Category: Business Daily

Running a business is exhausting, not in the least because a business owner is expected to be a jack of every trade, and a master of them all.

When your business is new, you are the CEO, CFO and COO, as well as the entire board of directors. This is an inevitable part of the start-up journey for most entrepreneurs and founders.

The benefit is full control over decision-making, which makes the exhaustion an easy price to pay. While some positions are inevitably occupied by specialists, there’s often a key-person risk that lingers as the founder takes direct responsibility for many aspects of the day-to-day running of the business.

Many business owners describe their company as their baby, which makes it understandable why relinquishing control can be scary.

A dilemma is thus created as the business matures and the founder ages: the need to retain control and the need to increasingly delegate decision-making authority. Some never solve this dilemma, leading to succession battles and/or companies left in limbo, driven by the passing of a hands-on founder who occupied a myriad of positions.

Preparing the next generation for succession and having a solid succession plan is a useful tool to prevent this, but there remain risks in relying purely on human solutions. Good systems and structures help to mitigate these residual risks, and public market listing provides companies and founders with the incentive and ability to build many of these systems.

Governance is the main consideration. Listed companies hire a professional Board with independent directors to manage oversight of the company. These individuals retain a fiduciary duty to the business owner as a shareholder, which means they must work in your interest.

Professional executives and management can also be recruited by the Board to undertake day-to-day running of the company.

Since public companies provide a minimum of 15 percent (10 percent for SMEs) of their shares for trading, you can retain up to 90 percent of your company’s shares while being listed. This ensures that the founder retains a large proportion of voting rights, which drive Board member appointments and strategic company initiatives.

A founder and their family may retain board seats themselves, where deemed necessary. This allows a founder to delegate authority while retaining control over the business.

Additionally, due to the presence of a secondary market (investors can sell to other investors), a founder can benefit from an increase in the value of their shares and has a ready venue to transfer their shares to the next generation who can continue to realise value, or to sell their shares on the open market and cash out completely.

As a business continues to mature and scale, public listing provides an opportunity to raise capital and undertake complete and partial exits.

More to the point, quoting your company’s shares on an Exchange allows founders to corporatise, delegate and retire peacefully. This is all while retaining oversight and control of the strategic direction of the company.

The High Court has dismissed an application by the Registrar of Companies in a case in which the National Bank of Kenya (NBK) is seeking Sh870.9 million from a Moi-era construction firm facing liquidation over mounting debts.

The dispute involves Put Sarajevo General Engineering Company (F.21/80), a firm registered in 1980, and Put Sarajevo General Engineering Company Ltd (C.98786).

The Registrar argued that the two are distinct legal entities and that the credit facilities obtained from National Bank of Kenya (NBK) were advanced to Put Sarajevo General Engineering Company Ltd (C.98786) and not Put Sarajevo General Engineering Company (F.21/80).

Put Sarajevo handled many big-ticket contracts during the 1980s and 1990s, placing it among the big contractors at the time. It was placed under liquidation last year over debts owed to NBK, law firm Hamilton Harrison and Mathews (HHM) and a supplier Arrow Cars Limited.

The Registrar had asked the court to enter judgment against the latter company and its director Esed Becirevic, who are alleged to have received the loan facilities, arguing that the debt belonged to a separate company and not the original borrower named in the suit.

It clarified that it was not claiming the money for itself but that it moved to court in discharge of its statutory responsibility to maintain and clarify the register of companies.

The Registrar said Becirevic had allegedly acknowledged that the Put Sarajevo General Engineering Company Ltd (C.98786), received the facilities from NBK.

However, the court found that the admission relied upon did not establish all the elements necessary to grant the orders sought.

The judge said acknowledging that a company received credit facilities did not, by itself, prove that Sh870.9 million remained outstanding or that Mr Becirevic was personally liable for the debt.

‘Unless there is an admission or other established basis demonstrating that Becirevic personally assumed liability for the facilities, his position as a director is insufficient to justify judgment against him in his personal capacity,’ the court ruled.

Put Sarajevo General Engineering Company (F.21/80) supported the application, maintaining that it had never obtained the facilities from NBK and should not be held responsible for the debt.

It argued that the bank had itself pursued the Kenyan company over the same amount in separate insolvency proceedings.

