EABL, Kenya Power and Safaricom stocks up on higher interim dividends

The share prices of East African Breweries Plc (EABL), Kenya Power and Safaricom have rallied after all three firms declared higher interim dividends to shareholders this past week.

The price rally is attributable to increased demand for the stocks as investors seek to lock in the early cash payout.

Safaricom’s stock has risen the most, growing by 4.57 percent from Sh30.60 on Wednesday before the dividend announcement to Sh32 at the close of trading on Friday last week.

The firm raised its interim dividend payout by 54.5 percent to Sh0.85 per share, up from Sh0.55 per share for the last two comparable financial cycles.

The telco’s share price reached a one-year high price of Sh32.50 in Thursday’s trading session.

The company is set to close its register of shareholders on February 25 ahead of the payment of the dividend by March 31, 2026.

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

Safaricom traditionally declares its interim dividend in the month of February.

EABL and Kenya Power have marked modest share price appreciations of 2.3 and 1.6 percent respectively after also declaring larger interim dividends.

Utility Kenya Power saw its share price rise to Sh15.45 on Friday last week from Sh15.2 on February 2 before the interim dividend disclosure while EABL’s share price increased to Sh250 from Sh245.25 on January 29, a day before the payout disclosure.

The electricity distributor increased its interim dividend by 50 percent to Sh0.3 per share for the half year to December 2025 from Sh0.2 previously.

Kenya Power saw its net profit rise to Sh10.4 billion from Sh9.9 billion.

The interim dividend will be paid on March 27 to shareholders on its register as at February 23.

The company attributed its stronger performance in the half year to improved electricity sales which grew by 6.9 percent from Sh107.42 billion to Sh114.87 billion on higher electricity demand and improved distribution efficiency.

EABL raised its interim dividend by the largest margin of 60 percent after posting a 37.6 percent growth in profit after tax to Sh11.6 billion in the half year ended December 2025.

The firm will pay an interim dividend of Sh4 per share, up from Sh2.50 paid out last year.

The brewer will close its register of shareholders on February 20 before paying out Sh3.16 billion in dividends on April 30.

The higher payouts have lifted Safaricom and Kenya Power year-to-date share price gains to 12.87 percent and 13.6 percent respectively, beating the average performance of the bourse so far in 2026 which sits at 8.65 percent as presented by the Nairobi all-share index (Nasi).

EABL’s share price however remains underwater, marking a year-to-date contraction of 4.94 percent from Sh263 at the end of December 2025 to underline volatility in the stock after the disclosure of a stake sale by Diageo in the company to Japan’s Asahi Group.

The stock price of a company paying an interim dividend increases as more investors buy into the counter to lock in the cash payment.

Share prices however often drops after book closures to reflect the fact that new investors in the stock would not qualify for the payment.

Trends defining content streaming in 2026

Streaming has become a preferred way to access entertainment. With increasing smartphone penetration, improving internet connectivity, and more flexible data options, streaming offers immediate, accessible and affordable content discovery.

The platform is set to further cement its popularity in 2026. Here’s what lies ahead for streaming audiences across the region.

Content value

As more streaming platforms enter the market, audiences are becoming increasingly selective about where they spend their money. In 2026, platforms that fail to demonstrate depth and consistency in their content libraries risk losing audience loyalty.

For streaming to remain relevant and resilient, content offerings must be both broad and regularly refreshed.

Homegrown and hyperlocal

There is a growing appetite among East African audiences for content that reflects local culture, language and lived experiences. Viewers are increasingly drawn to stories that feel familiar and authentic.

Personalised experiences

As streaming matures across the region, audiences are also expecting more personalised viewing experiences. In 2026, AI will continue to power content recommendations, targeted advertising, and user-specific algorithms that better reflect individual preferences.

This will enable viewers to discover relevant content more easily, while opening up opportunities for interactive formats, dynamic advertising, and e-commerce integrations built around user behaviour.

Sports

Sport remains one of the strongest drivers of streaming adoption in Kenya and across East Africa, with football in particular commanding massive, highly engaged audiences. Given the premium nature of sports content, fans will continue to seek high-quality, reliable viewing from official platforms such as SuperSport.

Streaming security

With the growing popularity of streaming, particularly live sports, content piracy remains a persistent challenge. Sports content continues to attract illicit streaming networks seeking to capitalise on high demand.

In response, cybersecurity providers such as Irdeto have continued to strengthen their anti-piracy capabilities. Technologies such as high-frequency key cycling enable real-time tracking, rapid takedowns, and the redirection of viewers to legitimate streams.

