the end of last year, ranking Kenya third in Africa, according to tests by network intelligence firm Ookla.

Nigeria’s speeds also improved, from 26 Mbps to 44 Mbps. However, the slower pace of growth pushed it to fourth place behind South Africa and Morocco.

The faster speeds improved value for Kenyan users, as mobile data costs remained broadly stable at about Sh95 per gigabit – a price that had previously been higher than Nigeria’s despite slower connections.

The gains reflect increased adoption of fourth and fifth generation (4G and 5G) networks, as usage of older 2G and 3G technologies declined.

‘It is clear that a 5G launch was the main driver for improvement in mobile network performance,’ said Ookla’s Karim Yaici, head of research for the Middle East and Africa region.

Data from the Communications Authority of Kenya shows that 5G subscriptions rose by 60 percent in the 12 months to September 2025, to 1.5 million from 936,384 in 2024.

For the first time, 5G data usage exceeded 3G. Consumption rose by more than 16 million gigabits to 60 million gigabits in three months, while 3G usage fell to 51 million gigabits from 53 million in June.

‘Data consumption across 4G and 5G technologies continued to grow while 3G maintained a downward trend,’ the authority said in its latest quarterly bulletin.

4G, now the most widely used mobile technology in Kenya, recorded usage growth of more than nine million to 40 million, from 31 million a year earlier.

Globally, Kenya now ranks 80th in mobile internet speeds, one of only three sub-Saharan African countries in the top 100. South Africa ranks 64th, while Nigeria is 85th.

‘The sub-Saharan African region relies mostly on mobile infrastructure, with a huge usage gap between urban and rural areas. Infrastructure reliability is plagued by electricity shortages,’ Mr Yaici said.

The rise in 4G and 5G usage has also been supported by growing smartphone adoption, as more users shift from feature phones amid a device financing boom.

Ookla attributed the speed gains to infrastructure modernisation and expansion, network optimisation and stricter quality-of-service regulation.

Mobile internet speeds are expected to improve further as the regulator moves to tighten quality-of-service standards, raising the performance threshold from 80 percent to 90 percent.

Treasury gives US firm ultimatum on Sh468bn Nairobi-Mombasa Expressway plan

The National Treasury has issued an ultimatum to American investors seeking to build the proposed Nairobi-Mombasa Expressway, warning that the project will be abandoned if a revised plan fails to meet the threshold set by the Kenya National Highways Authority (KeNHA).

Everstrong Capital, a US private equity firm, was given a fresh opportunity to actualise the privately initiated project (PIP), which would rank among the largest public-private partnership deals on the continent.

KeNHA restructured Everstrong’s proposal last year to address responsiveness gaps.

The investor must now satisfy KeNHA’s requirements or risk cancellation of the proposal. The highways authority would then open the project to other bidders.

‘Everstrong Capital has submitted a revised development report. This is currently under review to determine if it meets the mandatory evaluation criteria,’ Treasury Cabinet Secretary John Mbadi said.

‘Should the proposal fail to meet requirements, KeNHA reserves the discretionary authority to treat the project as abandoned with finality under Section 43(11)(c) and Section 43(12). If abandoned, the project will transition to standard competitive procurement processes.’

The Treasury’s PPP unit last year directed the investors to prepare a fresh Project Development Report (PDR) demonstrating the bankability of the Sh468 billion project.

The four-lane expressway aims to reduce travel time and costs between Nairobi and the port city of Mombasa.

The PPP Directorate’s latest quarterly update shows the 419-kilometre toll road has been reverted to the feasibility study stage. This follows the PPP Committee’s rejection of the earlier development report for failing to meet revised criteria, including affordability and public interest.

A PDR confirms a project’s viability and affordability and outlines details such as technology, land ownership and environmental impact.

Everstrong has been seeking approval from the PPP Committee, which would allow it to engage KeNHA as the contracting authority and advance the project to the commercial stage ahead of financial close.

In July last year, the PPP Committee ruled that the proponents had failed to meet the relevant criteria.

Everstrong had proposed acquiring land for a greenfield corridor. KeNHA has since indicated that the project would instead follow the existing Mombasa highway alignment.

Had the project met public interest, PPP suitability, feasibility and affordability thresholds, the committee would have approved procurement under the Act.

Senior government officials cited uncertainty over land use and inadequate financial capacity as key reasons for rejecting the PDR.

The push for a greenfield design requiring extensive land acquisition proved particularly contentious.

Preliminary estimates placed land acquisition costs at Sh12.9 billion, potentially driving up toll charges.

