Category: Business Daily

Late last year, I wrote about the Tata Trusts in India as a model of family ownership with a purpose: two charitable trusts, which, together with other smaller trusts and family-related entities, hold about 66 percent of the corporate behemoth known as Tata Sons.

The trusts steer the profits of a close to $360 billion industrial group toward philanthropy. I suggested East African family businesses could learn from it.

This month, that structure is being tested in public, and the lessons are as painful as watching two porcupines hug.

A few weeks ago on August 12, the Tata Sons board chairman, N Chandrasekaran, told the board that he would not be renewing his term, which ends on February 20, 2027.

The Trusts accepted his decision the next day and began looking for a successor. Two weeks ago, at a September 17 board meeting in Mumbai, the board prevailed upon him to stay and voted four to one to reappoint him for five more years. The lone dissenter was Noel Tata, chairman of the Tata Trusts and one of its nominees on the board.

The Trusts have called the board resolution “a legal nullity” as the Tata Sons’ articles of association require the support of Trust-nominated directors to appoint or reappoint the chairman, and that support was absent. Well, the truth of the matter is that the Trusts have two nominees on the board.

One, Noel Tata, voted against keeping the chairman. The other nominee it would appear, chose the highway to boardroom hell.

The governance question is simple. A chairman who announced his departure and was then reappointed over the objection of the shareholder holding two-thirds of the company must ask whether he truly holds a mandate.

A four-to-one board vote satisfies the arithmetic, but a chairman ultimately serves with the confidence of the owners. It is also critical to mention that Tata Sons is a private limited company, which then leads to the second issue, the potential public listing.

In October 2021, the Reserve Bank of India (RBI) introduced scale-based regulation for non-bank financial companies, sorting them into layers by size, complexity and systemic importance. Tata Sons was placed in the upper layer on September 30, 2022, and such companies must list on a stock exchange within three years.

The logic is that entities big enough to matter to the financial system should meet public-market disclosure standards, including published quarterly results and shareholders who can ask questions. Tata Sons missed the September 2025 deadline after applying to surrender its core investment company registration, and on September 11, 2026, the RBI rejected that application.

The Trusts’ resistance is about control and purpose. Special rights in its articles of association give Trust-nominated directors affirmative say (the Trusts have to give specific consent) over key decisions, and those protections would be hard to keep in a listed company.

Noel Tata has argued that listing would “strike at the heart” of the philanthropic ownership model and leave Tata Sons answerable to investors who want returns.

The Trusts have proposed instead to buy out the Shapoorji Pallonji Group’s roughly 18 percent stake, reportedly for no less than 25,000 crore, about $2.6 billion.

The Shapoorji Pallonji Group is the Mistry family’s construction and real estate conglomerate, and the largest shareholder in Tata Sons after the Trusts. The late Cyrus Mistry, who chaired Tata Sons from 2012 until his ousting in 2016, was its scion. The group, understandably, favours a listing that would give it a market-determined price.

Shortly after the controversial keep-the-chairman vote, the board also voted to move toward listing, again with Noel Tata alone in opposition. The implications for a family-controlled or trust-controlled company are serious.

Once listed, a company’s articles are rewritten around public shareholders. Transfer restrictions loosen, special rights face scrutiny, and the owner’s influence is exercised through votes rather than nominated directors. Was that the primary reason the board voted to keep the chairman, which was to help shepherd the listing process that the Tata family was dead set against?

Which brings me to the point for East African readers. Families often hesitate to appoint independent or professional directors, and this saga shows why. Independent directors are meant to exercise judgement in the best interests of the company, not on instruction from the owners. When their judgement differs from the family’s, the family discovers a board can outvote its owner on the two questions that matter most: who leads, and whether to go public.

Owners who want independent boards, and the credibility they bring, must decide in advance which decisions they delegate and which they reserve. Reserved matters belong in writing, in the articles and a shareholders’ agreement, before the first disagreement.

Tata’s lesson is not that independent boards are dangerous. It is that a family wanting to straddle both the independence and control horses must specify exactly where one ends and the other begins. More on this unfolding saga next week.

The menopausal transition, or perimenopause, is a period of hormonal and physical change that occurs over several years.

Women may experience changes in bone density, increasing their long-term risk of osteoporosis and fractures. The changes also affect the cardiovascular system, brain, muscles and joints.

One condition that has attracted little attention is frozen shoulder, medically known as adhesive capsulitis.

“Frozen shoulder is characterised by pain and progressive stiffness of the shoulder, with increasing difficulty moving the arm. It can affect anyone, but it appears to occur more frequently in women, particularly during the menopausal years,” explains Dr Maina Muriithi an obstetrician gynaecologist at Aga Khan University hospital.

He notes the condition typically develops gradually. Pain may be the first symptom, followed by increasing stiffness and a progressive reduction in the range of movement.

“Simple activities such as dressing, reaching overhead or placing the hand behind the back may eventually become difficult.”

However, he says, “frozen shoulder is not exclusively a menopausal condition, and menopause should not automatically be assumed to be the cause of shoulder pain.”

Is there a link between menopause and frozen shoulder?

“There does appear to be an association between the menopausal transition and musculoskeletal problems, including frozen shoulder. The precise nature of this relationship is not fully understood,” Dr Maina says.

One proposed explanation relates to declining oestrogen levels. Oestrogen receptors are found in tissues involved in movement function, including tendons, connective tissue and joint structures. Changes in oestrogen signalling may influence inflammation, collagen metabolism, tissue repair and the health of connective tissues

“During menopause, hormonal changes are also associated with changes in body composition, muscle mass and bone metabolism. These changes may contribute to the musculoskeletal symptoms that many women experience.”

“It would be an oversimplification to say that low oestrogen directly causes frozen shoulder,” he says.

Dr Maina points out that frozen shoulder also occurs in men and in women who are not menopausal. It can be associated with other conditions, including diabetes and thyroid disorders, and may occur following shoulder injury, surgery or prolonged immobilisation.

What actually happens inside a frozen shoulder?

“The shoulder is a remarkably mobile joint. It consists of the upper end of the arm bone, the shoulder blade and a surrounding capsule containing supporting ligaments, tendons and other soft tissues,” explains Dr Maina.