Product innovation

Streaming platforms are innovating to ensure legitimate content remains accessible to users across different income segments. Pricing flexibility, platform bundling and technology-driven enhancements are now central to platform growth strategies.

Bundled offerings that bring together platforms are becoming increasingly common, allowing users to access multiple services through a single subscription.

User education

A more informed cohort of streaming users is emerging across East Africa, one that understands the risks and long-term impact of streaming piracy.

These viewers are increasingly making intentional choices to support legitimate platforms, local creators and the broader content ecosystem. Practising conscious viewing involves being able to identify illicit streams.

Make construction risk management a reality

The recent collapse of a multi-storey building in Nairobi’s South C is yet another grim reminder of Kenya’s long and painful history of preventable building failures.

Sadly, this tragedy is not an isolated incident, but part of a recurring pattern that continues to claim lives, destroy livelihoods and erode public trust.

A few years ago, a building under construction collapsed at the junction of River Road and Ronald Ngala Street in Nairobi, killing scores of workers and passers-by. Before that, in 2016, a six-storey residential building came down in Huruma Estate, killing at least 49 people, many of them women and children. We could go on and on.

Across these incidents, the warning signs have been strikingly similar: poor workmanship, use of substandard materials, blatant disregard for approved designs, and most critically, regulatory failure. These are not acts of fate; they are failures of systems, discipline and accountability.

While insurance does not prevent buildings from collapsing, it plays a critical role in mitigating the consequences when things go wrong. Before issuing covers such as Contractor’s All Risks, Public Liability or Workers’ Compensation, insurers typically require a project to undergo technical risk assessments.

These assessments review key aspects of a project, including approved architectural and structural designs, soil and geotechnical reports, contractor qualifications, construction methodology, safety procedures and regulatory approvals.

If a project fails to meet minimum risk and compliance standards, insurers may decline coverage, impose exclusions, or require corrective actions before granting coverage.

This creates a strong incentive for developers and contractors to comply with approved designs and statutory requirements, since operating without insurance exposes them to severe financial and legal risk.

This gatekeeping role is vital. It helps minimise, or altogether eliminate, the kind of chaos witnessed in South C, including shortcuts such as bypassing approvals to vary designs during construction.

Crucially, insurers assess design variation controls. Any changes to approved plans-such as adding floors, altering structural elements or modifying load-bearing components-must be supported by revised approvals and engineering certifications.

Projects that bypass approvals or implement unauthorised design changes are flagged as high-risk and may be rendered uninsurable.

In the words of the Architectural Association of Kenya, the 14-storey South C building was an unavoidable tragedy caused by persistent non-compliance in the development control process.

Construction is inherently a high-risk business. Every project is unique, with its own set of technical, financial, environmental and operational challenges.

Identifying and managing these risks is not always easy, but it is far from impossible with careful planning and disciplined execution. When risk turns into reality, it can derail an entire project, damage reputations and, tragically, cost lives. That is why construction risk management is not optional, but essential.

Effective risk management requires the ability to properly assess, control, and continuously monitor risks once they are identified. Importantly, risks are not always negative, and when well-managed, they can lead to increased profitability, stronger client relationships, repeat business and expansion into new markets and sectors.

At its core, risk management in the construction industry is planning, monitoring and controlling measures designed to prevent risk exposure.

This involves identifying hazards, assessing the extent of the risk, implementing control measures and managing any residual risks. It is a fundamental part of project planning and execution.

Keep in mind that construction projects are exposed to a wide range of risks, including financial, environmental, socio-economic and construction-related.

The industry’s volatility is heavily influenced by external factors such as design changes, logistics challenges, physical site conditions, operating environments, environmental concerns and socio-political dynamics. Any of these can derail a project or create dangerous deviations if left unchecked.

Risk management, therefore, becomes a pivotal instrument for identifying these threats, analysing their potential impact and implementing remedial measures before disaster strikes.

The benefits of effective risk management include streamlined operations, enhanced safety, building confidence among investors and clients, and ultimately improving profitability.

In an industry where workers routinely operate at heights, handle dangerous machinery, and perform tasks in hazardous environments, robust risk management procedures are critical to protecting employees, contractors, and site visitors.

Why Kenya denied Koko carbon credits licence

A dispute over amounts of carbon credits Koko Networks sought to sell in the global markets and what Kenya was willing to authorise fuelled the collapse of the clean energy startup backed by the World Bank.

Trade Cabinet Secretary (CS) Lee Kinyanjui said Kenya denied Koko Networks licences to sell carbon credits after it emerged that the company would take up the entire share Kenya could claim from the global markets, locking out other firms.

