Category: Business Daily

Eleven years ago, a client invited me to provide training to their Rwandan board of directors at an offsite location. I landed in Kigali, their beautiful city and went by road to the gorilla trekking resort town of Gisenyi.

Nestled on the shores of Lake Kivu, Gisenyi lies 154 kilometres northwest of Rwanda’s capital and is a bustling border town and gateway into the DRC through Goma on its lakeside flanks.

Due to the myriad hills that dot the volcanic landscape of the region, the drive takes twice the time it should, at least three hours of meandering through rural villages on a relatively good two-lane tarmac road.

About an hour to approaching the town, a passenger tossed out a plastic bottle of water from the backseat of the vehicle that was in front of us.

Seated in front of the vehicle I was riding in, I watched as our driver became visibly agitated. Pulling over to the side of the road, he said to me, ‘Look at this idiot just throwing rubbish on the road!’

He got out of the vehicle and picked up the offending piece of trash, threw it into the boot of our car and we proceeded on the journey. If you are a Kenyan who has ever visited Rwanda, you know how astonishingly clean and disciplined that country is.

It is every single thing that Kenya is not. Yeah, yeah I know that comparisons are the thief of joy and all that motivational talk blarney, but my fellow Kenyans, only God can help us now.

Umuganda, a traditional Rwandan practice of community work or community service, was officially reintroduced by President Paul Kagame as a part of his administration’s efforts to promote reconciliation, environmental cleanliness and community solidarity.

Under Kagame’s leadership, Umuganda has become a monthly event where citizens participate in various community service activities on the last Saturday of each month, a key one being cleaning the environment around one’s neighborhood.

The initiative aims to foster a sense of community and collective responsibility among the Rwandan population, contributing to the country’s post-genocide reconstruction and development efforts.

What I like about the practice is that in his wisdom, Kagame looked for the least expensive and most equalising event that would get citizens out on the street undertaking a unifying activity. More importantly, he connected the dots that by creating discipline around cleanliness you started to get the citizenry unconsciously eschewing chaos.

Now across the Rwandan border, due northeast lies a country heaving with 50 million citizens most of whom couldn’t describe what a public garbage bin even looks like. For the incredibly undisciplined driving citizenry of that same country, clearly marked road lanes are a suggestion. A dotted white aberration designed by road builders to break the black monotony of tarmac.

Now when you introduce these single lane natives to a dual carriageway, you blow their collectively simple minds. A good example is the newly built Kenol to Marua highway that extends past the end of the multi lane Thika Highway northbound to Nyeri.

No one educated the driving masses past the town of Kenol that the left lane is for slow moving traffic. Neither were they consulted.

There are multiple signs that dot the highway reminding drivers to keep left unless overtaking, but in the usual Kenyan mindset, those signs are meant for the other guy, surely not me.

So, what is supposed to be a smooth drive is often curtailed by a veritable halfwit who drives on the right lane at exactly the same speed as the slow-moving truck correctly situate on the left lane. And sees absolutely no problem with the long line of incensed drivers tail backed in his rear-view mirror.

The more interesting drivers are those residents of the numerous villages along the highway who were not consulted about the road design. Consequently, in days past they were able to simply drive the hundred or so metres to Mama Gathoni’s shop to drop off a bag of beans enroute to Sagana to do some banking.

The dual carriageway means that they now have to drive at least three kilometres to get to the U turn that will bring them back to Mama Gathoni’s shop. But that is too much, surely. It’s just easier to make the sign of the cross and drive against oncoming traffic on a national highway, smiling at irate drivers the whole time.

If you introduce us natives to a newfangled road, like the road to Singapore for instance, you must be ready to educate us on how to use it. After all, we were not consulted.

The National Treasury is expected to pile into the domestic debt market to plug the budget deficit over the medium term, deeming the strategy the most suitable in managing borrowing costs.

The ministry’s 2026 Draft Medium Term Debt Strategy expects 82 percent of gross borrowing needs to be met from the domestic market, with only a partial 18 percent of funding coming from external sources.

The net borrowing mix over the medium term from the 2026/27 to the 2028/29 fiscal year, is set at 78 percent domestic and 22 percent for external sources.

The overreliance on the domestic market to plug the budget hole is against private sector concerns over being crowded out as the exchequer competes with households and businesses for funding from commercial banks.

The National Treasury, however, argues that the bias towards domestic borrowing is the most cost-effective approach and further says it plans on deepening the domestic credit market to ensure the availability of optimal liquidity.

‘From an array of strategies analysed, Strategy 2 (this strategy) proposes balancing lower cost external borrowing with deepening the domestic debt market, locking in fixed rates and lower foreign exchange rate exposure,’ the National Treasury said in the draft MTDS.

‘This strategy will lead to a reduction in debt burden while safeguarding fiscal sustainability and creating space for priority national investments.”

The National Treasury is banking on innovative financing options, including the development of domestic retail digital bonds via mobile money.

Previously, the exchequer has persistently failed to keep within its set mix of domestic and external funding, exceeding the target on the auction of Treasury bills and bonds.