The judge said the admission did not conclusively establish the outstanding balance, the director’s personal liability or the declarations sought.

‘In sum, the admission relied upon identifies, as a matter of the 3rd Defendant’s own pleading, the recipient of the facilities. It does not conclusively establish the outstanding balance, the 3rd Defendant’s personal liability or all the declarations sought,’ the court said.

The court also questioned the basis on which the Registrar, who was not claiming the money for itself, sought a monetary decree of Sh870.9 million and interest.

Identity of borrower

It further noted that the application could not be used to settle disputed issues requiring evidence, including whether the bank had taken contradictory positions in separate proceedings over the identity of the borrower.

The judge said establishing whether the bank was prohibited from disputing the identity of the debtor would require examination of what it had stated in the insolvency proceedings, the circumstances in which the statements were made and their effect.

Those matters, the court said, required evidence rather than submissions at an interlocutory stage.

The judge also observed that a final declaration on the identity of the borrower could affect the bank’s rights, yet the admission relied upon had been made by another defendant.

The court consequently found that the application did not meet the threshold for judgment on admission under Order 13 Rule 2 of the Civil Procedure Rules.

‘The monetary judgment and the further declarations sought cannot properly issue on the basis of the admission as presented,’ the judge ruled.

Kenya’s imports from India nearly doubled in the six months to August 2026 amid the US-Israel war against Iran, which has disrupted global trade routes and reshaped international supply chains for petroleum products.

Fresh data from the Kenya National Bureau of Statistics (KNBS) shows that imports from India rose 92 percent to Sh282.15 billion between March and August 2026, up from Sh147 billion in the same period last year.

The Sh135.15 billion increase saw India overtake the United Arab Emirates (UAE) as Kenya’s second-largest source of goods after China.

The KNBS data shows that the jump in purchases from India this year contrasted with imports from the UAE, which fell 51.1 percent to Sh78.18 billion from Sh159.81 billion over the same six months since the war broke out.

The divergence was also evident in the broader January-to-August period, when imports from India jumped more than three-quarters (77.5 percent) to Sh335.59 billion from Sh189.05 billion a year earlier.

Over the same eight months, imports from the UAE dropped 38.8 percent to Sh131.92 billion from Sh215.67 billion, leaving India ahead by more than Sh203 billion.

During the month of August, India’s exports to Kenya surged 166.87 percent to Sh64.35 billion from Sh24.11 billion a year ago, accounting for a 22.6 percent share of the total import bill compared with 10.99 percent in the same month of 2025.

‘China, India and Japan were Kenya’s leading sources of imports in August 2026, with import values of Sh83.3 billion, Sh64.3 billion and Sh12.3 billion, respectively. Notably, the value of imports from India increased by 14.7 per cent from Sh56.1 billion recorded in July 2026,’ KNBS said.

India’s growing role reflects its position as a manufacturing and refining hub supplying a broad range of goods, including medicines, agricultural commodities, petroleum products and industrial raw materials.

The KNBS trade numbers cover all imported goods and do not isolate petroleum products, meaning the increase in India’s sales cannot be attributed entirely to fuel.

Shift in sourcing pattern

The figures, however, point to a shift in sourcing patterns as geopolitical tensions forced importers to reassess suppliers, shipping routes and delivery arrangements.

The increased risks to shipping through the Strait of Hormuz, a strategic maritime passage for global oil and gas supplies, have forced Gulf oil majors to seek alternative loading points outside the Middle East region following the US and Israel war against Iran.

Under the Government-to-Government (G-to-G) fuel deal signed in March 2023, Kenya relies on Abu Dhabi National Oil Company (ADNOC), Emirates National Oil Company (ENOC) and Saudi Aramco for petroleum supplies under a 180-day credit arrangement.

Although the three State-owned petroleum suppliers are based in the Gulf region, the arrangement does not require all cargoes destined for Kenya to be loaded in the Middle East. For close to two years, supplies from Aramco, ADNOC and ENOC were mainly loaded from ports in the Arabian Gulf, but the US-Israel war with Iran forced a change in the logistics pattern to avoid attacks on vessels on the Strait of Hormuz.

The Energy and Petroleum Regulatory Authority (Epra), the sector regulator, has indicated in the latest annual report to June that alternative ports in India and Europe have become increasingly important as the unresolved Middle East conflict complicates established shipping routes.