‘The business model did not align. It was not possible to allow everything they wanted to claim because it would mop up everything that Kenya would otherwise do,’ Mr Kinyanjui said on Wednesday.

‘If we took up all the carbon credits that Kenya would get and gave only one company, what would we tell the 10 or 20 other companies that are also eligible for the same, including those in agriculture and manufacturing that would also want to claim?’

Koko filed for administration on February 1 after a dispute with the Kenyan government over the sale of carbon credits.

The company was unable to sell credits into compliance markets under Article 6 of the UN Paris Agreement after failing to receive letters of authorisation from Kenya’s government, denying the firm revenues needed to keep it afloat.

Kenya reckons that Koko wanted approval to sell carbon credits that would have exhausted Kenya’s share of the lucrative compliance markets, adding that the authorisation of the sale would have dented Kenya’s credibility.

Under the UN-supervised compliance market, Nairobi has a limit of carbon credits it can sell to other countries or what companies trading in Kenya can transfer to other nations to help meet the global emission targets.

Those credits cost about $20 in the compliance markets, as much as 10 times the price fetched in the largely discredited voluntary carbon markets-which could not help Koko Networks break even.

Kenya has also questioned the authenticity of the carbon credits generated by Koko Networks, linking the collapse of the firm to several factors, including ‘lack of transparency in the firm’s business model.’

The credits are generated through calculations about how much deforestation – and therefore carbon emissions – are avoided by low-income households switching from cooking with charcoal to using bioethanol made from sugarcane.

In June 2024, the Kenyan government signed an investment framework agreement with Koko that would allow it to sell credits into compliance markets under Article 6 of the UN Paris Agreement. However, the government has not issued the letters of authorisation needed to complete the sale of credits.

This is the first time a State official has publicly offered details on the circumstances leading to the sudden collapse of Koko, which has operated in Kenya for nearly seven years.

Mr Kinyanjui’s comments provide a peek into Kenya’s anticipated defence in in the event of a legal spat with Koko overcompensation.

An agreement inked with the World Bank’s Multilateral Investment Guarantee Agency (Miga), which offers political insurance, legally binds the country to compensate investors if officials block or interfere with trade.

Koko is expected to file a claim for insurance from Miga, alleging breach of contract by the Kenyan government.

Last March, Miga insured Koko’s investment for $179.6mn (Sh23.1 billion), in what was the world’s first carbon-linked political insurance coverage.

The policy explicitly covers government breach of contract.

The World Bank unit is expected to push Kenya for compensation.

The company announced its exit through messages to its 700 staff last week, leaving a market it had invested about $300 million (Sh38 billion), with about 3,000 bioethanol fuel refilling machines and a customer base of about 1.5 million homes.

The company’s business is premised on a model that allows it to supply clean cooking fuels and stoves to low-income households at subsidised rates, then selling carbon credits in global markets to get funds to keep it afloat.

Kenya has set strict control of carbon credits sold from the country through a rigorous criterion on the eligibility of projects that benefit.

Countries buying the carbon credits also set limits to those selling to ensure that activities of the companies claiming the carbon credits have indeed contributed to prevention of emissions.

Kenya issues letters of authorisation to companies selling the carbon credits through the National Environment Management Authority (Nema).

To access global markets for sale of the carbon credits, Koko needed to get letters of authorisation from Nema and the two disagreed over the amount of carbon credits it should be authorised to sell, without crowding out other companies.

‘In the tabulation of numbers, there was no concurrence because if Kenya gave in and authorised the numbers they were claiming, no other company in Kenya would have been able to claim. They would have taken everything that Kenya is entitled to,’ Mr Kinyanjui said, citing insights from the meetings he participated in.

The State reckons that the business Koko operated, which played a crucial role in reducing reliance on firewood and charcoal for cooking, was important, but blames the company’s business model for the fallout.

The Trade Cabinet Secretary said Kenya lacks an infinite access to the global carbon credits markets, thus authorising only one company to utilise all the available limits would be detrimental to other companies and industries.

‘If it was allowed, then it would have meant that others would not have space to also claim,’ he said.

Koko is estimated to have raised more than $100 million since it started operations in 2013 in debt and equity.

Its ethanol refills were priced from as little as Sh30 and the stoves at about Sh1,500, making them cheaper than charcoal for poor households.

Following the company’s exit, PriceWaterhouseCoopers (PwC) on Wednesday announced that its administrators, Muniu Thoithi and George Weru, assumed control of the troubled firm on February 1.