In the 2024/25 fiscal year, the Treasury exceeded its domestic borrowing target by 28 percent, tapping 83 percent of its revenue needs from the local market against a target of 55 percent.

The target for domestic borrowing has been consistently exceeded previously: by 23 percent in the year to June 2024, 3 percent in the year to June 2023, 12 percent in the year to June 2022 and 9 percent in the year to June 2021.

The National Treasury has blamed external funding shortfalls for exceeding prior targets on domestic borrowing.

‘The strategy envisaged that 55 percent of net deficit financing (for the 2024/25 fiscal year) would be met through domestic sources, with the remaining 45 percent obtained externally. In practice, however, the financing mix shifted to 83 percent net domestic financing and 17 percent net external financing,’ the National Treasury added.

‘This deviation was largely due to delays in external disbursements, which required greater reliance on domestic borrowing.’

The risk indicators for existing domestic debt worsened in the period ending in June 2025, as the proportion of instruments with less than one year to maturity rose to 20.5 percent from 18.6 percent previously.

The deterioration has been attributed to the higher uptake of short-term Treasury bills and the lesser issuance of long-dated Treasury bonds.

The National Treasury expects to return to the issuance of a higher proportion of medium to long-term bonds, increasing the average time to maturity for domestic debt to fix the refinancing risk.

The stock of Treasury bills as of June 2025 stood at Sh1.03 trillion, while outstanding bonds were at Sh5.11 trillion.

What most people don’t realise is that the acid in our stomachs, essential for digestion, can turn from friend to foe when it escapes its usual boundaries.

Acid reflux occurs when the lower esophageal sphincter, the valve between the stomach and the esophagus, weakens or relaxes inappropriately, allowing stomach acid to creep upward.

Unlike the stomach, the esophagus lacks a protective lining, and this exposure can cause discomfort, irritation, and in some cases, long-term damage.

Heartburn, a burning sensation behind the breastbone, is the most recognisable symptom. But acidity doesn’t stop there. It can irritate the throat, causing soreness, a persistent cough, or even a hoarse voice.

For those prone to reflux, large meals stretch the stomach and increase pressure on the valve, making it easier for acid to escape. Rich, fatty, and spicy foods, think creamy sauces, roasted meats, and deep-fried treats, are common culprits, as are chocolates, caffeinated beverages, and citrus-based desserts. Even seemingly innocent indulgences like energy drinks or fizzy sodas can trigger episodes.

Alcohol deserves special mention. Many people assume a glass of wine or champagne is harmless, but alcohol relaxes the esophageal valve and can increase acid production. Red wine, whiskey, and cocktails with sugary mixers are particularly notorious for aggravating reflux.

For those determined to enjoy without discomfort, moderation is key, and pacing drinks alongside water or non-carbonated beverages can help reduce risk. Carbonated mocktails or sparkling water can also add pressure to the stomach and worsen symptoms.

Timing matters as much as what we eat. Late-night parties, post-dinner desserts, or heading straight to bed after a large meal create ideal conditions for acid to rise. Sleeping on the right side or lying flat can exacerbate reflux, whereas lying on the left side and elevating the head slightly can reduce nighttime discomfort.

Those who travel to visit family or attend events may also notice flare-ups. Long journeys, changes in routine, and the stress of planning or hosting can all contribute to increased acid production and slower digestion.

Beyond diet and posture, other factors make some people more vulnerable. Smoking and nicotine, certain medications, pregnancy, and even a hiatal hernia can compromise the esophageal valve.

Clothing choices also play a subtle but significant role; tight belts or shapewear that press on the abdomen increase intra-abdominal pressure, pushing acid upward.

Natural remedies

For many, occasional heartburn can be managed safely with over-the-counter antacids. Natural remedies, too, can provide relief; ginger, for example, contains compounds that promote stomach emptying and can ease nausea.

However, these solutions are meant for occasional flare-ups, not chronic problems. Those who find themselves reaching for antacids repeatedly, or experiencing persistent symptoms, should seek medical evaluation rather than assume it is simply overeating.

Untreated reflux can lead to complications such as esophagitis, ulcers, or strictures, which are far more serious than the occasional burn.

Portion control, smaller plates and moderate servings allow one to savour food without overloading the stomach. Alternating indulgent dishes with lighter fare like vegetables or salads helps balance the meal.

Eating slowly, taking breaks between courses, and avoiding immediately lying down after eating are simple yet effective habits. Staying active, even with short walks after meals, assists digestion and prevents acid buildup.

Stress, often underestimated, also plays a significant role. The pressures of work deadlines and family responsibilities can stimulate acid production and worsen reflux. Finding moments of relaxation, practising mindful eating, and maintaining routine as much as possible can reduce both mental and digestive strain.

Remember, occasional heartburn is common, but persistent pain, difficulty swallowing, unexplained weight loss, or vomiting blood warrants prompt medical attention.

By understanding the triggers, listening to your body, and making thoughtful choices, you can enjoy your favourite indulgences safely.

