Category: Business Daily

Financial services firm, Mogo, has secured Sh800 million loans from I and M Bank and Ecobank to expand financing for assets such as motorcycles, vehicles, and smartphones in Kenya, targeting underbanked individuals and small businesses.

The fund is expected to boost Mogo at a time when demand for credit-backed asset financing is rising among informal sector workers, particularly boda boda riders and micro-entrepreneurs who are seeking ownership instead of daily rental arrangements.

Mogo said the capital will be deployed primarily towards financing motorcycles and vehicles, which remain critical tools of trade for millions of Kenyans operating in the transport, delivery, agriculture, and informal commerce segments.

‘Mogo has secured Sh800 million in local funding from two Kenyan banks, I and M Bank and Ecobank, to expand its operations in Kenya,’ said the firm in a statement.

‘The funding will support income generation for individuals and small entrepreneurs through motorcycle and car ownership, while also improving digital inclusion through smartphone financing.’

Motorcycle ownership has increasingly emerged as a pathway to income stability as riders move away from high daily rental fees that erode earnings and limit long-term financial progress.

Access to credit, however, remains a major constraint, with many riders and small traders excluded from traditional bank lending due to lack of collateral, formal income records, or credit history.

Mogo’s model focuses on asset-backed lending, where financed motorcycles and vehicles serve as collateral, widening access to borrowers locked out of formal credit markets.

The latest funding preceded the launch of a two-year bond programme arranged by Dry Associates Investment Bank, which targets both institutional and individual investors in Kenya and seeks to raise up to Sh1.5 billion for the asset financing firm.

The bond is secured by Mogo’s European parent company, Eleving Group, as well as the firm’s loan book.

The funding also comes after the firm significantly enhanced its physical footprint in Kenya, opening 40 new branches across the country last year.

The lender now operates more than 80 branches nationwide, reflecting continued reliance on physical presence to serve customers who remain outside digital-only financial ecosystems.

Mogo said its funding mix now stands at 60 percent local and 40 percent international financing, with more than 80 percent of total funding denominated in Kenyan shillings.

This shift reduces exposure to exchange rate volatility, which has weighed heavily on lenders and borrowers in past years amid currency swings and tighter global financing conditions.

Banks have historically struggled to profitably serve the country’s informal segment due to higher operating costs and perceived risk, as well as regulatory capital requirements tied to unsecured lending.

Partnerships between banks and specialised asset financiers are tailored towards allowing lenders to deploy capital into the sector while leveraging alternative collateral structures.

The involvement of I and M Bank and Ecobank in the Mogo deal signals growing comfort among banks in supporting asset-backed lending models linked to the informal economy.

In a nation ruled by margins, metrics, and market swings, love remains the only asset that compounds without volatility.

This Valentine’s Day, step away from the dashboards and deal sheets to rediscover the partnership that outperforms every index. Because even in the high-stakes corridors of commerce, the heart is the most strategic investment you will ever make.

In the glass-walled boardrooms of Upper Hill and the bustling tech hubs of Westlands, we are trained to worship at the altar of the bottom line. We hedge against currency fluctuations, obsess over year-on-year growth, and scrutinise every supply-chain bottleneck.

Yet, as the calendar turns to February 14, the savvy executive must acknowledge one market reality. the most significant merger you will ever negotiate does not happen on a term sheet, but across a candlelit dinner table.

Warren Buffett, the Sage of Omaha and the ultimate arbiter of value, has often noted that the most important investment one makes is not in a stock, but in a spouse. To the Berkshire Hathaway faithful, he famously quipped: ‘The most important decision you have to make in your life is whom you’re going to marry. It will dictate the rest of your life.’

In local parlance, love is the ultimate forever holding. If you treat your partner with the same lack of due diligence you’d apply to a failing subsidiary, expect a hostile takeover of your peace of mind. African business leaders have long echoed this truth.

As they say, success without people to share it with is an empty victory. In other words, even the most diversified portfolio feels hollow if your emotional balance sheet is in the red.