‘Notice is hereby given that Muniu Thoithi and George Weru of PwC Limited were appointed the joint administrators of Koko Networks Limited and Koko Networks Global Services (Kenya) Limited from February 1, 2026 by the directors of the companies,’ PwC said in a public notice.

The company’s exit, however, exposes taxpayers to a Sh23.1 billion bill since it had secured a guarantee from the World Bank to cover its operations against breach of its contract, civil strife and seizure of its land for public use.

Mr Kinyanjui on Wednesday alluded to there having been several attempts to address the issue and avoid a fallout, but the attempts flopped.

‘When the business model is not workable, even if you push the journey at some point it will stall. What the company needs is a rethink and to reconfigure its business model,’ he said.

Why the right hiking boots can make or break a trek across Kenya’s trails

Hiking boots are more than just footwear. They shape comfort, performance and safety, often determining how successful a trek will be across different terrains. For those venturing into Kenya’s forests, mountains and rocky landscapes, choosing the right pair can make or break the experience.

David Njema, founder of Coordinates Trail, has been hiking for three years across forested trails, moorlands, alpine zones and rocky terrain. He hikes between 38 and 48 times a year, ranging from half-day and full-day treks to longer technical expeditions lasting up to five days.

‘When I choose hiking boots, I look for grip, ankle support, comfort, durability and weather resistance,’ Njema explains. He emphasises that ankle support is especially important on uneven or rocky terrain because it helps prevent sprains and injuries.

A proper fit

His choice of footwear depends on the trail: lightweight shoes for easy paths and heavier boots for difficult terrain or when carrying a heavy pack.

He prefers breathable synthetic materials because they are light, durable and dry quickly. ‘I always test new boots on short hikes and uneven surfaces before committing to long treks,’ he says.

A proper fit, he adds, should allow for layering and leave a thumb’s width of space at the toes while preventing heel slippage. ‘Beginners often buy shoes that are too tight, wear light socks or skip testing, which leads to blisters.’

Breaking in boots is crucial. ‘Yes, break them in for a week or two with short walks before a long trek,’ he says.

‘I’ve recently used the following boots: the Quechua MH100 from Decathlon for around Sh6,500, the Salomon GTX I from Gikomba for about Sh2,500, the Merrell Moab Mid Waterproof boots from a local shop for roughly Sh4,500, and the Salomon X Ultra Mid GTX for about Sh28,000 to Sh32,000. These were brought in by someone who had travelled outside the country,’ he says.

Performance, he adds, varies with price and terrain. ‘The Merrell and Salomon boots have worked best for Kenyan terrain because of their grip, comfort and ankle support. The cheaper Quechua pair was okay for light hikes but wore out faster and felt less stable on rocky or muddy sections.’

Hard to find

Availability remains a challenge locally. ‘Yes, I’ve had boots brought in from abroad because some models and sizes are hard to find locally,’ he says.

Njema has also learned lessons the hard way. ‘I’ve gotten blisters from stiff new boots, had ‘waterproof’ pairs leak after a few months and slipped once the soles wore down,’ he explains.

His break-in routine is deliberate. ‘First, I wear them around the house, then I take short walks, and finally I go on one or two easy hikes before trusting them on a long trip.’

Terrain also influences his choices. ‘For places like Mount Kenya, I prefer Salomon or Merrell because they’re light, supportive and have good grip. For easier trails, the Quechua boots are comfortable and affordable.’

Njema also runs Uncharted and Unbothered, a wellness hiking and camping programme for women. These Friday-to-Sunday trips bring solo travellers together for guided gratitude sessions, wellness bonfires focused on mental health, waterfall meditations and bush journaling. Having the right boots, he says, is essential for these activities.

Elsewhere, Edith Jepkoech, an entrepreneur passionate about fitness and the outdoors, has been hiking for five years. She has summited Mount Kenya, Mount Satima, Mount Kinangop, Elephant Hill, Mount Ololokwe, the Namanga Hills and Table Mountain. She has also completed traverses in the Aberdares.

‘Mount Ololokwe is rocky with gravel; Mount Satima has bogs; Mount Kenya has alpine terrain with rocky parts; and Elephant Hill has wet, muddy sections near the bamboo and rocky stretches toward the top,’ she says.

Jepkoech averages 10 to 12 hikes per year, mostly day hikes lasting six to 12 hours depending on distance, altitude and weather. Comfort and grip are her top priorities.

‘A hiking boot must handle slippery mud, provide ankle support and withstand wet and dry conditions without becoming heavy or uncomfortable,’ she says. She opts for boots that are slightly larger than her feet to protect her toes during descents.