PPP Directorate officials warned that such pass-through costs could make toll rates unsustainable, with projections showing motorists paying between Sh12 and Sh13 per kilometre – or about Sh5,280 for a full Nairobi-Mombasa trip. Heavier commercial vehicles would face higher charges.

Treasury’s first 2025/26 mini-budget lifts spending by Sh263bn

The first supplementary budget for the present 2025/26 financial year is set to increase government spending by Sh262.9 billion amid rising pressure from underperforming revenue collections.

New estimates by the National Treasury project spending for the fiscal year to June 30, 2026, to hit Sh4.532 trillion, up from Sh4.269 trillion in the approved budget.

The increase is largely attributable to recurrent spending, which is set to rise by Sh204.6 billion to Sh3.338 trillion, while the development vote goes up by Sh58.3 billion to Sh707.3 billion. Kenya’s recurrent spending has remained persistently high, driven by wages, allowances, and operational costs across the government.

The increased spending requirements in the planned mini budget will raise the fiscal deficit – the difference between total spending requirements and available resources – from Sh901 billion to Sh1.14 trillion or six percent of GDP from 4.7 percent.

Expenditure performance through the first six months of the 2025/26 fiscal year shows the government surpassed its target for recurrent spending on increased receipts on operations, maintenance, and debt service, while disbursements to development and counties suffered as a consequence.

‘The total expenditure and net lending for the period ending December 2025 amounted to Sh2.02 trillion, against a target of Sh2.09 trillion. The resultant below target expenditure of Sh72.6 billion is largely below target disbursement towards development expenditure and county governments,’ the National Treasury indicated.

‘Development expenditure was also below target by Sh33 billion, while transfer to counties recorded a shortfall of Sh50.4 billion, mainly due to delayed disbursements. The recurrent expenditure was above target by Sh10.9 billion, mainly due to higher than targeted expenditures in operations and maintenance, and domestic interest.’

The rising spending pressures are against an underperformance in revenue mobilisation, implying that the government will have to borrow more to plug the wider budget hole.

As at the end of December 2025, total revenue, including Appropriations in Aid (A-i-A), amounted to Sh1.5 trillion against a target of Sh1.637 trillion. A-i-A are revenues generated directly by government departments or agencies – such as service fees, charges, or donor funds – retained for operational costs rather than being deposited into the Consolidated Fund.

Revenue collection was below target by Sh136.1 billion, with the outcome being attributed to underperformance recorded in ordinary revenue or taxes of Sh115.3 billion and Sh20.8 billion in ministerial appropriations.

‘The ordinary revenue collection was Sh1.236 trillion against a target of Sh1.351 trillion. All ordinary revenue categories except import duty recording below target performance during the period under review,’ the National Treasury added.

The National Treasury is expected to lean on the domestic credit markets to plug the widened deficit, with the target for net domestic borrowing rising by Sh272.4 billion from Sh613.5 billion to Sh885.9 billion.

The increased spending requirements in the planned mini budget will raise the fiscal deficit – the difference between total spending requirements and available resources – from Sh901 billion to Sh1.14 trillion or six percent of GDP from 4.7 percent.

Expenditure performance through the first six months of the 2025/26 fiscal year shows the government surpassed its target for recurrent spending on increased receipts on operations, maintenance, and debt service, while disbursements to development and counties suffered as a consequence.

‘The total expenditure and net lending for the period ending December 2025 amounted to Sh2.02 trillion, against a target of Sh2.09 trillion. The resultant below target expenditure of Sh72.6 billion is largely below target disbursement towards development expenditure and county governments,’ the National Treasury indicated.

‘Development expenditure was also below target by Sh33 billion, while transfer to counties recorded a shortfall of Sh50.4 billion, mainly due to delayed disbursements. The recurrent expenditure was above target by Sh10.9 billion, mainly due to higher than targeted expenditures in operations and maintenance, and domestic interest.’

The rising spending pressures are against an underperformance in revenue mobilisation, implying that the government will have to borrow more to plug the wider budget hole.

As at the end of December 2025, total revenue, including Appropriations in Aid (A-i-A), amounted to Sh1.5 trillion against a target of Sh1.637 trillion. A-i-A are revenues generated directly by government departments or agencies – such as service fees, charges, or donor funds – retained for operational costs rather than being deposited into the Consolidated Fund.

Revenue collection was below target by Sh136.1 billion, with the outcome being attributed to underperformance recorded in ordinary revenue or taxes of Sh115.3 billion and Sh20.8 billion in ministerial appropriations.

‘The ordinary revenue collection was Sh1.236 trillion against a target of Sh1.351 trillion. All ordinary revenue categories except import duty recording below target performance during the period under review,’ the National Treasury added.

