Category: Business Daily

Kenya does not have a start-up problem; it has a scale-up problem. Every year, hundreds of thousands of entrepreneurs launch businesses, yet relatively few grow into medium-sized enterprises, national champions, or regional players.

The country has one of Africa ‘s most vibrant entrepreneurial ecosystems, with innovative founders, active investors, a thriving fintech sector and a growing business support network. Yet too many businesses remain trapped in survival mode, unable to grow into productive, resilient, and regionally competitive enterprises.

The challenge is not simply the access to money or lack of it. It is the ability to match the right type of finance to the right stage of growth, build strong business systems, exercise disciplined capital allocation, and convert financing into long-term productivity.

According to Kenya National Bureau of Statistics’ MSME Survey, Kenya has more than 7.4 million micro, small and medium enterprises (MSMEs), contributing approximately 34 percent of Gross Domestic Product (GDP) and supporting over 15 million jobs, equivalent to about 85 percent of non-farm employment. These businesses are the bedrock of Kenya’s economy.

Despite their economic importance, financing is often cited as one of the primary obstacles to their growth. The sector still faces an estimated Sh2.5 trillion financing gap, according to World Bank/IFC MSME finance-gap estimates. Estimates suggest that only 20 percent to 23 percent of MSMEs in Kenya have access to bank financing with over 60 percent citing lack of collateral, high cost of credit and stringent documentation as key deterrents.

But the financing gap facing MSMEs is about more than limited credit. It reflects a deeper structural mismatch between the economic importance of small businesses and the availability of patient, appropriately structured capital that supports sustainable growth. It also reflects the reality that many enterprises remain informal, undocumented and operationally fragile, making them difficult to finance at scale.

The challenge, therefore, is not only expanding access to finance, but improving businesses’ readiness to absorb and deploy capital productively.

Too often, the conversation around business finance ends with access to credit. But securing finance is only part of the equation.

The more important question is whether businesses are using the right type of capital for the right purpose. Many firms make the costly mistake of financing long-term assets with short-term borrowing or using equity to fund routine working-capital needs. Both approaches create unnecessary financial pressure, distort cash flows and erode value.

What businesses need is capital fit – the financial equivalent of product-market fit – where the source, term, cost and purpose of capital align with the cash flow profile of the business. Businesses that master this discipline are better positioned to grow sustainably than those that simply raise more money.

In the earliest stages of a business, patient capital is often the most appropriate form of funding. Personal savings, family and friends, angel investors and grants can provide the flexibility needed to test ideas, refine products, and validate a business model before taking on significant financial obligations. Take the example of a technology start-up developing a mobile application.

During its first year, the business is unlikely to require a multimillion-shilling bank loan. Instead, it needs patient capital that allows the founders to refine its product, attract customers, and validate the business model before seeking more funding.

But even at this stage, the objective should not be survival alone. It should be readiness.

Founders must use this period to build the fundamentals that make future growth possible: proper financial records, separation of personal and business finances, sound governance, tax compliance and management systems. Many Kenyan businesses struggle to scale because they remain too informal for too long.

The conversation must therefore move from credit access to credit readiness, because businesses that cannot produce reliable records, forecasts and controls will struggle to convert early traction into scalable finance.

As businesses begin generating consistent revenues, their financing needs become more sophisticated.

Growth requires investment in inventory, technology, equipment, distribution networks and human capital. At this stage, working capital facilities, overdrafts, trade finance and asset financing become essential tools for expansion.

Consider a furniture manufacturer that secures a large supply contract with a national retailer. The business may not need a long-term investment loan; it needs short-term liquidity to purchase timber, pay suppliers, and finance production before payment is received. By contrast, a manufacturer funding a five-year machinery investment through a 90-day overdraft is misallocating capital and setting itself up for recurring cash flow stress.

The issue here is not whether finance exists, but whether it is fit for purpose. In a market where many firms still operate with thin margins and limited buffers, the wrong capital structure can erase the gains from growth. This is one reason so many promising Kenyan businesses stall: they grow faster than their financial systems, and the strain eventually catches up with them.

This is also the stage where competitive advantage begins to shift. Entrepreneurs today can draw from banks, development finance institutions, venture capital, private equity, fintechs and trade finance solutions. Access to capital alone is no longer a differentiator. The real differentiator is how effectively business’s structure capital, manage cash flow, and convert financing into productivity.

In a market where funding options are broader than ever, execution discipline becomes the true source of advantage.

This distinction often determines whether a business remains small or scales into a sustainable enterprise by turning each shilling of capital into higher output, stronger margins, and replicable systems. Kenya’s scaling challenge is therefore not just financial. It is managerial, operational, and strategic.

For SMEs, securing capital is not simply about pitching a compelling idea; it is about demonstrating operational readiness long before approaching potential financiers.

That readiness begins with rigorous market analysis to develop a deeper understanding of one’s target customers, industry trends, competitive dynamics and supply-chain risks well enough to make informed strategic decisions.

It also requires businesses to formalise their operations. Sound business plans, reliable financial records, robust contracting processes, clear organisational structures, and experienced management are not merely administrative requirements but proof that a business has the discipline and capacity to execute its strategy.

But operational strength alone is not enough. It must be underpinned by good governance. A transparent framework, supported by a board of directors or advisory council and clear policies and lines of accountability. This reduces reliance on individual decision-makers and strengthens institutional resilience.