Ankle support becomes even more important when fatigued. ‘On Mount Kenya or Kinangop, the terrain becomes unstable. Ankle support prevents injuries and boosts confidence while hiking.’

Lightweight boots work for short trails, but heavier boots are necessary for rough terrain or unpredictable weather, such as in the Aberdares.

Jepkoech prefers synthetic boots with waterproof membranes for breathability and comfort. While durable, leather boots can be heavy and less breathable when wet. She gradually tests new boots, starting with short hikes such as those in the Ngong Hills, paying attention to pressure points, heel movement and overall comfort before attempting more demanding terrain.

Aesthetics vs function

She warns that beginners often make mistakes by buying tight boots or prioritising aesthetics over function. ‘Some have even ended up hiking barefoot when their boots failed mid-trail. That’s risky and avoidable with proper testing and fit.’

On pricing and sourcing, she says: ‘I’ve recently used Quechua, Lowa and Salomon boots, with prices ranging from Sh7,500 to Sh20,000. I usually buy from Decathlon and sometimes from thrift shops.’

Unlike some hikers, she says her purchases have mostly worked out. ‘Honestly, all my boots have served me well so far. When buying, I focus on quality – sturdiness, waterproofing, breathability and comfort are my priorities.’

Her break-in strategy is cautious. ‘I start with short walks and easy hikes, gradually increasing the distance while checking for pressure points and heel movement. I avoid using new boots on long or technical hikes.’

Socks and insoles matter

Vincent Sindani, a real estate and construction professional, has years of hiking experience and has covered nearly 30 destinations, including the Aberdares, Mount Kenya and Mount Kilimanjaro, in 2025 alone. His hikes range from five- to eight-hour day trips to eight-day expeditions.

For Sindani, comfort, weight and material guide his choices. ‘Synthetic, breathable boots are ideal for long, dry trails without heavy loads. Leather waterproof boots are better for rough, wet and rocky terrain or when carrying heavy loads because they provide more stability and comfort,’ he explains.

He prefers leather boots for their durability, versatility and comfort. Like his peers, he tests boots on short walks and day hikes, wearing the same socks he plans to use on the trail – often thicker winter socks – to ensure proper toe space and comfort.

Socks and insoles also matter. They reduce friction, cushion the feet and provide shock absorption on long descents or rocky trails. Proper maintenance extends the lifespan of boots: leather pairs must be cleaned, conditioned, air-dried and stored away from moisture or extreme temperatures.

Sindani recommends Quechua boots for beginners because they are lightweight, waterproof and comfortable. Salomon boots suit rocky, technical trails, while Lowa boots provide durable, supportive footwear for long treks. ‘Comfort and functionality always come before brand or price,’ he stresses.

On specific purchases, he says: ‘I’ve mostly used thrifted Merrell boots from Lantex Shoes for about Sh8,500, Salomon boots that were a gift, and Delta boots from 7Outdoor Lordes Gears for around Sh10,500.’

Performance, he adds, varies by terrain. ‘Merrell boots handle most Kenyan trails, whether rocky or muddy. They’re warm, comfortable and waterproof. I’ve used them on Mount Kenya and Kilimanjaro expeditions.’

Not every experience has been smooth. ‘I once got blisters from the Delta boots, and they were heavier than I expected,’ he says.

‘For long, dry hikes, Salomons are best because they’re light and breathable. But for steep descents, rainy Aberdares or multi-day hikes with heavy packs, Merrells are better because of their grip and stability.’

Sindani recommends heavy leather boots with waterproofing, gaiters and trekking poles to reduce pressure on the knees. Most importantly, he says, hikers should listen to their bodies, move cautiously and enjoy the experience.

KRA reinstates ‘Nil return’ filing after system upgrade

The Kenya Revenue Authority (KRA) has reinstated the Nil Return filing option after completing system validations aimed at tightening tax compliance ahead of the 2025 income tax return cycle, which ends in June. The move eases concerns among taxpayers following a temporary suspension.

KRA’s Business Strategy, Technology and Enterprise Modernisation Department said on Friday that the Nil Return option will apply to January-December 2025 income tax returns filed after March 31, 2026, when enhanced validation checks embedded in the iTax system come into force.

The authority said the reinstatement does not affect ongoing filing obligations for earlier periods.

‘The Nil Filing Return option has been reinstated after the necessary system validations were embedded for the 2025 returns to be filed after March 31, 2026,’ KRA said.