Ancient wisdom anticipated our modern corporate struggles. Plato told us that at the touch of love, everyone becomes a poet, but for the executive, love also makes one a better strategist. It fosters empathy, the very trait Microsoft CEO Satya Nadella identifies as the bedrock of innovation. Nadella argues that real intelligence and human qualities, like empathy, are the scarcest and most valuable resources in an automated world.

To lead a household or a company, one must master the middle way advocated by the Greek philosopher, Aristotle. Love, like leadership, requires the virtue of courage, situated precisely between the vice of cowardice (emotional unavailability) and the vice of rashness (reckless passion). It is a disciplined commitment, much like the Hit Refresh culture that saved Kenya Airways. A constant willingness to re-evaluate and renew.

Kenyan corporate titan Manu Chandaria, whose philanthropy and business acumen have shaped industries, often says that family is the first enterprise you ever run. It is a fact that the governance structures we obsess over in the office, such as transparency, communication, and accountability, are even more essential at home. Strive Masiyiwa, the Zimbabwean billionaire behind Econet, has similarly reflected that love and integrity are the only assets that appreciate with time. These are the kinds of returns no market downturn can erode.

For the Kenyan leader, faith often provides the framework for this discipline. The Book of Ruth offers a masterclass in Hesed, a Hebrew term for loyal love that transcends contractual obligation. When Ruth tells Naomi, ‘Where you go I will go, and where you stay I will stay’, she is describing the ultimate joint venture. It is a commitment to shared risk and shared reward, a bond that no market volatility can sever.

The Psalms echo this as a form of steadfast love. In a business world obsessed with quarterly results, this long-lasting love is the only true hedge against what Buffett might call the malware and viruses of life. As flowers fill the cargo holds of Kenya Airways planes departing the Jomo Kenyatta International Airport today, remember that the cold chain of a relationship requires even more careful monitoring than our rose exports to Europe. Love is not a spot-market transaction; it is a long-term capital project.

This Valentine’s, take a break from the spreadsheet. Invest in your primary stakeholder. After all, what does it profit an executive to gain the whole NSE 20 Share Index, yet lose the one person who understands your unarticulated and unmet needs? Even the sharpest executives must admit that no algorithm can model the mysteries of the heart. Markets rise, currencies wobble, and forecasts miss the mark, but love remains the one variable that rewards those willing to show up with consistency, curiosity, and courage. It is the only asset class where transparency deepens value and where vulnerability, ironically, is the strongest form of security.

So this weekend, let the boardroom lights dim behind you. Step into the warmth of the one partnership that doesn’t require a PowerPoint deck or a quarterly review. Trade the language of margins and multipliers for the quiet poetry of presence. Because the most successful leaders are not those who conquer markets, but those who learn to nurture the delicate economies of affection, trust, and shared purpose.

And as you raise a glass to love’s brilliance, remember every empire eventually fades, every index eventually dips, but a well-tended relationship compounds in ways no analyst can quantify. May your heart’s portfolio stay bullish, your emotional liquidity remain strong, and your most intimate merger continue to deliver dividends long after the markets close.

Happy Valentine’s Day to the captains of industry. May your personal portfolios be as robust as your professional ones.

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.

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.

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.

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.

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).

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.

Pinot noir, chardonnay, riesling, sauvignon blanc-from France, Italy, Spain, South Africa, Chile, Portugal or California. For anyone standing in front of a wine shelf in search of a Valentine’s Day gift, the many labels and regions can feel confusing.

As wine experts often say, ‘Most new drinkers simply ask for white or red,’ hoping that the simplest choice will spare them the embarrassment.

But wine, much like love, rewards curiosity. If you are buying a bottle for someone special, be adventurous-but also informed. Understanding which countries excel in particular styles can make your choice both thoughtful and impressive.