For financiers, these are important signals that a business is not built around one person or one opportunity, but has the structures and discipline required to deploy capital responsibly and sustain growth over the long term.This is also why strong banking relationships matter. The most successful businesses do not approach banks only when they are in distress or urgently need funding.

They build relationships early, share reliable information, and demonstrate sound governance, consistent performance and financial discipline over time. Increasingly, banks assess businesses not only on collateral, but also on the quality of their financial reporting, transaction history, cash-flow management and compliance practices.

At its core, lending is built on confidence. Strong financial records, consistent account activity, sound governance, and disciplined cash-flow management reduce information asymmetry between businesses and lenders, enabling banks to make better-informed credit decisions. The strongest banking relationships are therefore built long before a loan application is submitted.

The next frontier for Kenyan businesses is regional and continental expansion. According to the World Bank, the African Continental Free Trade Area (AfCFTA) opens access to a market of about 1.4 billion consumers with a combined GDP of more than $3.4 trillion. Yet many businesses still prepare only for the Kenyan market, even as the opportunity increasingly requires continental scale.

That gap matters because, according to UNCTAD and Afreximbank, intra-African trade still accounts for only about 15 percent of total African trade, compared with roughly 60 percent in Europe. Regional growth requires capital strategy aligned to cross-border trade, market entry, payment systems, regulatory compliance and trusted commercial networks. Kenyan firms that remain domestically focused risk being overtaken by more agile regional competitors that are better prepared to operate across borders.

Today, institutions are complementing financing with solutions that help businesses to understand new markets, identify trusted trading partners, and build cross-border commercial relationships. Ecobank is already supporting businesses across the spectrum, from MSMEs to established local corporates, by combining access to finance with the tools, networks and market opportunities they need to scale.

Ecobank’s Single Market Trade Hub is doing exactly this by connecting businesses to more than 6,000 verified trade partners across Africa to unlock cross-border opportunities. By combining finance with market access and commercial networks, such platforms help to turn regional trade frameworks such as AfCFTA from high-level policy frameworks into a catalysts for business expansion.

The purpose of financing thereby, is not simply to increase the number of businesses, but to increase the productivity of the economy. When capital is matched to the right stage of growth and deployed strategically, businesses invest in technology, expand production, create better-quality jobs and compete successfully beyond national borders.

Kenya’s challenge, therefore, is not merely to produce more entrepreneurs, but to build more businesses that can scale sustainably. Otherwise, Kenya risks remaining a nation of entrepreneurs without becoming a nation of globally competitive enterprises capable of driving long-term economic transformation.

Kahawa Sukari is one of the few Nairobi estates where strict development controls have shaped its growth and preserved its leafy, low-density character.

Unlike neighbouring suburbs overtaken by high-rise apartments, Kahawa Sukari retains its identity as a residential estate, thanks to rules that limit construction to detached houses of no more than two floors.

These controls, enforced by the Kahawa Sukari Welfare Association, have ensured that the estate remains distinct in a city where land pressure has often led to uncontrolled densification. The result is a neighbourhood where older, character-filled homes sit alongside newer flat-roofed designs, but always within the boundaries of carefully managed development.

‘You cannot do apartments in the estate. The only allowed structures are single-dwelling houses, which should not go beyond two floors-ground, first, and perhaps provision for an attic,’ says Edward Nduiga, a long-time resident and former vice-chairperson of the welfare association.

Edward Kiganjo, Vice-Chairman of the Kahawa Sukari Welfare Association, during an interview in Kahawa Sukari, Kiambu County, on September 26, 2026. Bonface Bogita | Nation

Bonface Bogita | Nation Media Group

At Kahawa Sukari, even domestic staff quarters are subject to specifications. The association must first vet construction plans before they are submitted to the county government.

‘The county will not approve if they don’t see the signature from the association. That’s how we have managed to maintain Kahawa Sukari’s identity,’ Mr Nduiga explains.

While the estate has retained its leafy charm, land values have soared dramatically over the past two decades. In the early 2000s, plots measuring 100 by 100 feet sold for between Sh400,000 and Sh700,000 depending on proximity to the main road. Today, the same plots fetch between Sh12.5 million and Sh15 million.

Mr Nduiga recalls buying his plot in 2005 for Sh500,000.

‘Immediately after improvements to the infrastructure, particularly the main road, the prices skyrocketed to nearly Sh3million. The least you can get now is Sh12.5 million, and closer to the main road it’s Sh15 million,’ he says.

Martin Bernard, who moved to Kahawa Sukari in 2021, bought his plot for Sh9.5 million. Just behind his home, a similar empty plot is now listed at Sh14 million.

This escalation reflects broader trends along the Thika Road corridor, where improved highways, access to institutions, and proximity to commercial centres have driven demand.

Yet Kahawa Sukari’s unique restrictions have added a premium, making its plots more valuable than those in neighbouring Kahawa Wendani, Githurai, and Ruiru estates, which have seen a mashrooming of apartments.

‘When constructing, you are not allowed to take more than a third of the space. It helps to maintain the sanity of the place. You are also not allowed to sublet,’ Mr Bernard notes.

The estate’s history explains its distinctive character. Originally a coffee farm owned by white settlers, the land was later subdivided by Kahawa Sukari Limited.

‘The majority of homeowners here are lecturers and professors from Kenyatta University, and senior army officers. That’s how the estate developed,’ Mr Nduiga says.

The estate’s layout, with its main avenue and branching roads leading to two bordering rivers, further supports its controlled design.