‘Filing for 2024 income tax returns and prior periods, and other monthly obligations such as PAYE [Pay As You Earn], excise duty, MRI [Monthly Rental Income], TOT [Turnover Tax] and others can proceed as before,’ it added.

The temporary suspension of the Nil Return option earlier in January had caused confusion among individual taxpayers and small businesses, particularly those with no declared income but whose transactions were visible to the tax authority through third-party data sources.

Widespread misuse

KRA officials say the changes are part of a broader effort to curb abuse of Nil filings, especially among taxpayers whose income was subject to withholding tax but who still declared zero income.

Commissioner for Micro and Small Taxpayers George Obell said in an interview in late January that KRA systems had identified widespread misuse of Nil returns. He said 392,162 taxpayers who had taxes withheld from them in 2025 nonetheless filed Nil returns for the 2024 income year.

‘When we check the system, we can see that these taxpayers still had transactions in 2024, yet they filed Nil returns,’ Mr Obell said.

He said a common misconception among taxpayers is that withholding tax deducted at source-typically 5.0 percent for management or professional fees and 3.0 percent for contractual fees-is a final tax.

‘That is not correct. It is an advance tax,’ he said.

Mr Obell said KRA’s move to prepopulate income tax returns using third-party data would make it harder for taxpayers to omit income.

‘This time, when we say we are prepopulating returns, that income will already have been captured by the time the taxpayer is seeing the return, and one will not be able to avoid it. Because we already have visibility of the 5.0 percent, we know what the total income is,’ he said.

Many taxpayers, he added, will see income reflected in their prepopulated returns and voluntarily engage the authority, warning that failure to do so could trigger broader scrutiny.

‘We will also communicate to taxpayers who choose, despite having been shown income on their prepopulated returns, not to come forward and engage the authority. That in itself will be an invitation to look not just at 2025 but also preceding years,’ he said.

KRA has asked taxpayers to verify their Personal Identification Numbers (PINs) on iTax to ensure accuracy as the system increasingly relies on consolidated data streams.

The authority said its expanded data visibility is being driven by the rollout of the electronic Tax Invoice Management System (eTIMS), which captures transactional information across the economy and links suppliers, customers and transaction values.

The reinstatement of Nil filing comes amid KRA’s Income and Expenditure Verification programme, which began on January 1, 2026. The exercise pulls data from multiple sources-including eTIMS invoices, withholding tax certificates and import documentation-to verify figures declared by taxpayers.

KRA Deputy Commissioner Patience Njau said in January that the authority’s focus this year is to convert Nil filers, non-filers and zero payers into compliant taxpayers.

‘This year, our focus will be very different as we aim to convert the Nil and non-filers and zero payers into paying taxpayers,’ Ms Njau said at the time, explaining why Nil filings for 2025 returns had been temporarily restricted.

Auditor-General warns Sh4bn NSSF assets in Nairobi risk grab

Auditor-General Nancy Gathungu has raised concerns over Sh4 billion worth of idle properties owned by the National Social Security Fund (NSSF) within Nairobi’s central business district (CBD), warning that the assets risk being grabbed.

Ms Gathungu blamed NSSF management for the imprudent handling of pension savings, noting that at least five prime properties in the CBD have remained idle.

‘The balance includes five properties located within Nairobi’s CBD, valued at Sh4,022,000,000 as at June 30, 2025. The properties remained idle during the year under review, contrary to Section 1.5.2 of the Fund Investment Policy Statement, 2020, which requires that assets be structured and invested in a prudent manner at all times,’ she said.

The idle assets account for about 11.3 percent of the Sh35.4 billion property portfolio owned by the public pension fund. The Auditor-General noted that management had breached the law by allowing the properties to remain unused and that ‘beneficial ownership of the properties could not be confirmed’.

The concerns were raised even as NSSF management admitted to facing legacy challenges, including cases where previous officials were duped into buying public land that had been irregularly allocated to private individuals.

Speaking during the fund’s annual general meeting on Friday, NSSF chief executive officer Charles Koros said some title deeds held by the fund were effectively ‘worthless papers’, as the parcels purchased belonged to other public entities.

‘We have a big challenge because some of the titles for the land holdings we have are just mere pieces of paper. Some of the properties we have are on forest land, we have two on Ngong Road, others on road reserves along Jogoo Road, and many other issues,’ Mr Koros said.

In the audit for the year to June 2025, Ms Gathungu also queried the revocation of a title deed irregularly issued to the NSSF after it bought a Sh115 million plot of land from a private developer in Upper Hill, Nairobi.