Listed agricultural trading company, Kakuzi, has secured an order from the Supreme Court suspending a decision by a lower court that granted Makuyu Golf Club about 72 acres of its expansive land.

A bench of six judges suspended the decision granting the club the contested land, pending the hearing and determination of its second appeal.

The Environment and Land Court had ruled in favour of the club, saying the members had acquired the land through adverse possession, having used the golf course continuously for more than 10 years.

A subsequent appeal by Kakuzi PLC was dismissed by the Court of Appeal in November last year, forcing the Nairobi Securities Exchange-listed firm to escalate the fight to the Supreme Court.

‘Bearing in mind the nature of the competing claims of both parties over the suit property, we find it is just to preserve the status quo by granting an order of stay of execution pending the hearing and determination of the judgment,’ said the court.

The court agreed with Kakuzi after expressing fears of the impending execution of the decision of the trial court before the appeal was heard.

Kakuzi argued that it acquired the land in Murang’a in 1967 for agricultural use, and Makuyu Club has been using approximately 70 acres of the land as a golf course with its knowledge and express consent.

The club filed the case in 2002 seeking to be declared the owner of the land by virtue of adverse possession, having occupied it for a period exceeding 12 years since 1934.

Kakuzi submitted that it was apprehensive that the club would execute the decision, a move that would render the appeal a mere academic exercise.

Kakuzi was allowed to escalate the matter to the Supreme Court so that the judges of the apex court could clarify the application of the principles of adverse possession.

Kakuzi wants the Supreme Court to determine whether informal arrangements for the use of land, including the charitable right to the use of land, a key feature of Kenya’s land use system, would give rise to a claim for adverse possession.

he company also wants the court to determine whether landowners who have not revoked their consent will be liable to lose their properties in adverse possession claims and whether the absence of an adverse incident can trigger the running of time for purposes of a claim on adverse possession.

Makuyu Club, however, said there was no such informal arrangement between Kakuzi and Makuyu Club since the property was donated by white settlers as a golf course in 1934, and Kakuzi bought it in 1967 and did not make any efforts to assert its rights.

The appellate court ruled last year that the club had exclusively used the contested land as a golf course since 1934, even before it was acquired by Kakuzi Ltd, and remained in use after the agricultural firm bought the expansive land in 1967.

Kakuzi Ltd claimed that the members of the Makuyu Club had been using the contested land as a golf course with the express knowledge and consent of its predecessor.

The company said it has been the one supporting the Club by helping in maintenance of the golf course by supplying diesel oil, petrol lubricants as well as lending tractors and lawnmowers, and paying wages for clubhouse watchmen.

The company further said Kakuzi was the one paying wages of the golf course employees, providing items of equipment to watchmen such as coats and torches, and providing building and maintenance materials.

But in the judgment the appeal court said the acts of supplying water to the club, grass mowers, paying workers, and supporting through donations and such like activity do not qualify as asserting one’s right to property, as it did not have the effect of interrupting the members’ possession, or of dispossessing it of the property.

The National Treasury is exploring alternative sources of revenue beyond the exchequer to clear a ballooning backlog of court awards against the government, signalling the strain of contract breaches, unlawful dismissals, human rights violations, and other legal disputes on public finances.

The latest development follows concerns raised during last November’s Public Sector Hearings, where participants questioned the continued failure by the government to honour compensation arising from court orders.

In its response, the Treasury acknowledged the scale of the challenge, citing limited fiscal space and a lack of budgetary provision for some awards.

‘Some of the awards have not been paid due to limited resources or a lack of provision,’ Treasury wrote in the Draft 2026 Budget Policy Statement. ‘There is a plan in place to explore alternative ways to raise resources to comply with the court awards.’

Treasury data shows that historical court awards against ministries, departments, and agencies amounted to Sh185.89 billion as at June 2025, but only Sh9.74 billion has been settled, leaving an outstanding balance of Sh176.14 billion.

The unpaid awards have become a key driver of pending bills, worsening cash-flow pressures, and risking squeezing resources for service delivery at a time the government is grappling with gaping revenue shortfalls.

The Treasury says part of the problem lies in internal disputes within government, which end up being resolved through costly litigation. It has issued a circular directing state agencies to avoid suing one another.

‘The Government had issued a circular directing all State agencies to avoid suing one another in courts, instead use internal dispute resolution mechanisms,’ the Treasury said.

Many of the awards stem from unlawful, irregular, or poorly executed administrative decisions by public officers, exposing taxpayers to compensation claims, penalties, and interest.

Budget documents show the State Department for Agriculture carries the largest burden, with court awards amounting to Sh57.16 billion in June 2025. A measly Sh50 million of the claims has been paid, leaving Sh57.11 billion outstanding.

The Medical Services department follows with unpaid awards of Sh40.55 billion, none of which had been settled in the review period.

The State Department for Lands and Physical Planning has accumulated Sh13.26 billion court awards, but has paid Sh535.8 million, leaving Sh12.72 billion outstanding.