Security arrangements are organised around these avenues, with guards stationed at entrances to individual courts.

Despite the restrictions, Kahawa Sukari has not been been immune to commercial pressures. The estate’s busy centre hosts shops, eateries, and student residences, reflecting demand from nearby universities.

Commercial and residential developments along a road in Kahawa Sukari, Kiambu County, on September 26, 2026, reflecting the area’s rapid growth.

Bonface Bogita | Nation Media Group

Martin Macharia, a resident who owns apartments in the estate, has tapped into this demand. ‘I mainly structured them for students,’ he says.

His bedsitters rent for Sh8,500, while one-bedroom units go for Sh22,000 and two-bedroom units for Sh30,000. Newer apartments near the main road command even higher rents.

‘I have seen one-bedroom houses going for Sh30,000 and two-bedroom houses for Sh45,000, especially in the modern apartments that have come up in the last five years,’ Mr Macharia adds.

Still, the welfare association remains firm in its stance against large-scale apartment blocks within the residential sections.

For all its order, Kahawa Sukari faces challenges. Infrastructure remains uneven, particularly sewerage. ‘We’ve had water reticulation through Ruiru Water and Sewerage. But currently, we are struggling with the sewer,’ Mr Nduiga says.

Water supply, though relatively reliable compared to other estates, is not perfect. Road improvements are ongoing, but security remains a concern, especially along access roads not covered by the smaller security arrangements in individual avenues.

‘The challenge has been security, although with time things have improved,’ Mr Bernard observes.

Another pressing challenge is enforcement of development rules as land values rise. Some owners have attempted to bypass restrictions by disguising multi-dwelling units as single-family homes.

An aerial view of residential homes and properties in Kahawa Sukari, Nairobi, on September 19, 2026.

Wilfred Nyangaresi | Nation Media Group

‘We have rogue land owners. They get approvals for a single dwelling but camouflage four units within one. By the time they finish, there are four rental units,’ Mr Nduiga says.

Such practices threaten the estate’s identity, but the welfare association remains determined.

‘We have a very empowered welfare, which ensures that Kahawa Sukari maintains what the dream of the owners was-controlled development,’ Mr Nduiga insists.

The government has withdrawn Sh46 billion in funding for 41 energy sector projects in the current financial year and transferred the ventures to the newly established National Infrastructure Fund (NIF), triggering doubts about their implementation.

The Parliamentary Budget Office (PBO), which advises lawmakers on economic and budgetary matters, revealed that the government excluded the 41 projects under five agencies and the State Department of Petroleum for the 2026/27 budget in anticipation of the NIF rollout.

The State removed Sh18.8 billion in funding for 12 Kenya Power projects, Sh8.8 billion for 15 Kenya Electricity Transmission Company projects and Sh6.8 billion for some five projects under the State Department for Petroleum, according to the PBO.

‘In anticipation of the operationalisation of the NIF, the government identified several projects in the energy and petroleum sectors mainly undertaken by Government Owned Enterprises (GOEs) whose financing can be weaned off from the exchequer and government loan book and transitioned to the NIF in financial year 2026/27,’ the PBO notes.

PBO says that the government also cut Sh6.46 billion in funding to some three projects being implemented by the Geothermal Development Company (GDC), removed Sh3.97 billion from four projects under the Kenya Electricity Generating Company (KenGen), and Sh1 billion from two projects under the National Oil Corporation of Kenya.

The PBO, however, did not reveal details of the specific projects affected by the government’s budget cuts, but reckons that while transitioning the projects to NIF presents an opportunity to diversify their financing, the speed at which it was done has exposed them to risks of delay.

‘The transition to the NIF presents an opportunity to diversify infrastructure financing, leverage private and institutional capital, reduce reliance on direct budgetary allocations and public borrowing, and improve the structuring of commercially viable projects. However, the sudden transition exposes them to project implementation risks due to changes in the funding structures that will potentially lead to disruptions in budget disbursements,’ the PBO says.

In a report regarding implementation of the current fiscal year’s budget, the office observes that the transition of the projects to NIF will involve repurposing of exchequer funding to other sectors, leaving them to wholly rely on funding by agencies implementing them.

This poses risks to the projects’ unhindered continuity since some of the agencies lack sufficient cash to finance them on their own, the PBO warns.

‘Likewise, it will also entail restructuring of existing contractual agreements with external financiers. Getting consent from external financiers for such a restructuring may take some time, and this will adversely affect implementation of Energy projects which are significantly dependent on donor funding,’ the office says.

NIF is at the centre of President William Ruto’s plan to mobilise private capital for infrastructure development, with the government targeting up to Sh5 trillion in investments over time by using public capital to crowd in private investors.

Among the projects expected to benefit from the fund is the planned modernisation and expansion of Jomo Kenyatta International Airport, as well as investments in transport, logistics, energy and other strategic sectors.

The NIF Act, 2026 provides for the development of an investment policy to guide on what projects can be bankrolled by the fund, a fact the PBO observes may also form part of the obstacle for the 41 projects the State has removed exchequer funding.

‘Another concern is that the transition of the projects to the NIF will also require them to be subjected to the general investment criteria review as provided in the IPS (Investment Policy Statement) including demand validation, commercial viability, financial return, investor readiness and capital mobilisation and risk management,’ the PBO says.

The PBO warns that projects risk stalling as they wait for the review, which is likely to cause cost overruns ‘due to penalties for delayed payments to contractors and commitment fees from approved but undisbursed development financing from lending agencies.’