‘However, the title deed was revoked through Kenya Gazette Notice No. 3460 of April 1, 2010 on the grounds that, although the title was allocated and issued to a private developer, the parcel had been reserved for public purposes in accordance with the Constitution, the Government Land Act (Cap 280) and the Trust Land Act (Cap 288),’ she said.

The NSSF is still contesting the matter in court.

Mr Koros also admitted that the fund was duped into purchasing land belonging to Kenya Prisons in Eldoret, which it now plans to compensate.

‘Court rulings are also another pain point. They are always going against us because we never exercised prudent investment way back,’ the NSSF CEO said.

How tender interference cost Consolidated Bank’s ICT chief his job

The Employment and Labour Relations Court in Nairobi has upheld a decision by Consolidated Bank to dismiss its ICT head over interference in the procurement of a core banking system meant to modernise the lender’s operations.

The court found that the bank had valid grounds to terminate Martin Omido and followed due process, dismissing his claim for damages and compensation for unfair termination. It also ordered a partial refund of deductions made from his terminal dues.

Mr Omido was fired in February 2023 after internal and external audits found that he, alongside another senior official, had interfered with the procurement of a new core banking system at the State-owned lender. He had served as head of Information Communication Technology (ICT) since 2016.

The alleged misconduct included shaping technical specifications that favoured a particular bidder, repeatedly challenging the work of evaluators through a series of memoranda, and later supporting a switch to direct procurement in a process in which he participated.

Audits – including a review by PricewaterhouseCoopers dated December 16, 2022 – concluded that his actions breached procurement law and the bank’s internal procedures, exposing the lender to financial, operational and reputational risks.

Dismissing his claim, the court said the termination was directly linked to Mr Omido’s conduct and was justified under the Employment Act.

Mr Omido had sued the bank, arguing that his dismissal was unlawful and discriminatory, that he was not given the audit reports relied upon by the bank, and that his role was limited to collating user requirements. He said the memoranda he authored were merely advisory and written at the request of the then acting chief executive.

However, the court rejected that defence, finding that the audits showed he had adopted a ‘top-down approach’ that aligned system specifications with one bidder. It also found that he challenged the evaluation committee and later recommended direct procurement in favour of MFI Technology Solutions Limited, while also participating as a member of the evaluation team.

‘The claimant’s conduct, as documented, amounted to interference with procurement processes, contrary to the Public Procurement and Asset Disposal Act and the respondent’s procedures,’ the court said.

‘As head of ICT, his role was limited to collating user requirements. He had no mandate to evaluate or challenge the evaluation committee’s work.’

The court concluded that the dismissal was both substantively and procedurally fair.

‘Having found that the termination was grounded on a valid reason and that a fair procedure was followed, I hold that the claimant is not entitled to a declaration that the termination of his employment was unfair and unlawful,’ the court said, adding that he was also not entitled to compensation.

The dispute arose from a troubled attempt by the bank to replace its core banking system, whose licence was due to expire in May 2022.

An open tender launched in July 2021 attracted nine bids and initially recommended Inlaks Computers Limited, according to court records.

However, the process stalled after the acting chief executive declined to approve the award, following several memoranda from the head of ICT challenging the evaluation on issues such as database costs, system requirements and evaluation criteria.

The bank later cancelled the tender as ‘non-responsive’ and opted for direct procurement, awarding the contract to MFI Technology Solutions in May 2022. The contract was terminated in June 2023 for non-performance.

Following the procurement, the bank commissioned internal and external audits, which flagged irregularities and interference and implicated both Mr Omido and the acting chief executive.

Based on those findings, the bank issued Mr Omido a show-cause letter on December 21, 2022, suspended him on half pay, and convened a disciplinary hearing on January 31, 2023, before dismissing him two weeks later.

‘The respondent’s decision to terminate was based on a genuine belief in the claimant’s misconduct,’ the judge said, adding that the bank had met the legal threshold required under the law.

The court also rejected claims of discrimination, noting that the acting chief executive was dismissed on the basis of the same audit findings.

However, the judge faulted the bank for deducting money from Mr Omido’s terminal dues over the loss of point-of-sale devices.

The bank had surcharged him about Sh911,200 but failed to justify the figure or prove liability, and had not filed a counterclaim. The court ordered the bank to refund Sh872,961 plus interest.

Charles Mahinda takes over as CAK chair, Shaka Kariuki exits

Veteran civil servant Charles Mahinda has taken over the leadership of the Competition Authority of Kenya (CAK) as chairperson following his appointment by President William Ruto in December. He replaces Shaka Kariuki, whose term has ended.