Italy: Romance in every bottle

Perhaps more than any other country, Italy embodies romance in wine. The region’s vineyards produce wines that are tied to food and family. Italian reds, in particular, have been favourites for intimate dinners.

‘If you are buying red wines from Italy, you will never go wrong with bottles from Chianti, Amarone or Barolo. The last two are the king grapes that you can get from Italy,’ says Peter Chege, a sommelier.

Alessandra Baron of Serre di Pederiva says sparkling wines stand out as the most fitting choice for the occasion, especially for those who want something without complexity.

‘I would suggest a Valdobbiadene DOCG Extra Dry. It is a style that the majority of people appreciate,’ she says.

Ms Baron adds that Prosecco’s strong sense of origin also gives it an emotional appeal. ‘Prosecco DOCG is Valdobbiadene, in the Veneto region, in the Treviso province,’ she says.

She also notes that Italian wines are deeply tied to place. ‘All the Italian wines are localised because they are typical of one place.’ That clarity of origin, she says, helps consumers feel more confident when choosing wine as a gift.

For Valentine’s gifting, Prosecco works better than heavier styles because of its versatility. ‘It’s easy, it’s light and it can be used as an aperitif or while having lunch or dinner. Or just relaxing and sipping a glass of Prosecco. In every occasion, Prosecco is good. A Rosé Prosecco is also very romantic,’ Ms Baron says.

The gentle bubbles and soft flavours, she says, create an inviting mood without overwhelming the palate.

She also points to sweeter styles for those just starting out. ‘You should drink maybe a Moscato,’ she says.

Asked whether sparkling wine is a better Valentine’s option than red wine, he responded with, ‘Yes! Sparkling wines are easier and more relaxing. Although Italian red wines are well known, they are important wines that require careful food pairing. Sparkling wines on the other hand can fit effortlessly into your Valentine’s plans,’ Ms Baron says.

South Africa: Accessible and versatile

In a past interview, Diane Chimboza, a wine consultant, said South Africa has been known for making wine for almost 400 years, longer than Australia and New Zealand.

‘Africa has cheap wine, but we have also very expensive ones that can compete with wines from Europe,’ she says.

South African wines are still a popular choice for Kenyan consumers because of their accessibility, versatility, and familiar flavour profiles. Pinotage and Chenin Blanc have been most people’s reliable picks.

Pinotage has smoky, bramble undertones that pair beautifully with grilled meats and rich sauces, while Chenin Blanc has the crispness that complements seafood and creamy dishes.

‘If you are looking to serve red wine, a lovely Cabernet Sauvignon will go well. If you are going to a place with cooler nights, buy a Pinotage or Merlot, and something for white, pick a Sauvignon Blanc. If you are going to the Coast, invest in a very good Rose and I would recommend a Kumusha Rose, Protea Rose and anything light,’ Ms Chimboza says.

She adds that when serving beef or chicken for dinner or lunch and looking for a good wine to pair with the dish, it will depend on how you will serve it.

‘For beef, a good bottle of Bordeaux blend or Grenache or a good Merlot will work well. For chicken, if you are having it with lemon butter sauce, pick a bottle of Chardonnay or Chenin. If its kienyeji chicken, Merlot will be your best friend,’ Ms Chimboza says.

However, one of the easiest ways to understand wine is by looking at the country, climate and tradition.

Portugal: Rich and diverse

A Portuguese white such as Tons de Duorum can lift seafood dishes, while a Duorum Colheita red adds warmth and spice to heartier meals. Portugal is famed for its port wines and its diversity with over 250 grapes varietals across the country.

It is one of the notable ‘Old World’ wine producers with Douro standing out as a key region. An Alvarinho white wine is one you can sip without needing a meal to accompany it and can also pair with light seafood with salty, citrusy and sweet notes.

It is of a northern appellation and a single varietal wine. It is not aged in any oak as is usually the norm with richer wines, giving it that light, complex flavour allowing it to be enjoyed on its own or alongside light seafood.