The office also cautions that transitioning the projects to NIF funding will require reappraisal, restructuring, refinancing, legal reviews, and transaction advisory services, which may increase the current project cost.

‘Therefore, to ensure the successful implementation of the energy and petroleum projects identified for transition to the NIF, the National Assembly should keep an eye on timely operationalization of the NIF, and policy and legal alignment for project migration,’ the PBNO said.

The NIF currently has Sh350 billion in capital from the Sh106 billion proceeds from the government’s sale of a 65 percent stake in the Kenya Pipeline Company (KPC) and Sh244 billion proceeds from the government’s sale of a 15 percent stake in Safaricom.

The PBO also reckons that while an investment policy for the NIF has been developed and approved by MPs, its annual business plan is yet to be developed.

‘With the establishment yet to be fully operational, review and approval of the energy and petroleum projects is likely to be delayed, and this may lead to implementation challenges,’ the PBO says.

The office has also urged MPs to scrutinise affected projects to ensure their contractual agreements with development partners are not breached to the detriment of taxpayers.

Housing-focused Pan-African multilateral development bank Shelter Afrique plans to issue a $ 500 million (Sh64.83 billion) sustainability-linked bond focused on East Africa in the first quarter of 2027. A sustainability-linked bond is a type of bond in which the issuer’s financial or structural terms change based on whether it reaches specific environmental, social, or governance goals. Shelter Afrique said the multi-currency bond will be floated in Kenya, Uganda, Tanzania, and Rwanda.

‘We are in the space of mobilising resources from our local markets. We are currently in the market in West Africa where we are issuing about 60 billion CFA francs in the monetary union to finance housing projects in local currency,’ Shelter Afrique MD and CEO, Thierno-Habib Hann, said while speaking at the second Bullish Africa Summit in New York.

‘We plan to go to market and issue US$500 million worth of local currency sustainability linked bond in East Africa in early 2027 and we are targeting four markets – Kenya, Uganda, Tanzania and Rwanda.’

According to the CEO, the lion’s share of the planned sustainability-linked bond will be floated on the Nairobi Securities Exchange owing to the size and depth of liquidity in the market.

Shelter Afrique had earlier said that proceeds from the bonds would be invested in Kenya, Rwanda, Uganda, and Tanzania. The institution has housing projects and investments in mortgage refinance companies in multiple African markets.

Shelter Afrique last issued a bond in Kenya in 2013, a five-year note of Sh5 billion at an interest rate of 12.75 percent.

Shelter Afrique says that the West and East Africa bonds are designed to ensure that the implementation of housing projects in the two regions is shielded from foreign currency risk associated with borrowing in hard currency.

‘One major risk is currency risk, and that is why we must mobilise resources through our local markets. You can have an amazing project that offers you huge returns, but if your local currency depreciates over the life of the project, that can really eat into your return and potentially push the project to default,’ Hann said.

Foreign currency risk in debt occurs when a borrower takes out a loan denominated in a currency different from their home currency, meaning a drop in the value of the borrower’s local currency makes the debt much harder to repay. Shelter Afrique closed 2025 with a $234.82 million (Sh30.44billion) asset base, of which $174.08million (Sh22.57billion) was attributable to loans disbursed to customers, having grown from $134.7 million (Sh17.46billion) a year earlier.

The development bank has 44 member countries, with Nigeria as the largest shareholder with a 17.01 percent stake. Kenya has a 15.81 percent stake in the bank, while the African Development Bank and the African Reinsurance Corporation hold 11.41 percent and 3.39 percent stakes, respectively.

Dormant members in savings and credit co-operative societies (saccos) grew 14.1 percent to 1.9 million in the year ended December amid reduced disposable incomes that could have forced workers and traders to stop making contributions or borrow on their accounts.

Data from the regulator, the Sacco Societies Regulatory Authority (Sasra), shows 24.14 percent of the 7.87 million Sacco members did not transact on their accounts for more than six months last year.

This emerged in a period when analysts reckon workers’ purchasing power has declined over the past five years on the back of rising taxes, multiple statutory deductions and high cost of living.

Kenya Bankers Association (KBA), the bankers’ lobby, reckons that households’ purchasing power dropped by between 10.7 percent and 12 percent the past five years despite increased hiring and wages.

Owners of inactive accounts are often restricted from accessing their deposits and are required to pay a reactivation fee before retrieving their savings.

Sasra data shows 234, 603 members in deposit-taking (DT) and non-withdrawable deposit-taking (NWDT) saccos became dormant last year, up from 218,435 a year earlier.

Accounts that have remained idle for six months in DT-saccos are termed dormant, while those in NWDT-saccos have a longer period of a year.

Sasra CEO David Sandagi said the growth in overall membership amid deepening share of dormancy should be an ‘area of focus’ for saccos if they are to sustain deposit mobilisation pace that can fund rising appetite for loans.

‘One of the key observations we are making is the level of dormancy, albeit with an increase in overall membership. This must be an area of focus for saccos. It is one thing to leverage increasing membership, and it is another to ensure that economic activity of those members who have joined the sacco is stimulated,’ said Mr Sandagi.

Many saccos restrict withdrawals from accounts classified as dormant, requiring account holders to reactivate them by presenting their identification cards at branches, completing reactivation forms and making a deposit into the account.

Some saccos charge a reactivation fee of up to Sh300 and require a deposit of Sh100 to Sh1,000 in the account to lift the dormancy status.