“The joint is lined by a synovial membrane, which produces synovial fluid that helps lubricate the joint and facilitate movement. In frozen shoulder, inflammation develops within the joint capsule. Over time, the capsule can become thickened and contracted with fibrosis and adhesions developing. This progressively restricts movement and can cause significant pain and stiffness.”

Think of it as a highly engineered mechanical system in which the normally flexible surrounding tissues become inflamed, thickened and less elastic. The result is a joint that becomes increasingly difficult and sometimes extremely painful to move.

Is frozen shoulder a normal part of menopause?

No. Dr Maina notes that although bone and joint symptoms are common during the menopausal transition, persistent or severe shoulder pain and restricted movement should not simply be dismissed as ‘part of menopause.’

“A woman presenting with new musculoskeletal symptoms should be appropriately assessed. Shoulder pain can arise from several conditions, including rotator cuff muscles disorders, osteoarthritis, inflammatory arthritis, trauma and, less commonly, infection or other significant pathology,” he cautions.

Similarly, generalised bone pain, significant back pain or a fracture after minimal trauma requires appropriate evaluation rather than being automatically attributed to menopause.

“The decline in oestrogen during and after menopause accelerates bone loss in many women. Over time, this can contribute to osteopenia and osteoporosis, increasing the risk of fractures.”

The spine, hip and wrist are particularly important sites because fractures in these areas can have significant consequences for mobility and quality of life.

Women may also report back and joint pain, muscle aches and stiffness, reduced muscle strength,changes in posture and reduced physical activity.

The severity of menopausal symptoms varies considerably between individuals, and the presence of severe menopausal symptoms does not by itself establish the presence of osteoporosis,” he adds.

Treatment

Dr Maina notes depending on the severity and stage of the condition pain relief and anti-inflammatory medication may be used where appropriate. Physiotherapy is an important component of treatment, with exercises aimed at maintaining and gradually restoring shoulder movement.

“In some patients, corticosteroid injections into the shoulder can provide significant short-term relief, particularly where pain is limiting movement and rehabilitation administered by qualified medical personell.”

More persistent or severe cases may require assessment by an orthopaedic surgeon or musculoskeletal specialist. Additional procedures may occasionally be considered when conservative treatment does not provide adequate improvement.

What about hormone replacement therapy in management?

“Hormone replacement therapy (HRT), can be highly effective for women with bothersome vasomotor and other menopausal symptoms when appropriately prescribed,” he says.

However,he cautions HRT should not be prescribed solely as a treatment for frozen shoulder.

“Current evidence does not establish HRT as a stand-alone treatment that reverses adhesive capsulitis,” he says. “The decision to use HRT should instead be based on the woman’s overall menopausal symptoms, medical history, risk factors, preferences and the potential benefits and risks of treatment.”

Additionally regular weight-bearing and resistance exercise can help maintain bone and muscle strength. A balanced diet containing adequate calcium and protein, together with appropriate vitamin D intake, supports bone health.

Vitamin D supplementation may be appropriate in women who are deficient or at increased risk of deficiency.

Women should also avoid smoking and limit excessive alcohol consumption, both of which can negatively affect bone health.

“Bone-density assessment using dual-energy X-ray absorptiometry (DXA) is an important tool for assessing osteoporosis risk. It is not necessary for every woman simply because she has reached menopause; the decision to perform a DXA scan depends on age, risk factors, previous fractures and other clinical considerations,” Dr Maina adds.

The Central Bank of Kenya (CBK) and commercial banks are in talks to overhaul the Banking Act to resolve a loan pricing impasse over who between the sector regulator and the Treasury has authority to approve an increase in lending rates.

The Kenya Bankers Association (KBA), the banking sector lobby, says its members are engaging the CBK on the possibility of reviewing the Banking Act to provide that the apex bank is the entity solely tasked with approving variations to loan pricing by commercial banks.

KBA is currently in the Supreme Court looking to squash Section 44 of the Banking Act which requires financial institutions to obtain approvals from the Treasury Cabinet Secretary before altering loan rates.

Section 44 of the Banking Act states that “No institution shall increase its rate of banking or other charges except with the prior approval of the Cabinet Secretary.”

In practice, banks have been raising or lowering their lending rates under the supervision of the CBK. Scores of borrowers have over the years obtained court judgments faulting banks for not obtaining prior approval of the Treasury Cabinet Secretary before changing loan rates, causing uncertainty and protracted litigation.

In some cases, courts have ruled in favour of banks, saying they are not required to seek the minister’s nod, highlighting the challenges presented by the controversial section and its interpretation.

The CBK and banks reckon overhauling the Act will be the silver bullet to the court disputes over loan pricing adjustments.

‘The CBK governor has indicated that we have got to a point where we need to comprehensively review the Banking Act,’ said KBA chief executive officer Raimond Molenje.

‘What we need to do is to embed the current risk-based credit pricing framework into the Banking Act to remove the requirement of getting approvals from the National Treasury Cabinet Secretary. That would cure the politics over who gets to approve changes in bank rates between the Treasury and CBK.’

The dispute over who approves loan price changes by commercial banks goes back decades to a May 2006 legal notice by the then Finance minister Amos Kimunya, who delegated the powers over interest rate variation to the CBK Governor “for the time being.”

The Treasury has taken a backseat on the setting of interest rates ever since, with banks routinely seeking clearance from the CBK.

Lawsuits brought by borrowers against their banks over loan pricing variation have, however, haunted the industry, prompting an evaluation of the current law by the courts.

Santowels, a sanitary towel manufacturer, was the first to test the interpretation of Section 44 of the Banking Act, falling out with Stanbic Bank Kenya over what it said was the varying of interest rates to levels it felt were unjustified. The firm moved to court in 2003, arguing that the bank unilaterally varied interest rates without seeking the Treasury’s approval, and charged it Sh17.25 million in extra interest for several loans contracted between 1993 and 1997.

The suit escalated from the High Court to the Court of Appeal, and finally the Supreme Court, which determined in June last year that interest rates on loan facilities advanced by banks are subject to regulation under Section 44 of the Banking Act, requiring prior approval from the Treasury Cabinet Secretary.

Spire Bank was previously found to have breached the law after varying interest rates on a customer loan without Treasury’s approval after which it was compelled to reduce an outstanding loan balance.