On the red side, Marques de Borba red is best described as intense, pairing well with strongly flavoured dishes such as cod or carne alentejana dumplings. This then brings out its earthy and dark fruit notes of the wine.

In a Kenyan setting, it would probably pair comfortably with ugali and a spicy goat stew. Wine specialists point out that Portuguese wines stand out because of their blends.

Chile: Smooth and reliable

Chile produces wines that are fruity, smooth and versatile. Cabernet Sauvignon and Merlot dominate, but Pinot Noir has found favour among drinkers seeking lighter reds. Cabernet Sauvignon is the most planted grape in the world and it is usually rich, red and robust.

Most people who enjoy Cabernet Sauvignon, which can be blended with Merlot know that it should not be enjoyed alone. Pair it with a good rib eye steak, philly steak or lamb chops.

Australia: Bold and peppery

From Australia comes Shiraz, also known as Syrah, producing boisterous, rich and peppery reds.

‘Australia winemakers blend most of their wines with Shiraz. Get a good bottle from Barossa Valley. It has a kind of soil that suits the Shiraz. You can also get good Pinot Noir and Sauvignon Blanc, which is a wonderful choice with herb-rich foods like chicken or fish,’ Mr Chege says.

You could also choose wine depending on your mood. It could be a Cava, champagne, Prosecco, or Lambrusco. If it is wine for a hot afternoon, open a bottle of Sauvignon Blanc and serve it with salad.

For those still learning the art of ordering, buying, and drinking wine, start with light-bodied white then progressively turn to the red wine.

Mr Chege adds that you should not be restricted to famous wine producers. ‘You can even try Sauvignon Blanc or Pinot Noir from New Zealand. Marlborough is one of the best wine-producing regions. From Argentina, get a Malbec from Mendoza,’ he says.

While guidelines matter, instinct should also be part of the plot. The bold reds can overwhelm delicate dishes, while smoked foods pair well with oaked wines. Grilled or roasted chicken works beautifully with oaked Chardonnay, which gains its complexity and buttery vanilla notes from time spent in barrels.

‘You could get a Gewurztraminer which is very aromatic and it goes well with Asian or Japanese dishes. Riesling from South Africa is also a good aromatic wine,’he says.

Across the Atlantic, California wines command attention for their boldness and polish. These wines tend to be expressive and generous, that would easily appeal to drinkers who enjoy fuller flavours. A well-chosen California Cabernet can feel celebratory, while a balanced Chardonnay works beautifully with creamy dishes.

Joy Adero a wine expert, suggests starting with a bubbly drink from France, a Veuve Ambal Cremant De Bourgogne maybe.

‘It is made in the traditional champagne method but since it is not from the region of Champagne in France, it cannot be called champagne. You can use it as a welcome drink, an aperitif or pour it all night. It is also great for starters such as canapes,’ she says.

The Treasury considers scrapping supplementary budgets from its national expenditure cycle as part of a strategy to instill prudence in spending, Cabinet Secretary John Mbadi has claimed.

Supplementary budgets are special requests for additional funding to cover unforeseen expenses during a budget cycle.

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

‘If you notice, I am one person who believes we should kill supplementary budgets. So we are gradually moving there…previously we used to have supplementary budgets in December, November,’ Mr Mbadi said in an interview.

Article 223 of the Constitution provides the authority for supplementary appropriation. It allows the government to spend money that was not originally appropriated in the annual appropriation law when appropriations are insufficient or new needs arise, subject to Parliamentary approval and limits on the amount.

‘Up to now, we have not submitted a supplementary budget to the National Assembly. We will do it later this month, maybe next week, but this is February.. So you can see we have started,’Mr Mbadi said.

Records show that the Treasury has issued three supplementary budgets since Mr Mbadi took office on August 8, 2024.

For instance, 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.

The third supplementary budget for 2024/25 was premised on missed revenue targets, but the adjustments showed increased spending by the government.

The Treasury was forced to table its first mini-budget early in the fiscal year 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.