Security agencies have also amassed significant liabilities for unlawful and irregular decisions as of June 2025. The Ministry of Interior and National Administration has unpaid court awards totalling Sh10.38 billion, while the National Police Service owes Sh1.92 billion, with no payments made in either case.

Infrastructure agencies also feature prominently, with the Roads sector owing Sh9.9 billion, while Transport has outstanding awards of Sh8.93 billion, largely linked to compensation disputes, contract terminations, and land acquisition cases.

The National Treasury, which oversees public finance management, is also not spared, with unsettled Sh4.11 billion court awards, despite paying Sh1.14 billion.

The data further shows that several constitutional commissions and independent offices are also exposed.

The Registrar of Political Parties has outstanding awards of Sh3.04 billion owed to the Orange Democratic Party, the main opposition party, and the Independent Electoral and Boundaries Commission owes Sh213.5 million, and the National Police Service Commission has paid a near-negligible Sh368,000 against awards totaling Sh47.7 million.

Only a handful of institutions have fully cleared their liabilities, including the Kenya Wildlife Service, which paid the full Sh736.6 million awarded against it, the National Gender and Equality Commission (Sh17.46 million), and the State Department for Housing (Sh532.87 million).

The Public Service Commission (PSC) has warned that the rising number of lawsuits points to deeper governance failures. The PSC has, in the previous report on the status of compliance of Kenya’s public service institutions with the constitutional values and principles, stated that frequent litigation is a sign of poor governance and weak adherence to the rule of law.

‘Litigations against an institution are an indicator of poor governance, a result of which decisions are frequently challenged. It is also an indicator of non-compliance with the rule of law,’ the PSC said.

The commission urged the Attorney-General to audit civil proceedings against government institutions, pursue out-of-court settlements where possible, and ensure that public officers whose decisions result in costly lawsuits are held personally liabl

The Kenya Revenue Authority (KRA)’s recent move to lock electronic tax invoices to specific geographic coordinates has pushed georeferencing into the mainstream, signalling that location data is increasingly becoming a tool of accountability in the digital economy.

The taxman has piloted the approach under eTIMS to curb fictitious invoicing by tying each invoice to a mapped point linked to a service location or seller address for easier validation.

KRA’s goal is to reduce invoice fraud by making it harder to manufacture transactions at scale, especially during periods when taxpayers rush to secure compliance invoices to support expense claims.

Georeferencing broadly refers to attaching a reliable location tag to a digital record, allowing the record to be plotted on a map and compared against another activity to test consistency.

In more practical terms, it converts the ‘where’ from a narrative description into a structured data point, turning location into an input that systems can search, group, and interrogate at scale.

Instead of relying on descriptive addresses or self-declared locations, the system captures latitude-and-longitude coordinates, allowing verification against registered premises, service sites, and expected trading patterns.

For KRA, its value lies in turning location into a data field, meaning investigators can run anomaly detection at scale, flag outliers, and build risk models without manually reviewing individual invoices.

The concept has wide relevance in today’s world as the modern economy already depends on location-linked digital logs, even when users do not explicitly think of them as georeferenced records.

Logistics firms, for example, rely on georeferencing to confirm pickup and delivery points, resolve disputes, optimise routes, and establish proof of delivery when parcels go missing.

The same applies to e-commerce platforms, which use location tagging to match buyers to sellers, allocate riders, estimate arrival windows, and determine whether an order moved through the correct fulfillment chain.

In the banking sector in Kenya, geofencing has been deployed as location intelligence to strengthen fraud controls by helping institutions detect anomalous behaviour, such as transactions that do not align with normal geographic patterns for an account.

Card systems and mobile banking platforms often treat location as a risk signal, since coordinated fraud tends to concentrate around hotspots that reveal organised activity rather than random individual behaviour.

Other sectors that have benefited from georeferencing include insurers who use it to strengthen claim verification, especially in motor insurance, where location records are utilised to support case assessments, while in land administration, georeferencing strengthens property valuation and spatial planning.

In 2023, Safaricom introduced a policy that locks tills to specific locations in a bid to combat fraud, in a concept known as geo-locking that allows M-Pesa agents to operate tills only within designated geographical locations.

This means that should an operator relocate, the till automatically shuts down, and customers cannot withdraw or deposit cash.

The policy shift saw the telco record its first-ever decline in the number of agents during the financial year ended March 2024, dropping to 262,016, down from 270,360 at the end of the prior fiscal year.

The mechanics of the KRA-style georeferencing vary by system design, with location captured either directly at the point of transaction or assigned from a verified reference location tied to a registered entity.

While one model captures coordinates from the device generating the record, meaning the system logs the location where the invoice was issued, a second model assigns coordinates from verified business premises or approved service points, improving consistency and reducing manipulation risk.

Other advanced implementations deploy layered verification, combining geolocation with time stamps, device identifiers, network characteristics, and behavioural patterns to reduce the feasibility of sustained manipulation.

Governance / risk implications

Georeferencing, however, carries governance and security implications because precise location data is sensitive, especially when linked to commercial operations and predictable activity patterns.

If location-tagged records are mishandled, leaked, or accessed improperly, they can expose business footprints, consumer routines, and high-value sites, creating operational and personal security risks.