The court decisions sent shockwaves in the banking industry, sparking fears of an avalanche of suits against more lenders over loan pricing variations. KBA, which was previously barred from joining the court battles against its members -Stanbic and Spire Bank, subsequently moved to the High Court seeking orders to declare Section 44 of the Banking Act unconstitutional.

The lobby argued that the section violated constitutional provisions safeguarding the CBK’s independence in monetary policy formulation.

KBA argued that interest-rate adjustments are a key instrument of monetary policy and that requiring the approval of the Treasury Cabinet Secretary, even when the CBK directs such adjustments, would give the minister supervisory or veto powers over the central bank’s monetary operations.

The High Court rejected KBA’s petition arguing that there existed a clear distinction between the CBK’s monetary policy function and commercial lending practices, which were deemed to be the subject of parliamentary regulation.

In August this year, banks got a temporary relief as the clause was suspended pending the determination of KBA’s challenge of the High Court’s decision at the Court of Appeal.

In its move to court, KBA said it was not asking for the re-interpretation of Section 44, but to determine whether the provision, as interpreted by the Supreme Court, is consistent with Article 231 of the Constitution which guarantees the independence of the CBK as a key national institution.

The CBK has largely stayed on the sidelines as commercial banks battle borrowers in court over the interpretation of Section 44 of the Banking Act.

The apex bank, however, differed with the Supreme Court judgment, saying it expected banks to vary loan rates immediately it revises the benchmark Central Bank Rate (CBR).

CBK Governor Kamau Thugge recently told bankers that monetary policy decisions are independent and should be implemented directly by banks without going through the Treasury.

The CBK has over the past two years been pushing banks to pass on lower borrowing costs to customers after cutting its benchmark rate.

The CBR is tied to the total cost of credit, forming one of two industry adopted benchmarks for loans.

The second -the Kenya Shilling Overnight Interbank Average (Kesonia)- is also tied to the CBR by virtue of a narrow interest rate corridor established around the benchmark rate.

Reforms being considered in the overhaul of the Banking Act include the creation of a sector tribunal to serve as a first port of call for customer disputes.

‘This would provide a forum for customers to have conversations with banks. It would reduce situations where any small frictions have landed in courts which take too long to decide. A tribunal would be able to resolve a matter between three and six months once legislated,’ Mr Molenje added.

The Insurance Regulatory Authority (IRA) has tightened rules on offshore reinsurance, requiring insurers to first exhaust local capacity before seeking approval to place Kenyan risks with foreign reinsurers.

In a circular, the IRA said the increase in the mandatory reinsurance cession to Kenya Reinsurance Corporation (Kenya Re) to 25 percent from 20 percent would be the first move in strengthening local reinsurance capacity as insurers begin renewing their reinsurance contracts.

‘Going forward, ensure exhaustion of the local capacity by arranging reinsurance programmes with local reinsurers before seeking approval to reinsure with foreign reinsurers,’ said Godfrey Kiptum, IRA chief executive in a circular dated September 16.

Primary insurers transfer part of their risks to reinsurers to whom they pay premiums, reducing their exposure from massive or catastrophic losses.

The regulator’s intervention comes as insurers prepare their reinsurance programmes for 2027, with companies required to begin negotiations early and file final cover notes with the Authority by October 31.

A reinsurance cover note is a temporary but legally binding document that proves a reinsurance contract is in place before the official policy document is issued.

IRA’s order looks set to curb offshore placement of Kenyan insurance risks in a market that has several other reinsurers including Continental Reinsurance, East Africa Reinsurance, Ghana Reinsurance, WAICA Reinsurance (Kenya) and ZEP-RE.

The 25 percent mandatory business for Kenya Re follows amendments to the country’s reinsurance rules. Under the amended rules, every insurer is required to reinsure with Kenya Re a quarter of each of its reinsurance treaties relating to general business.

The requirement for compulsory cessions will only cease if Kenya Re is privatised. The Nairobi Securities Exchange-listed insurer is 60 percent owned by the government.

The regulator said it had ‘noted with concern’ a trend where some insurers have been flouting reinsurance rules, warning that it will not allow such firms to write new business from January 1, 2027 if their reinsurance arrangements flout rules.

‘You are expected to start your reinsurance negotiations early and the final reinsurance cover notes shall be filed with the Authority for approval latest by 31st October 2026,’ said Mr Kiptum.

‘Please note that unfair contract terms will not be accepted in the treaties and companies will not be allowed to write any new business effective 1st January 2027 if their reinsurance arrangements will not have been approved before that date.

IRA raised concerns about several non-compliance practices by insurers including late submission of reinsurance arrangements for regulatory approval and arranging reinsurance through brokers that are not regulated or registered under Kenyan law.

The regulator said some insurers have also been entering into reinsurance arrangements with ‘lowly rated or unrated’ reinsurers and reinsuring with foreign firms not registered under the Insurance Act.

Insurers have further been told to avoid concentrating more than 50 percent of a risk with a single reinsurer unless they provide justification for the placement.

The IRA is also tightening scrutiny on insurers that enter into reinsurance contracts but fail to honour payments.

IRA said companies submitting their 2027 arrangements would have to provide proof that reinsurance balances up to the second quarter of 2026 have been settled, or present an agreed payment plan with the reinsurers.

The regulator says insurers will have to show evidence of actuarial certification of the adequacy and contractual certainty of reinsurance arrangements.

The actuarial reports must cover the insurer’s five-year claims risk profile, changes in its reinsurance management strategy, the credit ratings of reinsurers and the structure of reinsurance arrangements.

Actuaries will also be required to give an opinion on the adequacy of insurers’ retention levels and purchased reinsurance capacity, ceding commissions, minimum deposit premiums and rates for non-proportional treaties.

The IRA measures collectively tighten the conditions under which insurers can transfer risks to overseas markets, giving local reinsurers a more prominent role in Kenya’s insurance market.

‘All facultative placements, both local and overseas, shall be shared with the authority before placement,’ the IRA said.

Kenya produces agricultural research, trains graduates and employs extension officers. Yet farmers still struggle to get timely, affordable advice that answers the questions they face on their farms and connects production to markets.