The National Treasury is expected to lean on the domestic credit markets to plug the widened deficit, with the target for net domestic borrowing rising by Sh272.4 billion from Sh613.5 billion to Sh885.9 billion.

Kenya has traditionally issued two to three supplementary/mini budgets over a financial year.

The National Treasury has issued three supplementary budgets since Mr Mbadi took over office on August 8, 2024.

The Treasury was forced to table its first mini-budget early in the fiscal year 2024/25 after the rejection of the Finance Bill, 2024. The second mini-budget was, meanwhile, forced by the underwhelming performance of new tax measures legislated in December 2024.

The National Treasury on June 18, 2025, tabled its third supplementary budget for the 2024/25 fiscal year, less than a fortnight before the end of the financial cycle. The third supplementary budget proposed to increase the overall budget for the year to June 30, 2025, by Sh18.9 billion, with the big winners from the mini-budget being the State House, Teachers Service Commission, the State Department of Higher Education, Internal Security, and the National Intelligence Service.

Why court declined to halt KTDA CEO hiring

The Employment and Labour Relations Court has declined to suspend the recruitment of the chief executive of the Kenya Tea Development Agency (KTDA).

Instead, the court directed the petitioner, Javan Onyango, to serve court documents on all parties named in the case. The matter will be heard on February 17.

The court said the orders sought by Mr Onyango ‘amount to the influence of the managerial powers of the employer’.

‘The court cannot issue such orders ex parte,’ it said.

Mr Onyango argued that KTDA advertised the recruitment of a group CEO in January 2026 without following due process and in contravention of several constitutional provisions.

He submitted that the alleged violations threaten principles of equality, fair labour practices and fair administrative action, affecting more than 600,000 smallholder tea farmers who depend on KTDA and Kenya’s foreign exchange earnings.

‘The petitioner avers that if this impugned decision is not halted, it will entrench these unconstitutional actions and cause irreversible institutional harm,’ he said.

Mr Onyango further claimed that the process was founded on selective retirement enforcement and arbitrary bypassing of other officers. If allowed to proceed, he argued, it would render the petition nugatory, cause irreparable harm to the sector and set a dangerous governance precedent in quasi-public institutions.

Forced leave

He said former CEO Wilson Muthaura was allegedly forced into terminal leave on January 16, 2026, upon attaining the mandatory retirement age of 60.

According to the petitioner, this was done without considering an extension under Section 80(2) of the Public Service Commission Act, 2017 and PSC regulations, which allow extensions in cases of rare expertise or public interest.

‘The selective enforcement of the retirement age against the said Wilson Muthaura without extension, while no similar strict application was applied to prior executives in comparable circumstances, constitutes arbitrary and discriminatory treatment in violation of Article 27 of the Constitution and lacks any rational or legitimate public purpose,’ he said.

He added that Simon Rugut, the group finance and strategy director, was allegedly bypassed on the grounds that he was on ‘approved leave’, without any attempt to recall him, contrary to Section 28 of the Employment Act, 2007.

Mr Onyango further argued that instead of following internal succession protocols, the company appointed Francis Miano as acting group CEO and advertised the substantive position without stakeholder consultation, transparency or public participation, as required under Article 232(1)(f) of the Constitution and Section 5 of the Tea Act.

He urged the court to halt the process, saying the balance of convenience favoured conservatory orders to preserve the status quo pending the determination of the petition.

‘That no meaningful consultation was held with smallholder tea farmers, farmer-elected directors or the supervisory Ministry of Agriculture and Livestock Development prior to the bypassing decision, the acting CEO appointment or the commencement of the recruitment process, thereby violating the participatory governance principles enshrined in the Tea Act, 2020 and Article 10 of the Constitution,’ he said.

Rating KPC’s IPO: Is the Sh9 share price a good deal for you?

After an 11-year listing drought on the Nairobi Securities Exchange, the Kenya Pipeline Company (KPC) is finally breaking the ice. Its initial public offering (IPO) is here, but with a Sh9-per-share entry point, is it cheap, or just affordable? How do you discern a good deal from the ‘froth’ in the market?

In this special episode of Make Money, Wesley Manambo, Senior Research Analyst at Standard Investment Bank (SIB), breaks down the fundamentals of the KPC deal to help you separate the wheat from the chaff.

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

Stocks 101: Your guide to opening a CDS account and making your first trade – Episode 8

Can AI replace your financial advisor? – Episode 9

Bubble or Boom? Decoding the AI-fuelled market frenzy – Episode 10

Black November: How to find investment bargains – Episode 11

The 2025 investment scorecard: Where did Kenyan investors win? – Episode 12

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

Safaricom share rallies to hit Treasury’s deal price

Safaricom’s share price has rallied to hit Sh34, the level at which the National Treasury agreed to sell a 15 percent stake in the telco to South Africa’s Vodacom Group.