For individuals, location-tagged activity can reveal routines, residences, workplaces, and predictable behaviour, which can enable harassment, stalking, or targeted theft if access is abused.

The precision question also raises fairness concerns, since GPS accuracy varies across devices and environments, meaning legitimate taxpayers in dense urban settings or low-signal areas can generate noisy location signals.

This creates the risk of false positives, where well-intentioned clustering in markets, malls, and shared commercial buildings triggers false suspicion from the authorities despite reflecting normal patterns of commerce.

You don’t expect to be talking about love on a Thursday morning with a bigshot lawyer, but then again, love makes the world go round. At least, James Kamau’s world.

The chairman of DLA Piper Africa and managing partner of IKM Advocates is in love with love, and in here, there is no odour of desperation about him; he is not merely liked but well-liked. Out there, they call him Mr Good Vibes. How do I know? ‘Because the young people tell me so,’ he says.

You’ve been practising law for a while now. Are you still excited by the profession? I’ve been a lawyer for over 30 years, and every single day I wake up, I feel excited to make a difference, either for my clients, sometimes for the country, because of the kind of transactions I do. But very importantly, to make sure that I can keep the promise that I’ve made to the people I work with, that I will always try to do my best to bring in work, to do the best work, and to train them to become the best lawyers.

How has your perception of the law changed over the years?

When we were in law school, and when I started my career, I used to look at law as a matter of understanding what is in the statutes and what is in the case law. I’ve realised that law is about solving real human or business problems.

Who is the one person who comes to mind who made a significant difference in your life?

My late mum and my dad, now 87 years old. The difference they made is they showed the greatest love one can show to a child – I grew up feeling loved, and it has really impacted everything that I’ve done. I’ve felt that I’m generally someone who is loved. And that just makes it easier for you to go out there and face the world because you feel that you’ll be liked, appreciated and respected.

The second thing that they did was that they paid a lot of attention to every aspect of my life, school and at home. And finally, they gave me responsibility from when I was young. Before I was 10, I’d sell in our shop in Kitale, and that level of responsibility has stayed with me. Some people grew up, but I was brought up [chuckles].

Great distinction, but what does that love look like in your life?

Love is about paying attention to people, being available and wanting to make sure that people are getting the best. Love is about looking at the interests of other people and not just what you benefit from those kinds of interactions.

Have you transferred the same kind of philosophy to your children, assuming you have some?

I have transferred those to my sons. Obviously, they will judge me in the same way that I can speak about my parents. I have been available to them, and during their birthdays, they say I am their example. I’ve done my best, but that is their story to tell.

It’s easy to signpost emotional scars for depth. For you, having grown up without any, where does your depth come from?

There are always things to be learned from both negativity and positivity. I’m also a strong believer that the challenges that one faces should not necessarily determine who they become. Those who have been given more, more is also required of them. I ask myself, ‘What should I be doing differently?’ This has helped me to empathise with people who have been brought up differently and help them overcome their challenges.

Are you always the odd one out talking about emotions, perhaps with your friend groups?

I’ve met a number of my friends who seem to have had kind of similar backgrounds to mine. But I’ve also had a significant number that have not, including some family members. My wife says even people who have been brought up in the same family could have different recollections and sometimes different experiences of what transpired.

What I like doing is telling people to apply logic to issues, to breathe and sometimes let things pass, because time itself is a great healer. And if you let the past and even sometimes the present affect every decision, you cannot move on.

Yet emotions always fight with logic.

A 100 percent. That’s why I think God gives you both. It’s not as obvious that one of the ways of resolving emotions is by applying logic. Because people then tend to think that it is okay to continue being emotional. Some of that logic could be: For how long will this continue to define me? Is this something that benefits or distracts? And as I have grown older, I have realised that rarely are things fatal. You make a mistake, and the truth is that one, people may not notice it. Two, people are more forgiving than we sometimes think.

You seem and sound very composed. What part of your life do you not have a handle on?

That’s a very interesting question. Let me think. [long pause]

Eddy, you can ask a difficult question. I sometimes find it difficult to understand the evil that can be done to people and the level of unreasonableness because I’ve seen people doing certain acts that I say I wish I could have some form of control, like when I see the theft and the wastage of public resources, I really feel that I wish there’s something I could do about it, or magical powers to stop it.

And personally?

I thought you’d say that [chuckles]. The kind of things that people talk about when they ask those questions, you know, it could be things to do with anger, health or such things, but nothing comes to mind, so I shall continue to reflect on it.

Tell me something cool about yourself?

People say that I understand how to grow and maintain relationships. And that I have gravitas. Young people tell me I have good vibes [chuckles]. I assume it’s something nice.

It is. What’s a con about you?

I can be quite demanding. I believe that if there’s something to be done, it has to be done. And sometimes I feel as if I demand a lot from the people I work with and from my family. Some say that because of the level of determination, sometimes I can be very stubborn. I have since changed, but in my younger years, I tended to believe that I could never apologise, but sometimes just offering an apology can save me and the other person hours, days and sometimes years of agony. I’ve come to accept it as part of what I should do when the time requires that to be done.