At a university leadership meeting held on August 31, and hosted by the National Association of State Departments of Agriculture (NASDA) through its Kenya implementing partner, Rootooba, this gap became the focus of discussion.

NASDA works closely with federal agencies, including the United States Department of Agriculture (USDA).

Participants examined how universities, researchers, counties, and farmers could build a stronger extension system. NASDA representatives stressed that extension must listen as well as teach.

Farmers can identify problems, test innovations, and tell researchers what works locally. Research, in turn, must be accessible beyond academic journals and translated into solutions that improve productivity and profitability.

University representatives described practical student training, technical and vocational education, community gardens, tomato-grafting demonstrations, and farmer groups in dairy and macadamia production.

These examples show what is possible. The challenge is to connect them systematically to county extension services and take useful practices to more farmers. Participants also raised the need for financing to expand practical programs and link farmers to markets.

The conversation comes at a pivotal time for higher education. Kenya’s first competency-based curriculum cohort is expected to enter university in 2029. Universities should use the intervening period to develop field-based learning and assessment alongside classroom teaching.

A student should be able to diagnose a production problem with a farmer, test a solution, assess its costs and explain its market prospects. That requires reliable community learning sites and supervision, not merely revised course titles and descriptors.

Counties can help provide that setting. Universities could work with the Council of Governors and County Governments on curricula and programs responsive to local priorities.

Murang’a’s proposed Local Enterprise and Services Hub (LESH) model offers one possible way to organise that relationship. Existing cooperatives and producer facilities could host university placements, farmer demonstrations, extension referrals, and youth enterprise assignments.

Farmers would help set the agenda; universities would provide research and assess skills; counties would coordinate public services and accountability.

Evidence from those assignments should then shape curricula, research priorities and policy, so each placement improves the next – just what University CBC needs.

Such arrangements could give young people a reason to see agriculture as a business and service opportunity.

Digital records could track farmer questions, referrals and results, subject to appropriate safeguards. Private firms and buyers can help turn promising practices into viable products and market access.

The meeting also identified possible US-Kenya exchanges on extension, practical training and livestock genetic improvement. The leaders agreed to explore Kenya-USA program funding.

The next step is to choose a small number of county learning sites, define responsibilities with university partners, and test whether farmers receive better advice, students demonstrate useful skills, and enterprises gain from the connection.

How has it been to maintain a career over such a long period of time?

If you don’t enjoy doing something, you will probably do something else. The fact that I’ve been doing this pretty much all my adult life is because I’ve enjoyed it thoroughly. I’m very passionate about it; I enjoy the pressure and the action, and every day is a different challenge, which is exciting. It’s been a very fulfilling, rewarding, and enjoyable 30 years, and I hope to continue for a few more.

What would you say keeps your career moving through those periods?

A few things. First, the work that we do has a silent but significant impact on society, business, the country, and the development of the legal system. It’s rewarding to know you have played a role in that. Second is the people aspect, specifically mentoring and training young people. As lawyers, part of our job is to train others, as you can’t do everything on your own. Over 30 years, I’ve had the privilege to train dozens of good lawyers who are now thriving across the profession, and it’s very fulfilling and rewarding that you have had an impact on someone’s life. Third is our clients and global exposure. I enjoy meeting people from all over the world, travelling for work, and learning from different backgrounds and cultures.

Lastly, we do a lot of work that impacts communities and social welfare. It’s fantastic to see the impact we have through pro bono work, direct giving, and funding education. Personally, and through our firm, I’ve had the privilege of funding dozens of children through school and university. When you see them succeed, you realise you can change a whole family or village by impacting someone positively.

Did you get a head start that made a difference in your life?

There are no head starts in life. You have to work very hard to achieve whatever you want; there are no shortcuts.

There is an element of being in the right place at the right time, but if you are passionate and work hard, success is a byproduct. I tell young people not to focus strictly on money or status; just do what you have to do, enjoy doing it positively, and success will automatically follow. I’ve never negotiated a salary; I only tell them to pay me what they think is fair because I know I will prove myself and get better.

Where luck plays a role is being in the right place at the right time. I was fortunate to work in England early in my career, where I learned a lot. I returned home to Kenya in 1999 at the end of the Moi era, and my career really took off at the start of the Kibaki era, which opened up immense economic opportunities for our country.

What has this life cost you?

Life is always about trade-offs. If you put in the hours at work, you are sacrificing time elsewhere. In the first 15 years of my career, I unfortunately sacrificed a lot of family time. But I remained deliberate about my family; that is, my wife and my two daughters. I found time for school events, and I picked up and dropped my children at school every single day. I simply worked long hours before and after. You find balance by eliminating non-essential priorities, like going out drinking, which I realised early on was mostly a waste of time. I use my time wisely.

Turning 52, what anxieties do you have about the second half of your life?

First is health and ensuring I remain healthy for the next phase. My father died at 56, and there is a history of poor health in my family, so I am very careful to control what I can control.

Second, I am anxious about the world we are facing, particularly the rapid decline in values and integrity, as well as the unchecked impact of technology and AI on human lives. I worry about the world my children will inherit.

Finally, I am very anxious about our country. Society as we know it feels broken. Corruption is rife, honesty is rare, and bad behaviour is rampant. Our generation has failed in leadership, and I hope the younger generation can help change the status quo.

Your father died at 56, and you are 52 now. Does that change how you think about death?

I am not scared of death at all. I have experienced death too many times of people close to me, some in tragic circumstances. One of my friends was shot by thugs, and another died in an accident.

As a Jain [a follower of Jainism, an Indian religion], we believe in reincarnation, so I don’t look at this single life as the end. The soul carries on in different shapes and forms, and as long as you do good in this life, you will hopefully have a good next incarnation. I don’t fear death itself; I only care about planning responsibly for the impact my absence would have on my family.

What do you wish you could have asked your dad as you approach 56?

I left Kenya at 18, so I didn’t get to spend as much time with him as an adult before he passed away. I would have asked him for more advice on parenting, responsibility, and how to better manage life’s stresses. I think he was stressed about many things, and I would have asked him how I could have helped him deal with that stress.

Are you the kind of father you set out to be?