Total membership in the 357 saccos under Sasra supervision increased 6.6 percent to 7.87 million last year from 7.39 million in 2024.

However, active membership grew by only 4.42 percent to 5.97 million, while dormant membership jumped 14.08 percent to 1.90 million.

The pressure is more pronounced among deposit-taking saccos, which accounted for the bulk of industry lending.

Their gross loans grew 12.98 percent, compared with an 11.89 percent increase in deposits.

The rise in inactive accounts emerged in the year when the economy grew at the slowest pace in five years at 4.6 percent while real wages-earnings adjusted for inflation-grew by 2.0 percent, marking the first time in six years for growth in workers’ earnings to surpass inflation.

The positive growth in real wages, however, masked the impact of increased statutory deductions — including the healthcare insurance levy, housing tax and higher National Social Security Fund (NSSF) contributions that ate into workers’ pay, keeping it below the 2020 levels.

The State uses gross income rather than take-home pay that hits workers’ accounts to compute real wages.

The increase in dormant membership in saccos came as loans grew faster than members’ deposits and savings, widening the gap between the funds saccos mobilise from members and the amount they lend to Sh115.93 billion at the end of December from Sh95.68 billion in the previous year.

Members’ deposits and savings remain the main source of funding for sacco lending, making the rising level of dormancy a concern for the industry.

Members’ deposits and savings increased to Sh832.74 billion from Sh749.43 billion recorded in the previous year, as gross loans and advances grew to Sh948.67 billion from Sh845.11 billion.

Sasra said the mismatch between the appetite for loans and deposits mobilisation has forced saccos to utilise reserves and external loans for lending.

‘While deposits have continued to grow steadily, a notable gap remains between total deposits and gross loans, with loans exceeding deposits. This gap is primarily financed by retained earnings and institutional reserves, with a relatively small proportion funded through external borrowing,’ said Sasra.

Part of the reason saccos’ loan book beats the deposit base is the use of the multiplier model in lending, where many sacco members are allowed to borrow up to three times their deposits using their fellow members as guarantors.

The regulator has asked saccos to develop suitable financial products and services to reactivate dormant members and conduct surveys to establish the reasons for their inactivity.

Across the sector, the gross loans-to-deposits ratio rose to 101.36 percent last year from 100.65 percent a year earlier. The ratio means gross lending was higher than members’ deposits and savings, with the difference being supported by other sources of internal funding.

However, Sasra said the faster growth in loans did not, on its own, signal weakening liquidity because deposits were increasing and new lending was being supported by repayments from existing borrowers.

‘Regulated saccos are, however, challenged to devise strategies to spur the growth in deposits to cope up with the surging demand for loans,’ the regulator said.

The 1.90 million dormant members provide a sizeable pool that saccos could seek to bring back into active participation.

Sasra said the saccos disbursed loans amounting to Sh596.54 billion towards eight key sectors of the economy.

Land and housing remained the largest beneficiary, receiving Sh157.2 billion, followed by education and agriculture (Sh124.51 billion and Sh110.74 billion, respectively). The human health sector received the least funding in loans disbursed during the year, amounting to Sh14.65 billion.

Saccos posted improved loan repayment among members, cutting the non-performing loans ratio for DT saccos to 6.36 percent from 8.56 percent, while that of NWDT saccos improved to 6.44 percent from 7.07 percent.

The regulator attributed this to stricter loan appraisal and approval processes, enhanced loan recovery efforts and improved loan repayment performance among members.

The asset base of the Sasra-regulated saccos grew to Sh1.21 trillion from Sh1.08 trillion, largely driven by DT saccos whose assets hit the trillion mark of Sh1.07 trillion during the review period.

The Supreme Court has agreed to hear an appeal by former Cabinet Secretary Raphael Tuju in a Sh4.5 billion loan dispute with East African Development Bank (EADB).

A five-judge bench, chaired by Deputy Chief Justice Philomena Mwilu, agreed to hear the appeal after reviewing its October 11, 2024 decision in which the judges recused themselves from hearing the case, stalling the matter.

The judges noted that a complaint filed by Mr Tuju at the Judicial Service Commission (JSC), which triggered the recusal to allow the matter to run its course, has since been withdrawn.

‘That the complaints have subsequently and unequivocally been withdrawn, and in exercise of the Court’s inherent powers, we find no justification to perpetuate the recusal beyond this point,’ the judges said.

The court, however, maintained that the change in the circumstances that led to the recusal of the judges does not alter the validity of the ruling.

‘It was the correct and proper decision to make in the circumstances at the time. As a matter of fact, and to buttress this fact, the applicants have not invited us to hold that the ruling was erroneously made,’ said the court.

The apex court said everyone has a Constitutional right to lodge a complaint with the JSC over the conduct of a judge or judicial officer.

‘There is a corresponding responsibility on a litigant not to casually make allegations sufficiently grave to occasion the recusal of five of the seven Justices of the Supreme Court,’ the judges said.

The former CS has been entangled in a protracted dispute with EADB over the 2015 loan. His companies, Dari Ltd and SAM Company Ltd, had a deal with EADB for a $9.3 million (Sh1.2billion) loan for business expansion.

The loans were aimed at financing the construction of Sh100 million two-storey, flat-roofed bungalows sitting on a 20-acre forested land dubbed Entim Sidai and the purchase of a 94-year-old bungalow built by a Scottish missionary, Dr Albert Patterson, which currently operates as a high-end restaurant.