Mr Mahinda will serve in the non-executive role for three years, convening and leading board meetings that shape anti-trust regulation and consumer protection policy in the country.

‘He brings to the authority over three decades of distinguished experience in, among other areas, industrial development, international trade and public policy formulation within the government of Kenya and regional institutions,’ the regulator said.

Before his appointment, Mr Mahinda served as a technical adviser to the Cabinet Secretaries for Agriculture, Livestock and Fisheries, and for Trade and Industry. He also previously worked as director of industries at the ministry.

He was the founding chief executive of the Special Economic Zones Authority and is credited with playing a central role in the development of key policies for Kenya and the East African Community, including the Industrial Masterplan and the Industrialisation Framework.

‘His leadership contributed positively towards enhancing Kenya’s competitiveness and industrial growth, including as a member of the national standing committee on trade negotiations, where he championed improved market access for Kenyan goods in regional and global markets,’ the CAK said.

Mr Kariuki, the outgoing chairperson, assumed the role in February 2023 after President Ruto revoked the appointment of his predecessor, Nelson Ndirangu, who had served since 2019.

CAK credited Mr Kariuki’s tenure with driving meaningful interventions across several sectors that helped boost market competitiveness and consumer welfare.

‘Mr Kariuki spearheaded improved oversight measures aimed at ensuring accountable and transparent expenditure of the authority’s resources, including prioritising enterprise risk management and business continuity,’ the regulator said.

His time at the helm also saw revisions to the Competition Act to strengthen enforcement, particularly in digital markets, which had previously fallen outside the regulator’s remit.

Before joining CAK, Mr Kariuki served on several boards as a director and chair, including TransCentury, Desert First Credit Union and NAS Foods in Ethiopia. He is also the co-chief executive of Kurano Capital, a firm he founded.

Kenyans spend less than Sh2,000 a month on wellness – report

Kenyans, on average, spend less than Sh2,000 on wellness monthly, way below what many of them living in urban areas spend on mobile phone bills and internet data, a new survey shows.

According to the Global Wellness Institute, which captures spending on beauty and personal care, fitness, nutrition, mental health support, and wellness tourism, one person in Kenya spent an average of $149 (about Sh19,220) on wellness in 2024, translating to about Sh1,600 monthly on gyms, beauty treatments, healthy food, and self-care.

The average annual earnings per person in the year under review were Sh297,300 ($2,305). This means that Kenyans spent about 6.5 percent of their annual income on wellness.

Fitness industry consultant James Mwangi noted that current pricing structures explain the limited participation of most Kenyans in the wellness economy, with spending concentrated in Nairobi and other major urban centres.

‘Most Kenyans want to join a gym or eat healthier, but when a gym membership costs more than their monthly transport budget, it becomes a luxury they can’t justify,’ he said.

‘The few affordable options are often overcrowded or poorly maintained, so people give up after a month or two. You have gyms charging Sh15,000 to Sh20,000 monthly with all amenities, and basic facilities at Sh3,000 to Sh4,000 that barely cover operational costs. What’s missing is the middle-tier affordable but quality wellness services that the average middle-class Kenyan can sustain month after month.’

Market data shows that in Nairobi, gym memberships range from Sh3,500 for budget facilities to Sh15,000 monthly for premium centres.

A mid-range gym at Sh5,000 monthly costs Sh60,000 annually-three times the national per capita average.

Specialised fitness classes cost more. Mr Mwangi said that yoga and pilates studios charge Sh2,000 to Sh3,400 per class, while personal training sessions cost Sh2,000 to Sh4,000 each.

Beauty and personal care, the largest segment of Kenya’s wellness industry, shows similar pricing. Haircuts at mid-range salons cost Sh500 to Sh2,000, while hair treatments reach Sh3,000 to Sh15,000. Regular salon visits cost Sh10,000 to Sh20,000 monthly. Spa services range from Sh3,000 to Sh12,000 per session.

Organic produce costs about 30 percent more than conventional alternatives. Mental health services remain costly, with therapy sessions ranging from Sh2,000 to Sh8,000. Nutrition consultations cost Sh2,500 to Sh5,000 for initial sessions.

Kenya’s total wellness economy was valued at Sh1.1 trillion ($8.4 billion) in 2024, the Global Wellness Institute survey showed, making it the third-largest wellness market in Sub-Saharan Africa after South Africa and Nigeria.

Globally, Kenya trails developed markets, with North America leading with per capita wellness spending of $6,029(Sh777,861.58) annually, followed by Europe at $1,876(Sh242,379.20).