I have tried to give my daughters the best education, experiences, love, shelter, and opportunities, the things I didn’t always have in my own childhood. Most importantly, I have given them my time and taught them core values like honesty, integrity, respect, and responsibility.

On the fun side, we travel a lot as a family. I’ve taken them to a new country every year so they learn about different cultures and broaden their horizons. I hope I’ve been a fun, caring, loving, and responsible father.

What has brought the most meaning to your life so far?

My family and my work. I live for those two things, and both have given me immense happiness, purpose, and fulfillment.

Has your definition of success changed?

When you start out, success is somewhat materialistic, earning a certain income or buying things. That is natural when you are aspiring. As you grow older, those things become less important. With age, my definition of success has become much more about my impact on others rather than material goods: taking care of the 200 people at our firm, mentoring young lawyers, supporting worthy causes, and contributing to society. Money is just a byproduct. If you keep your needs modest, you don’t need that much.

I also define success by how many other people’s successes I have contributed to through mentoring and teaching or contributing to their education. And lastly, health is success; if I am healthy at 52, I consider myself successful in that regard. It becomes even more important as you get older. [chuckles]

What makes a life memorable and worth living?

Experiences, both good and bad. Bad experiences teach us resilience and how to deal with hardship. Without them, you won’t be strong enough to survive. Good experiences come from travelling, meeting people from different walks of life, and finding joy in your daily work.

What small change has led to the biggest difference in your life?

I was very impatient before. I used to react a lot. Now I don’t react that much. And that comes with age and experience. In the last few years, I have shed some bad habits to make myself healthier. I exercise; I gave up smoking and drink very little. I sleep very well. But you know, when you are young, you have to drink, and you have to enjoy [chuckles].

What loss or failure has shaped your perspective on life?

The loss of my father was the biggest turning point in my life. At age 20, living independently in London, I suddenly had to grow up overnight and take financial responsibility for my extended family. Our family business was facing bankruptcy, so I returned to Kenya and had to run my father’s cloth shop on River Road in Nairobi for two years while working on the side. I was hustling hard, sweeping floors, opening and closing the shop, and bargaining over shillings. It was tough, but running that shop taught me more about resilience, honesty, business, and responsibility than any MBA ever could.

How did that affect your approach to finance and life?

My father was fun, boisterous about life, and loved to laugh loudly, as I do. But he also carried much stress, which I hope I don’t. I learned to be deeply conservative about financial planning. I never borrow money, I never lend money, and I don’t take foolish financial risks. I’ll give money, but I never lend money. I learned that from his mistakes. I just work hard, save safely, and live without financial anxiety.

What would constitute a failure in fatherhood for you? Failure would be if my daughters ever lost the core values I’ve taught them, especially integrity, honesty, and trust.

What incomplete business do you still hope to finish?

I would like to formally teach at a school or university at some point in my life.

Stripped of all your titles, who are you to yourself?

I’m a simple, fun-loving individual who likes watching TV, reading, travelling, and spending time with my family.

What has success taught you about what is worth wanting?

Humility. Success can easily go to your head and make you treat people disrespectfully. Remaining humble while being successful is essential.

When you look back at your life, what do you hope you will feel was worth it?

The positive impact I’ve had on other people’s lives.

The defining cybersecurity challenge of the AI era is not intelligence, but autonomy. As African organisations embrace agentic AI, assumptions that have shaped security strategies for decades are beginning to break down.

Security teams have traditionally defended against attacks powered by human decision-making and speed. But AI agents can reason, adapt and act independently. In a world where cyberthreats operate at machine speed, organisations must rethink not only what they protect, but how they protect it.

For African businesses, autonomous AI is no longer a distant prospect. Agents are proliferating in sectors such as financial services and logistics, and 82 percent of African respondents to an MIT Sloan Management Review and BCG survey said they viewed agents more as colleagues than tools.

Private-sector adoption in countries such as Kenya, Nigeria and South Africa is advancing faster than AI policies and governance frameworks can evolve, leaving organisations to navigate an increasingly complex risk landscape. In a recent Dark Reading survey, almost half of respondents identified agentic AI as the single most dangerous attack vector facing modern infrastructure.

The challenge is not only that organisations are deploying autonomous systems faster than governance can evolve. It is that they are doing so as cyberthreats themselves become increasingly autonomous.

The very physics of cybersecurity is changing. Attackers can now use AI to lower the cost of offence, generating exploits faster, scaling campaigns further and operating with unprecedented efficiency. Meanwhile, the volume, velocity and complexity of what must be secured continue to grow. Approaches built for human actors cannot keep pace with AI agents and machine-speed attacks.

For African organisations, the question is no longer how quickly they can adopt AI, but whether their security can evolve at the same pace.

The answer is not simply to add more AI to existing workflows. It is to redesign security around a cyber stack built for autonomy. Signals and sensors create awareness across the digital estate; security context turns those signals into usable understanding; models supply intelligence and reasoning; and a harness coordinates models and agents across security workflows. Agents then apply that intelligence, while actuators translate decisions into protection. Together, these layers form a continuous learning system that can understand risk, adapt to change and improve security outcomes over time.

Of all the layers in this new security model, context may be the most important. Raw signals from identities, devices, applications, data flows and user activity can reveal unusual behaviour, suspicious activity or emerging threats, but they rarely explain why those events matter or how they connect to broader organisational risk.

For autonomous security systems to make sound decisions, they need a shared, continuously updated understanding of the environment they are helping to defend. By connecting identities, devices, applications, data and activities into a coherent picture of risk, security context enables AI agents to distinguish normal behaviour from genuine threats, prioritise action and reason more accurately.

Rather than continuously gathering and correlating information from disparate sources, agents can operate with a near real-time understanding of the organisation, improving the quality of decisions while reducing the time, compute and cost required to operate at scale.

Intelligence must be matched to the task

Context provides the foundation for sound decision-making, but effective security also depends on applying the right intelligence to the right problem. Investigating a suspicious sign-in, analysing malware or assessing a complex attack path each demands different forms of reasoning, expertise and speed.

Rather than relying on a single model, organisations need a flexible, multi-model architecture that can apply the most appropriate capability to each task while balancing quality, reliability, responsiveness and cost.

This is particularly important in security, where protection must operate continuously and at scale. By taking this approach, businesses can strengthen outcomes today while retaining the flexibility to benefit from future advances in AI, without having to rebuild their security architecture every time the technology evolves.