This means that it has taken just over two months for the market to close the premium that the government said it had negotiated in the deal.

The State will get Sh204.3 billion for its six billion shares and a separate Sh40.2 billion representing an upfront payment of dividends that will accrue on its residual 20 percent stake in Safaricom. This will bring its total payout to Sh244.5 billion.

The Cabinet Secretary for National Treasury and Economic Planning, John Mbadi, has said that the Sh34 per share deal was arrived at by applying a premium on Safaricom’s share price on the Nairobi Securities Exchange (NSE).

The price represented a premium of 18.4 percent to the telco’s average trading price in the 90 days to December 2, 2025, the day before Vodacom submitted its offer.

It also represented a premium of 33.9 percent to Safaricom’s average stock price in the 90 days before the offer was filed.

On December 3, 2025, when Safaricom’s board was informed of the agreement between Vodacom and Treasury, the telco’s stock closed at Sh28.2.

The share price started rising the next day to hit a high of Sh34 on Thursday, driven by the company’s strong earnings growth and declaration of a higher interim dividend.

The share price closed at an average of Sh33.85, having hit a high of Sh34 and a low of Sh33.3, according to market data.

In a market update to investors, Vodacom’s chief executive Shameel Joosub said the multinational managed to ‘get a good price’ in the deal after trying to raise its stake earlier when Safaricom’s shares were even cheaper.

He was responding to a question on why Vodacom had not sought to buy Vodafone Group’s five percent stake in Safaricom in 2024. Vodacom is also now buying the Vodafone stake at the same price of Sh34 per share.

‘And the other thing, just to, on the Vodafone, why didn’t we buy it at a lower price, because, honestly, they weren’t that stupid to sell it to us at the low, of course, we tried, but they weren’t biting,’ Mr Joosub said in response to the question.

Safaricom’s share price rally has been linked to a substantial rise in earnings and dividends in a generally bullish market.

The telco raised its interim dividend payout by 54.5 percent, nearly matching its half-year profit growth.

The company announced it will pay an interim dividend of Sh0.85 per share, up from Sh0.55 per share.

The announcement follows the company booking a 52.1 percent net profit growth to Sh42.7 billion in the half year ended September 2025, buoyed by double-digit growth of the financial services platform M-Pesa.

Safaricom will pay an aggregate interim dividend of Sh34.05 billion to its shareholders, with the government taking Sh11.92 billion for its current 35 percent stake.

The godfather of Kenya’s advertising turns 90 – and still comes to work

Raul Martyres, the godfather of advertising, remains strong even in his stumble. He is turning 90 this year, so you’d expect him to have a bad knee. Unbowed is the posture of a man who has spent nearly five decades building one of Kenya’s most respected advertising agencies-Access Leo Burnett, which he founded in 1979. A pesky knee isn’t going to get in the man’s way.

In the 1950s, he started writing hockey commentaries for The Standard, moved into insurance, then advertising, learning the craft in an era when media meant newspapers and the occasional radio. He watched television arrive and change everything. He lived through independence, through the evolution of brands, through the digital revolution that has upended his industry yet again. And he survived Covid-19. Through it all, he held onto a simple philosophy: Understand people deeply, build brands thoughtfully, and never compromise on integrity. ‘Success means very little,’ he says, ‘if it isn’t achieved with integrity.’

We meet at his office, where he still comes in as often as he can-not every day, but often enough to stay connected, to read the newspapers, to walk the corridors and exchange words with younger colleagues who probably don’t fully grasp that they’re working alongside history. He is the chairman now. Forty-five years later, the agency still stands, led by his daughter Annette, who took over as managing director in 2007.

Where does your life story begin?

I was actually born in Kisii-not Nairobi, as many people assume. My father was working for the government at the time, which was then the British government, in the medical department.

He was stationed at the hospital there, and that’s how my life began-at a time when there was almost nothing in Kisii. We didn’t stay long. I must have been about three or four when my father was transferred to Kisumu.

After that he moved around a bit, and eventually we settled in Nairobi, which is where I grew up for most of my life. My father was a very good man. I have great respect for him. We were brought up differently then-there was a strong emphasis on respect, especially for elders.

My mother was there as well; even though the hospital was still being established, they managed to have me there. My father was actually part of the team setting it up. This was a long time ago-1936.

Eventually, we moved to Nairobi. I studied here for a while, then went to Goa, in India, for further studies. After that, I came back to Kenya and started working here.

Was there any indication earlier on in your youth that you’d end up in advertising?