The loan was secured through several forms of collateral, including an indemnity and guarantee agreement dated April 10, 2015.

Among the properties charged as security were Entim Sidai, Tamarind Karen and Dari Business Park. Dari Business Park was sold for Sh450 million in October last year.

When Dari Ltd defaulted, the bank demanded immediate repayment and subsequently filed a suit in the United Kingdom against the company, Mr Tuju, his children, and SAM Company Ltd.

On June 19, 2019, Judge Daniel Toledano of the High Court of Justice (Business and Property Courts of England and Wales) entered summary judgment against Dari Ltd and the guarantors-jointly and severally-for $15,162,320.95.

To enforce the decision, EADB moved to the Kenyan High Court, which recognised the UK judgment on January 7, 2020, under the Foreign Judgments (Reciprocal Enforcement) Act.

Dari Ltd’s application to set aside the UK judgment was dismissed, and the matter escalated to the Supreme Court, but the judges recused themselves.

The court halted the planned sale of other properties-Entim Sidai Wellness Sanctuary-after Mr Tuju challenged the valuation conducted by Knight Frank Valuers, who were appointed by EADB.

Mr Tuju accused the bank of failing to disburse the full loan amount, causing cash flow challenges for the borrower.

The bank defended itself, saying the balance was never disbursed because Dari Ltd breached the agreement by failing to pay $11,462,757 as at November 10, 2017.

Kenya’s sugarcane farmers earned an estimated Sh33.5 billion in the seven months to July as cane deliveries surged, boosting domestic sugar output and easing consumer prices.

Farmers delivered 5.94 million tonnes of cane during the period, up from 4.12 million tonnes in a similar period a year earlier, with the increased supply lifting domestic sugar production to 528,874 tonnes.

The higher deliveries translated into a 52.3 percent increase in estimated farmer earnings, as the average cane price also rose to Sh5,643 per tonne from Sh5,343 over the comparable period.

The jump in cane supplies has provided sugar factories with more raw material after last year’s shortages constrained milling and contributed to a sharp decline in domestic sugar production.

Sugar output rose 44.5 percent to 528,874 tonnes by July from 366,007 tonnes in the same period last year, according to KNBS data sourced from the Kenya Sugar Board.

The recovery has started feeding through to consumers, with the average retail price of sugar falling 3.1 percent to Sh167.02 per kilogramme from Sh172.36 over the comparable seven-month period.

The improvement follows a prolonged period of weak cane availability that forced factories to reduce operations, leaving Kenya more dependent on imported sugar to bridge domestic supply gaps.

The country had last year faced severe shortages of mature cane in western Kenya, prompting the Sugar Board to direct seven factories to suspend milling from July to allow the crop to mature.

The shortage also sent Kenya’s sugar import bill from Uganda and Tanzania soaring 708 percent to Sh6.17 billion in the three months to September 2025, according to official trade data.

The turnaround in cane deliveries marks a significant reversal for factories that struggled to maintain production when farmers had insufficient mature cane to supply mills.

KNBS monthly data shows the recovery gathered pace from November last year, when cane deliveries reached 800,196 tonnes compared with 566,584 tonnes a month earlier.

By June, cane deliveries had reached 998,000 tonnes, 109.03 percent above the 477,439 tonnes recorded in June 2025, before rising to a record high of 1.01 million tonnes in July.

The increased cane flow has been accompanied by a sharp improvement in factory output, with July alone producing 91,022 tonnes of sugar compared with 42,255 tonnes in July 2025.

The recovery is partly linked to improved cane availability following sector reforms, including the reopening of previously dormant State-owned factories under private management arrangements.

Four State-owned factories-Nzoia, Chemelil, Muhoroni and Mumias-were targeted for private management as part of efforts to revive production, reduce losses and improve factory utilisation.

The larger farmer payout comes at a time when the sugar industry entering a more competitive trading environment after Kenya ended 24 years of protection from cheaper Comesa sugar imports.

The country exited the regional safeguard regime in January, removing restrictions that had shielded local millers from cheaper sugar produced by other Comesa members.

The safeguards had allowed Kenya to import up to 350,000 tonnes of sugar from Comesa countries to cover domestic deficits while protecting local producers from cheaper regional supplies.

The removal of that protection means local factories must compete with imported sugar even as they work through higher cane procurement costs and investment requirements.

The pressure was visible in July when sugar millers in western Kenya were reported to be holding large stocks of unsold sugar amid competition from imported and allegedly smuggled supplies.

Nzoia Sugar, for example, was reported to have accumulated 269,750 bags of unsold sugar by July 28, highlighting the challenge of converting higher cane deliveries into stronger factory revenues.

Let’s imagine you are not a comic book fan or never picked up a comic book in your life, nor watched an animated show, or ever heard of comic book characters like in this case, Green Lantern. Let’s have a quick lesson.

The Green Lanterns are an elite interstellar police force recruited from across the universe based on their willpower and ability to conquer fear. Every officer carries a Power Ring that turns their imagination into solid green energy constructs, basically an ability to create anything they can imagine.

The ring is recharged using a lantern. A different corp in that universe are represented by different colour which plays into their purpose and to wrap it all up they have a cool oath.

Before the Lanterns though, there were the Manhunters, the original, emotionless android police force. Built to maintain order, these robots malfunctioned and decided the only logical way to eliminate crime was to wipe out all organic life.