What do you hope your children remember about you when they are your age?

They say that as a father, you should make sure that if someone says to your children that they remind them a lot of their father, that is not an insult. That they will be very proud to be associated with their father and take it as a compliment.

What’s your superpower, James?

Creating endearing relationships. Looking back, I’ve had really deep relationships, and those relationships count a lot, whether it is in the social circles or in business.

What is something your success hasn’t fixed?

That feeling that every time you are at your happiest. I still feel that despite all the success, there are those times when I can feel, ‘Is there something more to this? Is this it?’ And I’m asking myself that question. ‘Should there be more excitement? More happiness and joy? Is there more?’

You actually pre-empted my next question, but what do you hope you’ll regret the least when you look back on your life in 10 years’ time?

Eddy, at some point last year, I realised that I could have done more for my junior colleagues, who are paid less and struggle to grow financially as a result. So I changed the bonus system here so that the retirement package is the same for everyone. I believe that those on low pay need the retirement package more than others.

The other thing that could be a regret is what I could have done to mentor more young people. And how much have I shared with people about important lessons of life, whether it is within the family or within the investments?

Eddy, I will do my best to reduce the impact by trying to pay attention to some of those matters.

What’s a hobby that keeps you grounded?

Golf [chuckles]. I picked golf after Covid-19 because I had more time, yet I live on a golf course, and believe me, Eddy, I used to run around the golf course almost every day. And when I picked it, some people think I’m actually obsessed.

Every Saturday, I play with my friends, and every Sunday, I play golf with my firstborn son, who doesn’t stay with me anymore, and it’s our way of catching up. Golf makes you structured and tests you in a way not many other things can, but also reveals the true character of people, be it anger issues or integrity. People cheat a lot in golf [chuckles].

What’s a hack that makes your weekends better?

I become more structured. I’ll wake up in the morning, and I do functional body exercises every day, 20 to 30 minutes. And then, depending on what time I’m going to play golf, I visit my dad, who lives just 20 minutes away from me and spend an hour or two. And then I go play golf. Come back, watch a match or a movie with my wife, or play chess with my lastborn. You haven’t asked me what I used to do before I started playing golf.

I have a feeling you are about to tell me.

Yes, before that I used to read and practise French.

Really?

I actually got a diploma from Alliance Francaise just after Covid.

Where were you getting the time, because French is quite engaging?

You see, if you like something, you do it. I was also not playing golf then. I did it in the car, listening to RFI (Radio France International) in French. This surprises people a lot. I was attending physical classes before Covid, and I was always the oldest in the class, but I was quite surprised when the results came because I was either top or top three. I beat those young people, but more importantly, I can read good French. I can speak, and it has just opened a lot of doors.

Are you planning to do something with this French?

Africa is big in French, and I look after our Africa law operations, where we have about six francophone countries. It helps me communicate whenever I visit. It is for both social and professional engagements.

Were your Sundays as exciting?

My Sundays have not changed much. Sometimes we go to church. But the one thing that we have been successful in doing so far is to have lunch as a family, because two of my sons don’t stay with us. We have a lot of banter, and people have come to know this is our ritual at Muthaiga Golf Club, which I finish with a game with my firstborn son.

What did you think would matter more than it does now?

Interesting question. How important health is to everything that you do. It just enables you or disables you from doing the thing that you ought to do and enjoy life. And people are quite judgmental when they think that you’re not keeping yourself healthy.

The second thing is how important relationships are. I thought that usually, you’ll get your work, so long as you’re good at what you do, you’ll still be able to thrive. I’ve realised people actually want to work with people they like, so the relationships you have will partly determine how you progress in life.

Now that I have you here, give us some random lawyerly advice?

I think the easiest one is don’t commit any crime [chuckles]. And then you’ll ask me, how do I know that I’m committing a crime? And my answer would be, actually, everybody knows [chuckles].

But who will pay the lawyers when they need work?

Well, there are people who don’t listen to advice. What powers a legal profession are actually just three things. The biggest one, believe it or not, is ego. People have big egos, so they’re not prepared to let things pass. The second one is greed, because people want to take advantage of others, so they will not meet their contractual obligations and will thus get sued. The last one is just the level of unreasonableness that you find in people. And then dishonesty. And now, as we’re talking, I’ve just realised, because people don’t take advice. So if I give you this advice, and then when you’re driving, you’re told to turn left, and you turn right, you’ve given the lawyer some work [chuckles].

By 2027, the EU alone could face a shortfall of around 4 million technology professionals. This acute shortage is reshaping economies worldwide, as companies scramble to fill roles that will power the AI revolution.

In this global race for digital talent, Kenya stands at a pivotal crossroads, uniquely positioned to leverage its young, dynamic workforce to compete internationally while building a thriving digital economy at home.

Already, digitally delivered services account for more than half of global service exports. Kenya is poised to benefit, with its digital economy projected to reach $23 billion by next year, contributing nearly 10 percent of the nation’s GDP.