Growing up, I played a lot of competitive hockey. I loved the game-played it seriously and followed it closely-and that pushed me into writing. After matches, I would write short commentaries and send them to The Standard, which was the only newspaper then. I’m talking about the 1950s. Almost invariably, they were published. The paper was run by the British at the time. That was my first real relationship with newspapers-my first understanding of media.

At the same time, I was working in an insurance company, still playing hockey, and still writing. Hockey mattered then. Kenya went to the Olympics and played teams like India and Pakistan-the giants of the game. It felt significant.

Eventually, I secured a job at an advertising agency called Famal-African Amalgamated Advertising Contractors. It was South African-owned, but they were good people. I worked there from about 1958 to 1961.

Around independence, the agency closed down, and I moved to S.H. Benson, a strong and respected British agency. I joined client service, though I began in production and later moved into media.

I built up the media department, working mainly with newspapers across East Africa and radio stations. That was the landscape then-advertising was regional and shaped by the colonial structure.

Later, S.H. Benson was taken over, and Ogilvy came in. That period was important for me. It was a great organisation, led by people who truly understood the craft. I flourished there. I spent about 15 years in client service, was appointed to the board, and was seconded to London for six months. That’s where my professional life truly took root.

You must have been very young. Were you married?

I was in my 20s then-late 20s, really. Being in London gave me proper exposure, a kind of training. You sit in those offices and begin to understand how that part of the world works, how decisions are made, how the industry thinks. I was already married by then. I got married quite young, actually-at 23.

Yes, I was already working at the agency at the time. I had known my wife from much earlier, from our teenage years. We used to meet at dances and clubs, the usual places. We had also gone to the same school originally-Dr. Ribeiro, which is now Parklands School. We grew up around the same area, our families knew each other… That’s probably why getting married young felt natural to us.

So you are working for Ogilvy in London.

I spent six months with Ogilvy in London, working out of their offices. I observed as much as I could and attended a few courses-marketing, presentation skills-but the real education came from watching how advertising was evolving globally.

When I returned, I was appointed to the board and served for about eight years. I even stepped in as acting managing director for a period. But I could sense I had reached the glass ceiling.

I wasn’t interested in moving to another agency; it would have been more of the same. That’s when the idea of starting on my own began to take shape. I was about 40.

It took a couple of years to plan carefully. I felt a strong loyalty to the agency and didn’t want to take any of their clients. Eventually, an opportunity came through Nicholas Kiwi-a solid company with strong products like Clear Tone and Hair Glow, Kiwi.

They believed in advertising and did it properly. When you have a good client like that, the work is stronger. I had worked with their managing director years before, and when he was looking for a smaller agency that could give them focused attention, the timing felt right.

You jumped ship.

I took the leap and started on my own. My wife, Evelyn, played a huge role in that decision. When you make a move like that, you need your wife fully on your side.

Some friends thought I was making a mistake-leaving a good position, already established. But she believed in it. We both understood that in the beginning, we would have almost nothing while we built the business. And that’s exactly how it was. I started with three or four people. It grew slowly and steadily. That was around 1979-about 45 years ago. The early days were exciting. There were approvals to secure, and plenty of running around. I was still young enough to move fast.

From the start, we were clear about the kind of agency we wanted to build. We weren’t trying to be the biggest or the loudest. We worked quietly. What mattered was building brands, grounded in deep human understanding.

Anyone who joined us had to understand people-their nature and how it changes. Looking back, I’m proud of the work we did. In those early years, I brought in outside artists and specialists when needed. It was a good time.

I can imagine..

As the agency grew, we formed an affiliation with DMB overseas. Through that, we secured the Procter and Gamble account and launched Always in Kenya in 1995. It was a sensitive category at the time, so we handled it carefully with testimonial storytelling. It became a leader. I learned early that you don’t build an agency on short-term deals. You build it on brands and long-term thinking.

We created Copycat from scratch, grew Hair Glow, Clear Tone and Aspro, and did consistent work for Kiwi Shoe Polish. We developed Brookside into a strong brand and designed its logo in the mid-90s.

We also ran a weekly radio show for Hair Glow and introduced a structured shoe-shining programme through Kiwi that taught basic business discipline.

Our work attracted Leo Burnett as an equity partner, later part of Publicis Group, connecting us to a global network for over 25 years. We also won and launched Orange Telecom in Kenya.

Markets changed-especially with digital-but the fundamentals of good advertising did not. The principles remain the same: understand people deeply, respect the craft, and act with integrity. I used to walk through supermarkets myself to see what people actually picked up. That kind of learning matters.

Leadership, I found, is not about having all the answers. It’s about creating an environment where talent can grow while holding firm to standards-integrity, quality, and respect for the audience. That was always our compass.