After committing cosmic genocide, they were shut down and replaced by the much more logical Green Lanterns, turning the surviving robots into the bad guys.

Calm down, we are not going to be talking exclusively about comic books, our focus is a series based on comic book characters.

Lanterns

This is an American superhero TV series created by Chris Mundy, Damon Lindelof, and Tom King for HBO.

Serving as the third series in James Gunn’s rebooted DC Universe, the show features Green Lanterns starting with Hal Jordan, played by Kyle Chandler, and recruit John Stewart, played by Aaron Pierre, with Guy Gardner popping up played by Nathan Fillion.

Showrunner Chris Mundy made it clear early on that this would be a grounded, gritty, True Detective-style murder mystery rather than a cosmic space opera. The story follows Jordan and Stewart as they investigate a mysterious murder in the small town of Rushville, Nebraska, which unravels into a far wider conspiracy.

I really like episode 7 and thought it brought a lot of what was set up in the previous episode together well, It was so good that I had talk about it, bring your attention to the show before the season finale.

Spoiler free

If you prefer linear storytelling, you might struggle with the show because it jumps around a lot. The showrunners play around with the timeline, jumping across different periods, intentionally drip-feeding you with information and character backstories, which lets you piece together the story as you go.

Initially, throwing all these ideas at the viewer without immediate context feels chaotic, but that hook at the end of Episode 1 is sharp enough to keep you glued. As the series progresses, those scattered pieces slot into place. By the time you get to episodes 3, 5, and especially episode 7, you get those cathartic moments where earlier reveals come together perfectly.

The non-linear structure builds an intriguing mystery where understanding John Stewart’s strict upbringing or Hal Jordan’s past gives the investigation and story weight.

It is slow but rewarding.

Perfomances

Aaron Pierre is perfectly cast as John Stewart. Stewart is the new recruit stepping up to take over from Hal, and Pierre embodies the stoic, disciplined nature of a military man who was raised with a very specific, conditioned relationship to fear. His character arc grows naturally across the episodes.

Some episodes complicate the plot and force Stewart through a rollercoaster of emotions following his relationship with Hal and the people of Rushville, Pierre handles those heavy dramatic beats brilliantly. He brings real depth to a character who is learning on the job, making him the centre of the series.

Kyle Chandler as Hal Jordan is interesting in this, without spoiling it, we follow two distinct versions of Hal, and Kyle is able to bring out those two personalities perfectly. However, I really do not like the primary version of Hal Jordan.

As someone who has a substantial understanding of Hal thanks to DC Animated Universe from the mid-2000s to the late 2010s, this characterisation feels like it’s coming from a dark place.

The writing almost feels as if it was coming from a psychiatrist who dislikes Hal Jordan. In an effort to ground the character, the creators turned him into a tired, depressed, worn-out man who is far past his prime. They stripped away the kind, loyal and Maverick-like charm that defines Hal Jordan for comic fans. Instead of rooting for him, you end up pitying him.

He feels less like the iconic Green Lantern and more like a generic, grumpy old man who happens to carry a power ring. It might have been the intention, but I found it distasteful even when it makes for some of the most entertaining interactions with Stewart.

Guy Gardner pops up briefly, roping James Gunn’s universe into the story. Poorna Jagannathan turns in a compelling performance as Zoe, and Sinestro makes a brief, intriguing appearance that hints at huge potential for future storylines.

That push for realism extends to the visual design and sci-fi elements. Instead of bright, luminous green constructs, the show uses a darker, muted emerald tone.

Other small details I enjoyed include Hal taking off into flight in a quick, understated way that feels second nature to him. The action set-pieces are okay, and the overall cinematography is cinematic and grand.

However, the grounded aesthetic hurts the Manhunters. In the comics, these androids are imposing, iconic killing machines with a distinct, cool design. Here, while the show establishes them as a threat, their physical look is stripped back to human form to fit a small-town and grounded setting.

With the premise, the whole setting in Rushville and the grounded take on these characters is fantastic, in that even with the time jumps its easy to follow and undestand who is who. But I must admit I kept thinking of Peacemaker Season 1 from James Gunn just darker and a better mystery.

Jump in

But even with all that, Lanterns is an awesome show and if you haven’t jumped in, you have a week before the finale. If Episode 1 is a shock, or you struggle to piece things together, give it two more episodes. I was personally impressed by Episode 3 and Episode 5; Episode 6 has a weighty moment especially having followed these characters, and of course episode 7.

Right now, Lanterns sits in third place on my list of favourite comic book shows, just behind What If…? and my top pick, The Penguin.

Depending on how next week’s finale fares, it might move higher up the ranks.

Billionaire businessman Peter Muthoka sold his airport services firm Transglobal Cargo Centre (TCC) for close to twice the assets it was holding, indicating the lucrative nature of the deal that saw him earn $40.1 million (Sh5.2 billion) from Turkish firm Celebi Ground Handling.

His profit amounted to Sh2.5 billion in the transaction.

The multinational disclosed in its latest annual report that TCC had tangible assets equivalent to 833.2 million Turkish Lira on December 23, 2025 when it acquired the Kenyan firm through its Frankfurt-based subsidiary Çelebi Cargo GmbH.

The total purchase consideration was higher at 1.63 billion Turkish Lira, representing a premium of 95.8 percent.

The multinational has captured the premium of 798.9 million Turkish Lira as goodwill -the price paid in excess of TCC’s assets.