Actuators turn insight into protection

Applying the right intelligence to the right problem is only valuable if it leads to action. Security teams do not need more alerts. They need better outcomes. This is where actuators become a critical part of the cyber stack, giving organisations the ability to translate intelligence into action.

By connecting detection, decision-making and response, actuators help organisations move from simply reporting risk to continuously reducing it. This allows routine measures to happen faster and more consistently, while defenders remain in control and focus their expertise where it adds the most value.

Trust must be built in from the start

Every layer of the cyber stack ultimately depends on trust. As organisations introduce greater autonomy into security operations, safety, governance and accountability cannot be treated as afterthoughts.

They must be designed into the architecture from the outset. This means establishing clear guardrails around how AI systems operate, ensuring decisions can be explained and audited, and maintaining strong oversight of data, access and compliance requirements.

County governments left Sh100.2 billion of available funds unspent in the year to June 2026, while execution of development budgets weakened and 189 projects worth Sh10.51 billion stalled, exposing a widening gap between approved spending and delivery.

Controller of Budget (COB) Margaret Nyakang’o says counties had Sh596.78 billion available for spending during the year but used Sh496.58 billion, translating into an overall absorption rate of 83.2 percent.

The biggest shortfall was in development, where counties spent Sh126.69 billion of the allocated Sh233.69 billion, absorbing just 54.21 percent of allocations compared with 57 percent a year earlier and leaving nearly Sh107 billion unspent.

‘The total funds available to the County Governments in the financial year 2025/26 amounted to Sh596.78 billion. These included Sh415 billion equitable share of revenue raised nationally, Sh97.55 billion from OSR (own-source revenue) and Sh1.47 billion from other revenues,’ said Dr Nyakang’o.

‘County Governments spent a total of Sh496.58 billion, comprising Sh369.89 billion for recurrent activities and Sh126.69 billion for development activities.’

The weak execution of development budgets means billions earmarked for roads, markets, water infrastructure, health facilities and other capital projects did not translate into completed projects during the financial year.

Only three counties achieved development absorption above 80 percent, led by Kilifi at 84.52 percent, Wajir at 83.03 percent and Mandera at 80 percent, according to the budget watchdog.

On the other end, 13 counties absorbed half or less of their development budgets, with Kisumu recording the lowest rate at 25.92 percent, followed by Siaya at 26.53 percent and Nairobi at 28.47 percent.

The poor performance left a growing list of unfinished investments, with counties reporting 189 stalled projects valued at Sh10.51 billion.

’22 counties reported 189 stalled projects valued at Sh10.51 billion, out of which Sh4.21 billion had already been paid,’ said the COB.

Nairobi accounted for the largest value of stalled projects at Sh2.24 billion across 57 projects, followed by Isiolo at Sh1.77 billion from seven projects, highlighting the financial cost of delays on capital investments.

Kakamega reported 26 stalled projects worth Sh848.95 million, while Baringo had 23 projects valued at Sh163.32 million, as Machakos reported 22 projects worth Sh891.58 million.

The figures point to a persistent implementation problem in devolution where county administrations allocate money for development but struggle to move projects from procurement and contracting into actual construction and completion.

Counties also carried Sh172.53 billion in trade payables at June 30, creating another constraint for contractors and suppliers and potentially slowing new projects as administrations struggle to clear obligations from previous years.

The accumulation of unpaid bills is significant for development, as contractors facing delayed payments can slow work, suspend construction or demand settlement of previous obligations before taking on additional county projects.

The challenge has previously been linked to procurement disruptions, with an earlier COB review showing that 10 counties cut development spending by Sh1.7 billion in the three months to September 2025 following disruption caused by the transition to the electronic government procurement system.

The squeeze is occurring even as counties remain central to delivery of services such as healthcare, local roads, markets, water and sanitation, making development spending a key measure of whether the devolved units are converting budgets into public assets.

Dr Nyakang’o has urged counties to prioritise stalled projects that can be completed and operationalised, allocate adequate resources for completion, as well as resolve outstanding contractual obligations.

‘County governments should prepare verified schedules of stalled projects, prioritise projects that can be completed and operationalised, and allocate adequate resources in future budgets,’ said the COB.

‘Ring-fence projects under investigation and pursue appropriate recovery, enforcement, or corrective actions where loss or irregularity is established.’

The answer to life, according to Paras Shah, is in family and work. Family, because he left Kenya at 18, and by the time his father passed on, he realised he’d never spent enough time with him. ‘I think he was stressed about many things,’ he says, ‘and I’d have asked him how I could have helped him deal with that stress.’ Work because that’s all he’s ever known. Returning to Kenya at the tail end of the Moi era. Selling cloth at his father’s shop along River Road. It is there, in downtown Nairobi, where he learned more about resilience than any highbrow MBA could ever teach him.

Now he’s 52 and the managing partner at Bowmans. ‘There is a history of poor health in my family, so I’m careful to control what I can,’ he says. He gave up smoking. Drinks very little, sleeps well. He wants to leave something that will outlive him. The philosophy: Don’t do it for the income; do it for the outcome.

How has it been to maintain a career over such a long period of time?

If you don’t enjoy doing something, you will probably do something else. The fact that I’ve been doing this pretty much all my adult life is because I’ve enjoyed it thoroughly. I’m very passionate about it; I enjoy the pressure and the action, and every day is a different challenge, which is exciting. It’s been a very fulfilling, rewarding, and enjoyable 30 years, and I hope to continue for a few more.

What would you say keeps your career moving through those periods?

A few things. First, the work that we do has a silent but significant impact on society, business, the country, and the development of the legal system. It’s rewarding to know you have played a role in that. Second is the people aspect, specifically mentoring and training young people. As lawyers, part of our job is to train others, as you can’t do everything on your own. Over 30 years, I’ve had the privilege to train dozens of good lawyers who are now thriving across the profession, and it’s very fulfilling and rewarding that you have had an impact on someone’s life. Third is our clients and global exposure. I enjoy meeting people from all over the world, travelling for work, and learning from different backgrounds and cultures.