What has surprised you about the changes in advertising?

Change has been fast-dramatic-and you have to be ready for it. Television first created real movement. Radio has always been there and still offers a strong reach for certain audiences.

Digital, however, has shifted the landscape entirely, introducing new ways of seeing, consuming and reacting. The dynamic has changed, especially for younger generations. It’s largely positive-but it must be handled carefully. You can’t assume that because digital exists, you understand everything.

The business environment has changed just as much. Clients expect faster service and quicker results. Digital has created a sense of urgency. But speed alone is not enough. There still has to be thought, structure and principle behind the work.

Standards matter-how you approach the craft and how you build solutions. We’ve adapted and continue to thrive because we’ve held onto those fundamentals while learning to operate in a faster, noisier world.

If you were to do things all over again, which career would you choose?

Advertising.

What do you want to be remembered for?

I’ve covered most of what surprised me-the pace of change, especially with digital. But I’ve come to believe that every generation has its own media revolution.

Digital is simply the latest chapter. What truly matters is not the platform, but the quality of thinking behind it. Technology should serve creativity, not replace it.

As for why I chose advertising, it was always about ideas, about understanding people, and about shaping messages that mattered. And when I think about what I would like to be remembered for, I hope it’s this: building an agency that valued people as much as performance, ideas as much as results, and ethics as much as growth. Success means very little if it isn’t achieved with integrity.

Your legacy should be about work…

That’s been my life.

What regrets do you have?

On a personal level, there are regrets, of course. I lost my wife, and those are things of a different order altogether. But work-wise, I honestly don’t think I have any regrets.

I feel at peace with the choices I made and the path I took. There is, however, one very important part I was about to talk about-something that really matters.

Go ahead.

[Shuffling pages] I handed over to Annette in 2007. I suppose my passion was a little contagious-two of my daughters joined the business, which is a legacy I’m proud of.

Annette studied in England, earned her degree there, and later trained at the School of Communication Arts, where she also worked in administration.

After returning to Kenya and joining us, she received a USAID scholarship to study in the US. She completed her Master’s in communication at Syracuse University, came back, and in 2007 became managing director. That’s when I stepped back.

She has now led the agency for nearly 20 years, and I remain involved in a supportive role. My youngest daughter, Carla, worked in London for an international news organisation before returning home. She now heads our finance department.

Did you long for sons at some point?

I never really worried about it. Of course, it might have been nice to have a son, but it honestly didn’t matter to me-or to my wife. It never even occurred to us as an issue. We were quite happy with our girls.

Did you ever think about remarrying when your wife passed on in, what, 2014?

No.

Why not?

Because I had a very good relationship with my wife. I still feel close to her. I pray for her, I carry her with me, and I keep going. And I have my daughters around me. That has been enough.

Does it get lonely?

I live with one of my daughters. The house has an upstairs and a downstairs, so we share it. We eat together and spend time together, so it’s not lonely. She has twin boys who finished school here and later went to Vancouver. They’re now married, each with three daughters.

So yes, I’m a grandfather to many little girls-and I enjoy it very much. They were all here for Christmas, and we had a wonderful time.

What do you enjoy most at this stage of your life?

I used to play golf, but I had to stop because of my knees. These days, I walk a lot, and I read-a lot. Reading, especially, has become a real pleasure. I mostly read professional and business books rather than novels. I enjoy authors who offer insight, who make you think about how things work and why they work the way they do.

What do you seek to accomplish this year?

You might be surprised to hear that in a day or two, I’ll be going into the hospital to have my knee replaced. I’m going in on Sunday. I’ve reached a point where I had to make the decision, even at my age, to the surprise of many people. But the truth is, if I go on like this, I’m left with a limp. I can’t climb stairs properly with this leg anymore.

Do you think about mortality a lot?

I hadn’t even fully taken it in myself until recently-that I’m turning 90 this year. Ninety. It’s a long life, really. When I turned eighty, I thought, ‘well, this must be it now’. But the years just kept moving, and suddenly here I am at ninety. So I told myself, let me do this knee and get on with it. As long as God allows, you keep going.

So how often do you come here?

I don’t come in every day, but I come as often as I can. The good thing about it is that it gives me a reason to wake up, to think about the office, to get dressed and come in. When I’m here, I sit around, read the newspapers, look around, and walk around a bit. It keeps me connected.

Do they give you duties?

I don’t have a specific role, but they consult me from time to time. Annette will sit with me to discuss particular issues. When I’m here, I feel good.

I enjoy meeting the young people-they say hello, and we exchange a few words. They don’t ask much on their own, but if I call them in, we talk about the business here and there. I like explaining things simply.