The transaction, which was settled in US dollars, shows the multinational’s willingness to pay a premium equivalent to $19.6 million (Sh2.5 billion) to take 100 percent control of an established business which has operated at the Jomo Kenyatta International Airport (JKIA) for many years.

‘Çelebi Cargo GmbH located in Frankfurt, acquired all shares held by the principal shareholder of Transglobal Cargo Centre Ltd (TCC), a company … providing ground handling, air cargo, and warehouse services at Jomo Kenyatta International Airport, on 23 December 2025, for a consideration of USD 40.1 million (EUR 34.5 million), in line with the company’s international growth strategies and to enhance synergy among group companies,’ the multinational said.

Mr Muthoka earlier said he decided to sell TCC, which traded as Africa Flight Services (AFS), to invest in other areas.

‘I have done my best in this business and I want to invest in other things. We have the best service and equipment,’ Mr Muthoka told this publication when the deal was announced, adding that part of the sales proceeds was used to repay debt that TCC used to upgrade its facilities.

He noted that he still maintains a presence in the logistics business through his other firm -Acceler Global Logistics Limited which offers freight services.

The businessman’s logistics empire has been concentrated at JKIA, with Acceler Global Logistics and the now-sold TCC both operating from the airport’s cargo side.

Acceler offers international freight services through partnerships and its local assets including a fleet of trucks and warehousing facilities. The company’s major clients have included motor vehicle dealers and telecommunications operators.

The buyout of TCC marks the second public exit transaction for Mr Muthoka who received Sh1.8 billion in 2014 for his 24.7 percent stake in motor vehicle dealer CMC Holdings when it was acquired by Dubai’s Al Futtaim.

Celebi said the acquisition of TCC gives it an opportunity to grow in Kenya’s busy logistics hub.

Transglobal is the leader in ground cargo handling at JKIA in terms of exports with a 33 percent market share, followed by Kenya Airways Cargo at 22 percent according to the Competition Authority of Kenya (CAK).

The firms switch positions on the imports side, with Kenya Airways Cargo leading with a 32 percent market share and Transglobal following at 20 percent.

Other players in the business include Siginon Group, Swissport and Mitchell Cotts. The companies are involved in moving and managing goods from the point they arrive at the airport until they are dispatched to their next destination.

CAK said Celebi is expected to make additional investments in Transglobal’s operations post-acquisition.

Kenya’s logistics firms have attracted international buyers in the past decade, with the country seen as a major regional hub amid growing volumes of imported and exported goods.

Shipping firm MSC Group spent $6.1 billion (Sh786.8 billion) in 2022 to acquire Bollore Africa Logistics’s operations including its freight services in Kenya.

Other multinationals that have entered Kenya through buyouts include Mauritius’ Rogers Group that purchased Rongai Workshop and Transport Limited in 2023 for an undisclosed sum.

Dubai’s Aramex acquired Kenya’s OneWorld Courier and In-Time Couriers in 2011. Celebi said it is bullish on Kenya’s logistics market, noting that it is buying a company with established operations.

Most investors have not yet come to a realization that quality African businesses have more funding alternatives than before.

A few years back receiving a term sheet from a potential investor was, in many cases, almost synonymous with having a deal done. Yes, read that again.

The company was often grateful simply to have secured an offer. Once the term sheet arrived, management would focus on getting the transaction completed, with limited negotiation on pricing, covenants, security, governance rights, conditions precedent or other commercial terms.

That dynamic has changed.

Today, a quality African business can have several financing options on the table at the same time.

A well-performing company with a credible management team, audited financials, strong cash flows and a clear growth strategy may be approached by multiple banks, private equity funds, private credit providers, DFIs, family offices and commercial banks- all at once.

And increasingly, local and regional banks are willing to compete aggressively for good borrowers – sometimes offering financing at pricing that can be more attractive. Some offering below market price, just to win the client.

This has fundamentally changed the balance of power in fundraising. The work of an Advisor has also evolved, steering the deal to completion and helping the client choose the most appropriate investor, with the most well-suited term sheet.

A term sheet is no longer the finish line. It is the beginning of the negotiation.

We see management teams asking much better questions:

What is the all-in cost of capital?

What security are you requiring, and why?

What financial covenants will apply?

How much control or influence will the investor have?

What happens if the business misses a covenant temporarily?

Are there restrictions on dividends, acquisitions or additional borrowing?

What are the prepayment and exit provisions?

How flexible is the facility as the business grows?

What happens in a downside scenario?

And perhaps most importantly: beyond providing capital, what value are you actually bringing to the business?

That last question is becoming particularly important.

Capital is increasingly commoditised for high-quality businesses.

The investor who simply provides money may no longer have a sufficient competitive advantage; this is where Local Banks fall short and value adding PE and Debt Funds standout.

Companies are looking for investors who can open markets, introduce strategic partners, strengthen governance, support M and A, facilitate subsequent financing, help families transform their business, support succession planning, provide sector expertise and help management navigate periods of growth and uncertainty.

This does not mean capital has become easy to access. It has not.

There remains a significant financing gap across Africa, particularly for businesses that are too large for traditional SME lending but not yet sufficiently institutionalised for conventional private equity or international capital markets.

But for the right businesses, the funding landscape is becoming considerably more competitive.

For investors, this means the question is no longer simply:

‘Can we fund this company?’

The better question is:

‘Why should this company choose us?’

For business owners, it means fundraising should no longer be approached as a search for the first investor willing to provide capital.

It should be approached as a process of capital allocation and partner selection.