For instance, analysis of Epra shows that Kenya sourced 25.26 percent of its G-to-G products from hubs in India and Europe in the year to June 2026. In the period, Nairobi sourced 14.43 percent of its G-to-G fuel stocks, or 1,137,173.34 cubic metres, from India, 7.7 percent from Belgium and a further 3.13 percent from the Netherlands.

Petroleum products destined for Kenya were lifted from Antwerp-Bruges in Belgium, Sikka in India, and Jizan on the coast of the Red Sea-marking a shift from the past, when Kenya mainly relied on fuel loaded at ports in the Arabian Gulf.

The UAE and Saudi Arabia, which are Kenya’s traditional major sources of refined fuel, accounted for 31.85 percent and 30.7 percent of the total fuel imports in the year.

At the heart of Kenya’s ambition to create productive and sustainable jobs at scale for its population is manufacturing. The sector remains the largest creator of formal employment in the country, making it a crucial contributor to the growth of our economy.

The groundbreaking of the East Africa Oil Refinery by Nigerian business magnate Aliko Dangote marks a landmark moment for Kenya, with the $16 billion (approximately Sh2.2 trillion) project representing the country’s largest single investment since independence.

For Kenya, this investment is more than a refinery. It presents an opportunity for more jobs, skills development, enhanced local supply chains, new markets, complementary investments, and increased productivity for the economy.

If it delivers on its commitments, it can demonstrate the possibilities that arise when large-scale investment, industrial ambition and an enabling business environment come together.

The investment has the potential to significantly reduce capital outflows associated with Kenya’s reliance on imported refined petroleum products.

Currently, Kenya imports about 10.88 million cubic metres of petroleum products annually, with about 55 percent consumed locally and the remaining 45 percent exported to regional markets, according to the Energy and Petroleum Regulatory Authority (Epra.

With the refinery projected to process up to 700,000 barrels of crude oil per day, a greater share of domestic and regional fuel demand will be met from within the region.

This will help retain millions of dollars that would otherwise be spent on refined petroleum imports and subsequently, ease pressure on Kenya’s foreign-exchange reserves and the shilling.

The savings generated from lower import and logistics costs could also free up valuable foreign exchange for other productive uses, including the importation of industrial machinery, technology and other critical inputs.

This would then create a broader macroeconomic benefit by supporting investment and productive capacity across the economy. At the regional level, the refinery could position Kenya as a major energy and petroleum products hub.

East Africa remains heavily dependent on imported refined fuel, and a facility designed to supply petrol, diesel, jet fuel and Liquefied Petroleum Gas (LPG) to markets including Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of Congo could substantially strengthen regional supply chains.

By leveraging the African Continental Free Trade Area (AfCFTA), Kenya will be better positioned to expand its role as an exporter of refined petroleum products, increase intra-African trade and strengthen regional energy security while reducing exposure to disruptions in external markets.

Energy accounts for a significant share of production costs in the manufacturing process. Kenya has made significant progress in renewable energy, particularly solar, wind power and geothermal energy.

These developments have been instrumental in reducing industrial reliance on fossil fuels. The emergence of a local refinery, therefore, provides us with an opportunity to strengthen our energy security as we continue the transition towards cleaner and more efficient energy sources for the local manufacturing sector.

On the job creation front, the project is expected to generate tens of thousands of jobs during the construction phase, including opportunities for engineers, technicians, construction workers and logistics professionals.

Estimates of more than 60,000 direct jobs, with associated wages running into billions of shillings each month, would provide a significant boost to household incomes and economic activity, particularly among Kenya’s large population of young people seeking employment opportunities.

At an industrial level, the investment shall also accelerate the growth of manufacturing and related industries. Economists have projected that the refinery could contribute to an increase in the manufacturing sector’s share of GDP, while the development of associated petrochemical industries could create additional value and stimulate demand for locally produced inputs.

This is particularly significant given the decline in the manufacturing sector’s contribution to Kenya’s GDP over the past decade from approximately 11.1 percent to about 7.1 percent in 2025.

The impact would also extend to the regional economy, particularly along the Coast. Beyond the direct economic activity generated by the refinery, the development could stimulate investment in logistics, transport, housing, services and other supporting industries.