It’s estimated 1.9 million Kenyans are already engaged in digital jobs. In fact, GitHub predicts Kenya could become one of the top 10 developer communities by 2030, with AI-related contributions rising rapidly, fueled by companies adopting new tools to compete globally.

These global successes underscore Kenya’s growing influence in advanced technology. However, the nation’s long-term prosperity depends on cultivating robust opportunities at home. Currently, only 24 percent of African firms make use of advanced digital tools. This digital divide stifles productivity and growth and limits the number of tech jobs available to young people, particularly in the informal economy, where AI could be transformative.

To fully realise the promise of AI, Kenya must accelerate the digitalization of its local economy. This means empowering local ventures to adopt advanced tools and ensuring that AI skills are in demand within the country, not just abroad.

A critical factor in encouraging widespread AI adoption is the quality and relevance of data. Currently, 96 percent of African CEOs cite data readiness as a challenge. What’s more, much of today’s AI is trained on datasets from outside Africa, limiting the effectiveness and fairness of AI solutions.

To address this, organisations, research institutions, and governments must invest in local data curation, labeling, and open-data partnerships. By building robust, representative data ecosystems, Kenya can ensure that AI systems reflect its unique languages, and socioeconomic realities.

However, even with improved data quality, the most significant barrier to AI-driven transformation remains human capital and infrastructure. While 81 percent of African CEOs believe that upskilling in AI will directly impact their success, the demand for advanced AI skills is outpacing current capabilities. Kenya ranks 93rd globally in AI readiness, highlighting the urgent need for investment in both skills and infrastructure.

This skills gap is compounded by fragile labour protections. Many digital workers operate outside formal employment frameworks, classified as independent contractors without access to minimum wages, social insurance or paid leave.

To truly advance inclusive growth, Kenya must pair opportunity with investment in infrastructure, policies, and skills development. Expanding digital access and strengthening Kenya’s thriving startup ecosystem are essential for empowering its large, talented, and youthful developer community.

Kenya’s skilling efforts are gaining momentum. The AI Skilling Initiative has already trained over 600,000 people. The next step is to implement industry-recognized credentials, integrate work-based learning opportunities, and align curricula with current employer requirements. This can increasingly be coordinated through platforms like the Kenya Artificial Intelligence Skilling Alliance (KAISA) which brings together the International Labor Organisation, the Government of Kenya, the Kenya Private Sector Alliance, academic institutions, and development partners.

Its focus is on fostering decent jobs by championing robust policies, standardized credentials, and coordinated skills development programmes.

Community-based delivery models can also make an impact. For example, the Kenyan Union of Gig Workers (KUGWO) launched community learning campaigns, equipping over 1,300 participants with high-demand digital and AI skills while offering practical support for navigating platform work.

Kenya has built a solid base of digital talent, but converting that strength into global competitiveness will require targeted investment, stronger industry-government coordination, and sustained upskilling.

Emerging platforms such as KAISA are helping close the gap between global demand and local capability by connecting Kenyan professionals to opportunities that sharpen their expertise while strengthening institutions at home.

For businesses, these networks offer a practical route to accelerate AI adoption.

The ruling effectively removes injury-related motor accident claims from the court’s fast-tracked system, which hears matters valued at up to Sh1 million.

Insurance companies, through the Association of Kenya Insurers (AKI), had since 2024 pushed back against the inclusion of injury and fatal accident claims in the Small Claims Court, arguing that the simplified procedures and strict 60-day determination timeline denied them the opportunity for proper claims assessment.

Mr Gathaiya was joined by 176 interested parties who were facing claims before the court’s Eldoret branch.

The 176 challenged the jurisdiction of the court to hear and determine personal injury claims arising from road traffic accidents (RTA), prompting Chief Justice Martha Koome to consolidate the matters and empanel a three-judge bench to hear the case. The Attorney General, the National Assembly and the registrar of the Small Claims Court were named as respondents.

The High Court bench said the jurisdiction of the Small Claims Court was intended to create a ‘real people’s court’ that provides informal and uncomplicated proceedings for claims valued at up to Sh1 million, to mitigate case backlogs in a litigious society like Kenya, where ‘every dispute is a threat to another ‘see you in court.”

The judges said the Small Claims Court was primarily meant to handle civil claims or actions for the payment of money capped below Sh1 million and that if it had been Parliament’s intention to limit insurers’ rights to assess claims, ‘nothing would have been easier than to state so.’

‘We find and hold that claims for compensation for injuries arising out of road traffic accidents were not contemplated to be part of the matters to be entertained by the Small Claims Court,’ the bench said.

Fictitious claims

The decision is a reprieve for insurers, who had told the Chief Justice that they were paying numerous fictitious claims due to rushed awards in a court that is not wholly bound by strict rules of evidence under the Evidence Act and Article 50 of the Constitution.

AKI chief executive Tom Gichuhi had written to Ms Koome, explaining that 60 days was insufficient for claimants to provide evidence such as medical reports containing initial treatment notes, P3 forms, X-ray notes, discharge summaries and medico-legal reports. Insurers rely on such documents to determine payable amounts or whether to refer claimants for re-examination.