Lastly, we do a lot of work that impacts communities and social welfare. It’s fantastic to see the impact we have through pro bono work, direct giving, and funding education. Personally, and through our firm, I’ve had the privilege of funding dozens of children through school and university. When you see them succeed, you realise you can change a whole family or village by impacting someone positively.

Did you get a head start that made a difference in your life?

There are no head starts in life. You have to work very hard to achieve whatever you want; there are no shortcuts.

There is an element of being in the right place at the right time, but if you are passionate and work hard, success is a byproduct. I tell young people not to focus strictly on money or status; just do what you have to do, enjoy doing it positively, and success will automatically follow. I’ve never negotiated a salary; I only tell them to pay me what they think is fair because I know I will prove myself and get better.

Where luck plays a role is being in the right place at the right time. I was fortunate to work in England early in my career, where I learned a lot. I returned home to Kenya in 1999 at the end of the Moi era, and my career really took off at the start of the Kibaki era, which opened up immense economic opportunities for our country.

What has this life cost you?

Life is always about trade-offs. If you put in the hours at work, you are sacrificing time elsewhere. In the first 15 years of my career, I unfortunately sacrificed a lot of family time. But I remained deliberate about my family; that is, my wife and my two daughters. I found time for school events, and I picked up and dropped my children at school every single day. I simply worked long hours before and after. You find balance by eliminating non-essential priorities, like going out drinking, which I realised early on was mostly a waste of time. I use my time wisely.

Turning 52, what anxieties do you have about the second half of your life?

First is health and ensuring I remain healthy for the next phase. My father died at 56, and there is a history of poor health in my family, so I am very careful to control what I can control.

Second, I am anxious about the world we are facing, particularly the rapid decline in values and integrity, as well as the unchecked impact of technology and AI on human lives. I worry about the world my children will inherit.

Finally, I am very anxious about our country. Society as we know it feels broken. Corruption is rife, honesty is rare, and bad behaviour is rampant. Our generation has failed in leadership, and I hope the younger generation can help change the status quo.

Your father died at 56, and you are 52 now. Does that change how you think about death?

I am not scared of death at all. I have experienced death too many times of people close to me, some in tragic circumstances. One of my friends was shot by thugs, and another died in an accident.

As a Jain [a follower of Jainism, an Indian religion], we believe in reincarnation, so I don’t look at this single life as the end. The soul carries on in different shapes and forms, and as long as you do good in this life, you will hopefully have a good next incarnation. I don’t fear death itself; I only care about planning responsibly for the impact my absence would have on my family.

What do you wish you could have asked your dad as you approach 56?

I left Kenya at 18, so I didn’t get to spend as much time with him as an adult before he passed away. I would have asked him for more advice on parenting, responsibility, and how to better manage life’s stresses. I think he was stressed about many things, and I would have asked him how I could have helped him deal with that stress.

Are you the kind of father you set out to be?

I have tried to give my daughters the best education, experiences, love, shelter, and opportunities, the things I didn’t always have in my own childhood. Most importantly, I have given them my time and taught them core values like honesty, integrity, respect, and responsibility.

On the fun side, we travel a lot as a family. I’ve taken them to a new country every year so they learn about different cultures and broaden their horizons. I hope I’ve been a fun, caring, loving, and responsible father.

What has brought the most meaning to your life so far?

My family and my work. I live for those two things, and both have given me immense happiness, purpose, and fulfillment.

Has your definition of success changed?

When you start out, success is somewhat materialistic, earning a certain income or buying things. That is natural when you are aspiring. As you grow older, those things become less important. With age, my definition of success has become much more about my impact on others rather than material goods: taking care of the 200 people at our firm, mentoring young lawyers, supporting worthy causes, and contributing to society. Money is just a byproduct. If you keep your needs modest, you don’t need that much.

I also define success by how many other people’s successes I have contributed to through mentoring and teaching or contributing to their education. And lastly, health is success; if I am healthy at 52, I consider myself successful in that regard. It becomes even more important as you get older. [chuckles]

What makes a life memorable and worth living?

Experiences, both good and bad. Bad experiences teach us resilience and how to deal with hardship. Without them, you won’t be strong enough to survive. Good experiences come from travelling, meeting people from different walks of life, and finding joy in your daily work.

What small change has led to the biggest difference in your life?

I was very impatient before. I used to react a lot. Now I don’t react that much. And that comes with age and experience. In the last few years, I have shed some bad habits to make myself healthier. I exercise; I gave up smoking and drink very little. I sleep very well. But you know, when you are young, you have to drink, and you have to enjoy [chuckles].

What loss or failure has shaped your perspective on life?

The loss of my father was the biggest turning point in my life. At age 20, living independently in London, I suddenly had to grow up overnight and take financial responsibility for my extended family. Our family business was facing bankruptcy, so I returned to Kenya and had to run my father’s cloth shop on River Road in Nairobi for two years while working on the side. I was hustling hard, sweeping floors, opening and closing the shop, and bargaining over shillings. It was tough, but running that shop taught me more about resilience, honesty, business, and responsibility than any MBA ever could.

Bowmans Kenya Managing Partner Paras Shah at his office in Nairobi on September 10, 2026.

Lucy Wanjiru | Nation Media Group

How did that affect your approach to finance and life?

My father was fun, boisterous about life, and loved to laugh loudly, as I do. But he also carried much stress, which I hope I don’t. I learned to be deeply conservative about financial planning. I never borrow money, I never lend money, and I don’t take foolish financial risks. I’ll give money, but I never lend money. I learned that from his mistakes. I just work hard, save safely, and live without financial anxiety.

What would constitute a failure in fatherhood for you? Failure would be if my daughters ever lost the core values I’ve taught them, especially integrity, honesty, and trust.

What incomplete business do you still hope to finish?

I would like to formally teach at a school or university at some point in my life.

Stripped of all your titles, who are you to yourself?

I’m a simple, fun-loving individual who likes watching TV, reading, travelling, and spending time with my family.

What has success taught you about what is worth wanting?

Humility. Success can easily go to your head and make you treat people disrespectfully. Remaining humble while being successful is essential.

When you look back at your life, what do you hope you will feel was worth it?

The positive impact I’ve had on other people’s lives.