And it’s not only advertising. We talk about sports-hockey, of course. These days, tennis as well. And football. Arsenal is my team now. It used to be Manchester City.

I tell those still stuck on Manchester United that you don’t support a name-you support the team and the manager. The new Arsenal manager has learned a lot and pushed the team forward, so I give him my support.

What is the big question you are asking yourself now?

Questions? I don’t think I have any questions left.

Is there something you wish you had done in life that you didn’t do?

Not now, no. I don’t have anything else. I’ve lived my life. I think I’ve done a fairly good job. I stay close to my family-wherever they are in the world, we keep in touch. They write to me, emails and messages, all of that. It keeps me alive.

Listen to fund managers on EABL stake sale

When the Kenya Fund Managers Association (FMA) speaks, it is not merely another lobby group angling for advantage in a corporate contest.

Its members are the stewards of the bulk of Kenya’s retirement savings and insurance assets – funds that belong to teachers, civil servants, factory workers and millions of ordinary citizens whose financial security rests on the integrity of our capital markets.

That is why its recent letter to the Capital Markets Authority (CMA), urging enforcement of the mandatory takeover provisions in the EABL-Asahi transaction, deserves serious and transparent consideration.

At the heart of the matter lies a straightforward regulatory question. The Capital Markets (Takeovers and Mergers) Regulations, 2002 are clear. Regulation 3 defines ‘effective control’ as the acquisition of 25 percent or more of a company’s voting rights.

Once that threshold is crossed, the law deems the transaction a takeover, triggering a mandatory obligation to extend an offer to all remaining shareholders on equal terms.

In this case, Asahi’s acquisition of 65 percent is not marginally above the threshold – it is nearly three times the trigger level. On the plain reading of the regulations, this is a control transaction that should require a mandatory offer to minority shareholders.

To be sure, the regulations give the CMA discretion to grant exemptions. But discretion is not the same as arbitrariness. Exemptions were contemplated for exceptional situations – rescuing a distressed firm, facilitating a court-approved restructuring, or advancing an overriding public interest that would be undermined by strict compliance.

EABL is not a distressed company on the brink of collapse. Nor has this transaction been framed as a systemic rescue. It is, by all accounts, a strategic control acquisition.

In such circumstances, the burden must lie on the regulator to explain why the mandatory offer provisions should not apply. Clearly, the principle at stake is larger than this single transaction.

Mandatory takeover rules exist for one central reason: to protect minority shareholders when control changes hands.

When an acquirer pays a premium for control, that premium reflects the value of strategic direction, board influence and future cash flow dominance. Minority shareholders are entitled, under the law, to share in that premium by being given the option to exit on equivalent terms.

Without that protection, they may find themselves locked into a company under a new controlling shareholder whose priorities or governance style may differ fundamentally from the past.

Kenya has precedents that reinforce this principle. In past control transactions – including high-profile deals such as Bamburi – minority shareholders were accorded the protections envisioned under takeover regulations.

Consistency matters. Capital markets thrive not merely on good rules, but on predictable and even-handed enforcement of those rules.

If the regulator departs from precedent, it owes the market a detailed and reasoned explanation. Silence or opacity breeds suspicion. Transparency builds trust.

It is also important to clarify what this debate is not about. It is not an attack on the commercial merits of the EABL-Asahi transaction. Strategic foreign investment is welcome. Control changes are part of dynamic markets. Nor is it about vilifying the CMA.

Regulators operate under complex pressures and must balance competing interests. Rather, this is about regulatory credibility.

Investors – local and international – allocate capital based on their assessment of regulatory predictability. If enforcement of takeover rules appears discretionary or inconsistent, risk premiums rise. That ultimately raises the cost of capital for Kenyan companies and undermines efforts to deepen the capital markets.

Kenya is at a critical juncture in financial sector reform. Policymakers are pushing for greater domestic retail participation in capital markets, encouraging retail investment and mobilising long-term savings for infrastructure and industrial growth. These ambitions rest on a simple premise: that markets are fair, rules-based and transparent.

Kenya’s capital markets do not operate in isolation. The FMA letter to the CMA correctly points to recent precedents that demonstrate how serious regulators handle these situations.

When Tolaram acquired Diageo’s 58.02 percent stake in Guinness Nigeria, Nigerian regulators enforced the mandatory takeover offer.

Similarly, when Canal+ exceeded the takeover threshold in MultiChoice Group in South Africa, the Takeover Regulation Panel compelled a mandatory offer to all shareholders. These regulators understood that protecting minority shareholders is not optional-it is the foundation of market integrity.

Audit finds 90pc of county hospitals lack ICU units

Nine out of ten Level 4 hospitals in Kenya have no intensive care unit (ICU) or high dependency unit (HDU), exposing a critical gap in the country’s emergency medical system.