The bench agreed with AKI, noting that Sections 3A and 3B of the Insurance (Motor Vehicles Third Party Risks) Act, 2013 permit insurers to refer claimants for a second medical report and allow 30 days for verification of information presented.

‘From the foregoing, subjecting claims for personal injury in RTA to the Small Claims Court would limit the rights of the insurers.’ the bench said.

The judges added that it would amount to double standards and discrimination to treat claimants with personal injury claims below Sh1 million differently from those with similar claims valued above that threshold.

The bench directed that all personal injury cases arising from road traffic accidents and still pending before the Small Claims Court be transferred to the magistrates’ courts.

‘A declaration hereby issues that all cases now pending before the Small Claims Court for claims for personal injuries arising out of road traffic accidents be transferred and are deemed transferred to the Magistrates’ Court with jurisdiction,’ the bench directed.

The Insurance Act is silent on the duration insurers may take to investigate claims but requires settlement within 90 days once an agreement is reached with the insured. The Act allows an insurer that is unable to pay within the 90-day period to apply to the regulator for an extension of up to 30 days.

NCBA Group investors who take up shares of South African lender Nedbank in its cash-and-stock swap buyout offer will face a higher tax charge on dividends and risk of foreign currency losses when repatriating their earnings from Johannesburg.

Nedbank announced its tender offer for a 66 percent stake in NCBA last Wednesday, proposing to pay for 80 percent of the offered shares through a stock swap and the remaining 20 percent in cash at a rate of Sh2,100 for every 100 shares.

The swap component will see the Kenyan bank’s shareholders receive 4.02994 Nedbank shares for every 100 NCBA shares they hold, although those whose holdings are not large enough to secure them at least 200 Nedbank shares will be paid fully in cash.

By taking up Nedbank shares, the NCBA shareholders, some of whom were not paying dividend taxes owing to large holdings via corporate vehicles, will now be earning their returns under a jurisdiction that will charge them higher withholding taxes as foreign investors.

Dividends paid by South Africa-based companies to foreign persons or entities are subject to a withholding tax charge of 20 percent, but due to a double tax agreement, the applicable rate for Kenyans is 10 percent.

This is, however, double the withholding tax of five percent levied on dividend payouts in Kenya to locals and citizens of the East African Community (EAC) partner states. Local companies holding more than 12.5 percent equity in the dividend-paying firm are exempt from this withholding tax.

Meanwhile, dividends paid to foreign investors in Kenya are subject to withholding taxes of between 10 and 15 percent.

Nedbank usually pays dividends twice a year, with the most recent being an interim payout of 10.28 rand per share for the half year to June 2025. The South African bank’s dividends are paid in foreign currencies such as the euro and the dollar to foreign investors.

For Kenyan shareholders of the bank, there is a possibility of exchange losses (or gains) when the payout is being converted to the hard currencies from rands, and further when the earnings are converted to shillings back in Kenya.

This is similar to the exchange risk faced by foreign investors in Kenya when they are repatriating dividends and proceeds of share sales.

The latest NCBA shareholder filings, dated December 31, 2025, show that there were two investment vehicles with holdings above 12.5 percent, making them exempt from tax on dividends.

They are First Chartered Securities Limited (14.94 percent) and Enke Investments Limited (13.2 percent), which are respectively associated with the families of the late former Central Bank of Kenya (CBK) governor Phillip Ndegwa and Kenya’s first President Jomo Kenyatta.

Other top 10 investors in the bank -all of them investment vehicles or nominee accounts- hold between 1.58 percent and 10.55 percent stakes in the bank, taking the total holding of these top shareholders to 72.94 percent.

Nedbank said that shareholders holding 71.2 percent of the total number of issued NCBA shares have signed an irrevocable undertaking to accept the offer in respect of their pro-rata entitlement, and also to participate in excess applications in case the tendered shares do not hit the 66 percent threshold at the first time of asking.

Under the terms of the offer, an investor will need to hold at least 9,400 NCBA shares to qualify for the stock swap, given the minimum conversion threshold of 200 Nedbank shares, while meeting the 80-20 split between stock and cash compensation.

NCBA had 11,912 shareholders with holdings of between one and 500 shares as of December 2025, according to regulatory filings, while another 13,389 investors had portfolios ranging from 501 to 5,000 shares. The filings show that 1,853 of the bank’s shareholders held between 5,001 and 10,000 shares.

Although these shareholders account for 91.4 percent of the NCBA’s total investor base of 29,626, they hold just 2.53 percent of the bank’s 1.65 billion issued shares.

Converting NCBA shares into Nedbank stock is thus likely to be uneconomical for a majority of the shareholder base. The remaining 34 percent of NCBA shares will also continue to trade publicly on the Nairobi Securities Exchange (NSE).

Nedbank, however, said if it is not granted an exemption from the requirement to make a mandatory offer for all of NCBA’s shares by May 31, 2026, its bid will change to an offer for the whole bank.