The sledge scrapes across the floor as the trainer calls for one more push. Sweat drips onto the rubber mats. Around the gym, people are rowing, lifting and gasping for air before rushing to the next station. There is no time to rest here. This is not simple running, and it is not simple weightlifting. This is Hyrox, a sporting challenge that is fast becoming a fitness craze in Nairobi.

Among the Kenyans who have joined Hyrox is Abraham Omala. The 26-year-old is seeking to test his functional strength and endurance at Hyrox.

The sport is closely related to CrossFit, but has different, simpler exercises and prioritises endurance over raw strength. The competitors are put through exercises including sledge pushes, burpee jumps, indoor rowing, carrying a kettlebell, lunges, and throws.

For Abraham, the appeal of Hyrox comes from how simple it is to understand, yet it pushes the body hard.

In Kenya, Hyrox is thriving at amateur level. Abraham explains that the exercises do not ask for fancy skills or years of gym experience. It is the kind of sport where a first-timer can stand beside an elite competitor and still feel like they belong.

‘The reason it accommodates most people is that it doesn’t have anything complicated,’ he says. ‘Most Hyrox workouts, anyone can do them. They are so basic. Even a beginner can do a Hyrox challenge.’

That accessibility, he believes, is part of why the sport is gaining popularity globally, including among everyday Nairobi gym-goers, not just professional athletes chasing medals.

To understand Hyrox, picture this cycle. Run, then work, then run again. It sounds simple when Abraham says it, almost too simple for something that leaves participants panting and doubling over by the final round.

The race has eight exercise stations, and a runner must complete a kilometre before reaching the next station.

‘You have to run one kilometre after each of the eight stations,’ he says.

By the time a participant crosses the finish line, legs shaking and lungs burning, they have covered eight kilometres of running on top of eight demanding stations of strength work.

Those stations follow a set order, and each one tests a different part of the body. ‘At the first station, after running the first kilometre, you do a skier machine for 1,000 metres,’ Abraham says, arms pulling hard against the resistance.

From there, the challenge continues. ‘After the skier, you do a sledge push. After that, a sledge pull,’ Abraham explains.

‘After a sledge pull, you do burpees to broad jumps,’ he adds, a movement that leaves many people flat on the floor.

‘After burpees to broad jump, you do air row. After that, farmers carry [where you hold a weight in each hand at your sides and walk steadily for a set distance or time],’ Abraham says. ‘After farmers carry, you’re going to do walking lunges. Thereafter, you do wall balls,’ he finishes.

Patience and control

Abraham says the sledge push is one station that looks easier than it actually is, the kind of exercise that fools people watching from the sidelines. There is nothing complicated about it, just a heavy sledge and a stretch of floor to cover, but the weight may not move as fast as tired legs want it to. It takes patience and control to keep pushing when the body wants to stop, when every muscle is begging for a break.

‘You need to push on even when you’re tired,’ Abraham says.

Running makes up the biggest part of the entire workout, and Abraham is clear about how important it is for anyone hoping to try Hyrox.

‘You have to be good at running, because it is 60 per cent of the routine.’ The other 40 per cent, he explains, comes from the functional stations spread throughout the race.

This balance is what makes Hyrox different from a normal gym session or a straightforward road run. It blends both worlds into one long test of endurance and strength.

So why has this workout become such a craze in Kenya and beyond?

Abraham believes it comes down to how real and useful the movements feel in everyday life. He points to farmers’ carry as a clear example.

‘It involves carrying one dumbbell from one point to another point. In your day-to-day activity, you need that strength of carrying your things,’ he says.

Patience and control

Abraham says the sledge push is one station that looks easier than it actually is, the kind of exercise that fools people watching from the sidelines. There is nothing complicated about it, just a heavy sledge and a stretch of floor to cover, but the weight may not move as fast as tired legs want it to. It takes patience and control to keep pushing when the body wants to stop, when every muscle is begging for a break.

‘You need to push on even when you’re tired,’ Abraham says.

Running makes up the biggest part of the entire workout, and Abraham is clear about how important it is for anyone hoping to try Hyrox.

‘You have to be good at running, because it is 60 per cent of the routine.’ The other 40 per cent, he explains, comes from the functional stations spread throughout the race.

This balance is what makes Hyrox different from a normal gym session or a straightforward road run. It blends both worlds into one long test of endurance and strength.

So why has this workout become such a craze in Kenya and beyond?

Abraham believes it comes down to how real and useful the movements feel in everyday life. He points to farmers’ carry as a clear example.

‘It involves carrying one dumbbell from one point to another point. In your day-to-day activity, you need that strength of carrying your things,’ he says.

Its risks

Still, Hyrox is not without its risks, especially for people who rush into intense training without proper preparation. Abraham says the most common injury he sees among beginners is muscle pull, usually caused by not preparing the body well enough before pushing hard. He is direct about the mistake many newcomers make: the same mistake.

‘They start doing intense workouts. They start to compare themselves with the elite athletes,’ he says. ‘Just start small, build slowly, and you’ll get there.’

His advice reflects a growing concern in the fitness world, where people jump onto a workout trend they see online without recognising the years of training and conditioning that elite athletes have built behind the scenes.

‘That is a common thing in the fitness industry right now. You just try a workout because you saw it online and you don’t know when and how it’s supposed to work.’

Before jumping on the Hyrox craze, Abraham also strongly recommends training with a coach rather than attempting the exercises alone, especially for beginners who do not yet understand pacing or technique. ‘There is something we call efficiency that you need to learn from someone,’ he says.

Also, Abraham notes that not every fitness coach is equipped to guide someone through Hyrox.

‘Only trainers who have competed and studied the rules can teach the kind of efficiency that separates a good performance from a painful one,’ he says.

Recovery matters just as much as training, Abraham says. It is something he stresses to every fitness enthusiast. After every race or hard session, the body needs care, but that does not mean simply lying down and doing nothing for the rest of the day.

‘Just do something light, keep your body moving, so that it can shut down,’ he explains. ‘Gentle movement after intense effort helps the body settle instead of crashing suddenly.’

For Abraham, the pain and panting are part of the reward, the very thing that keeps people coming back for more.

‘It is a good feeling for most of the people who have done it,’ he says. ‘The fact that you have pushed yourself, you know what your body can do…I actually find that quite appealing.’

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