This forces patients requiring critical care to be referred to Level 6 hospitals, straining the resources of these national tertiary facilities with cases that should have been stabilised at the county level.

A report by Auditor-General Nancy Gathungu found that 90 percent of Level 4 hospitals and 33 percent of Level 5 hospitals lack ICU or HDU facilities, a direct violation of national health regulations that mandate these facilities at all county referral hospitals.

The Kenya Medical Practitioners’ Hospital Checklist for Categorisation of Health Institutions requires Level 4 hospitals and above to have HDU and ICU to offer critical emergency care. The regulations specify that Level 4, Level 5, and Level 6 hospitals must have 6, 12, and 24 functional ICU beds, respectively.

The audit found that none of the 33 sampled Level 4 hospitals met the minimum requirement for ICU bed capacity.

Out of 15 sampled Level 5 hospitals, only Coast General Teaching and Referral Hospital had met the mandatory 12-bed requirement.

‘Interviews and physical verification in the sampled hospitals revealed that 30, representing 90 percent out of 33 Level 4 hospitals, and five, representing 33 percent, out of 15 Level 5 hospitals did not have ICUs and HDUs, respectively,’ said Ms Gathungu.

Meanwhile, the few ICUs that exist are most understaffed, with too few nurses trained in critical care to safely manage patients requiring continuous monitoring and specialised treatment.

The report attributes the ICU shortage to a fundamental governance failure, including counties lacking ring-fenced budgets for emergency medical care.

“Counties do not have ring-fenced emergency medical care budgets. Funds for emergency care are mixed with other health expenditures, and even hospitals lack specific budget lines for emergency services,’ the audit stated.

This financial structure has left hospitals unable to meet mandatory requirements for ICU beds, train nurses in critical care, purchase or maintain ventilators, or stock specialised drugs and equipment required for ICU patients. The audit found that 90 percent of Level 4 hospitals lack piped oxygen systems, a basic requirement for intensive care.

The audit further found a lack of step-down units, the intermediate care wards where patients transition out of intensive care, meaning they are often moved straight from the ICU to general wards or stay in the ICU for recovery, limiting the already small number of ICU beds available.

“Due to a lack of functional HDU beds, patients would be moved from the ICU directly to the wards or be retained at ICU for recuperation; this further limits the availability of already strained ICU bed capacity in the hospitals,” Ms Gathungu stated.

According to the Kenya Master Health Facility list by the Ministry of Health, there were about 358 Level 4 hospitals and 14 Level 5 hospitals in the country as of 2022.

Level 4 hospitals are sub-county hospitals that serve as primary referral facilities, while Level 5 hospitals are county referral hospitals providing more comprehensive secondary referral services, including internship programmes for medical staff and serving as training centres for paramedical professionals.

Kenya to tap planned Sh27bn farm produce support project

The International Finance Corporation (IFC) proposes to invest up to Sh5.16 billion ($40 million) in planned two risk-sharing facilities with Standard Chartered to support the purchase, storage, and sales of agricultural commodities and fertilisers in Kenya and several other sub-Saharan African countries.

The proposed project involves two risk-sharing facilities with Standard Chartered Bank for two trade finance facilities of up to Sh26.99billion ($230 million) to support the sub-Saharan Africa (SSA) operations of ETC Group, a diversified agricultural commodity trader and supply chain manager.

‘The project will support the purchase, storage, and sales of agri-commodities and fertilisers in SSA countries such as Malawi, Benin, Kenya, Tanzania, etc,’ the World Bank’s private sector lending arm said in a disclosure.

‘Commodities financed by the project are bought from mostly smallholder farmers in SSA and sold to wholesalers, cooperatives, NGOs, and governments in various IDA (International Development Association) countries and into the international market’.

ETG and the IFC have worked together before to support smallholder farmers by increasing access to agricultural inputs, last-mile distribution, and market linkages across several African countries, reaching tens of thousands of farmers through training and advisory services.

Banks regularly issue trade facilities to facilitate domestic and international trade by managing risks such as non-payment, currency fluctuations, and political instability while bridging cash flow gaps.

The facilities enable importers to pay for goods later and exporters to receive funds sooner, often involving letters of credit, trade loans, and invoice financing.

ETG is majorly owned by Mahesh Patel (chairman), Ketan Patel (joint group CEO), and Birju Patel (joint group CEO) with a controlling stake of 52.15 percent.

Other key stakeholders are Mitsui and Co Ltd via its African arm, MIT African Management Limited (31.9 percent), and Public Investment Corporation (13.9 percent), with the balance held by Executive Directors (1.69 percent).