For Lamu County, this could translate into a substantial expansion of its economic base, with projections indicating that its Gross County Product could rise from its current level of about Sh50 billion and significantly improve its position among Kenya’s counties once the facility becomes operational.

Overall, the refinery represents more than an energy investment. Its potential impact cuts across foreign exchange management, industrialisation, employment, regional trade and economic development.

The extent of these benefits will ultimately depend on the project’s implementation, the development of supporting infrastructure and the extent to which Kenyan businesses and workers are integrated into the emerging value chains.

A competitive manufacturing sector is heavily reliant on key enablers such as efficient transport and logistics systems, low cost of industrial inputs, affordable energy, stable and predictable policies and regulations, access to quality, reliable and affordable energy, among others. The Dangote Refinery, therefore, serve as a reminder that competitiveness is built across the entire value chain.

This moment calls for us as a country to nurture a resilient, innovative, competitive and energy efficient manufacturing sector.

Ultimately, the refinery’s impact on Kenya’s manufacturing sector will be measured on how we, as a country, respond to an increasingly interconnected and more competitive continental industrial economy.

For years, Kenya was little more than a stopover for South Africans heading to Zanzibar. Now, thanks largely to social media, Diani is beginning to attract travellers who want something different from the island’s coast.

Tsakane Balonyi-TK, a Johannesburg-based travel agent with more than 15 years’ experience, says South African holidaymakers have traditionally favoured four destinations: Phuket in Thailand, Bali in Indonesia, Dubai and Zanzibar. Kenya has never featured on the radar.

‘When we South Africans go to Zanzibar, we try to combine it with other East African countries,’ she explains.

‘We realised that Nairobi is a good stop when travelling from South Africa to Zanzibar, especially because Nairobi has a national park. So we would spend one or two nights in Nairobi before flying to Zanzibar on the same airline, Kenya Airways. It becomes easier logistically and makes sense cost-wise as well.’

According to the latest report from the Ministry of Tourism, Kenya received 36,747 visitors from South Africa in 2025, a drop of 5.2 percent from 2024, when Kenya received 38,247 South African visitors, making it the country’s ninth-largest African source market and 17th overall. The 5.2 percent drop pushed South Africa to 13th place among Kenya’s top 30 source markets in 2025.

Yet a surge in inquiries about the Kenyan South coast, and Diani in particular, is prompting South African agencies to rethink how they package holidays to the region. TK, who was recently in Kenya for the Magical Kenya Travel Expo (MKTE), admits she was not initially convinced about selling Kenya’s coast as a destination for her clientele.

‘I have been to Kenya, but not the Kenyan coast. Kenya was not a destination South African tourists were particularly keen on; personally, I didn’t know much about Diani,’ she says. ‘But then we started receiving all these inquiries, which prompted me to want to come for the MKTE to get a clearer picture of the kind of holidays we could sell.’

In recent weeks, her agency has confirmed three Diani bookings and fielded more than 10 further inquiries about the Kenyan coast.

The TikTok effect

Zanzibar’s appeal, she says, rests on more than turquoise water and white sand. The island has built a collection of experiences that content creators can turn into short, shareable clips.

‘Everyone knows that the beaches of Zanzibar are more beautiful than the ones that we have in South Africa,’ she says. ‘But the most important thing that fascinates South Africans is the water activities you find in Zanzibar. You’ve got your jet skis and all that. I think the market of Zanzibar has really capitalised on the activities, and it’s really selling.’

Influencers showcase those experiences, their followers ask where to find them, and the inquiries follow.

‘These days South African travel is mostly influenced by social media,’ she says. ‘What they see on TikTok often determines where they want to go next.’

Kenya’s coast is now benefiting from the same process. Local travel influencers are showcasing Diani more than any other Kenyan destination, and South Africans, who have long known Kenya only as a safari country, are taking notice.

‘We honestly didn’t know of Diani as a destination,’ TK says. ‘South Africans know Kenya as a safari destination, but South Africans aren’t big on safaris when they go out of the country, because back home we have one of the biggest game reserves, Kruger National Park.’

Suited to more ‘mature’ clients

TK believes Diani can compete with Zanzibar by offering something different rather than copying its formula.

‘For South African travellers seeking lively nightlife, abundant water sports and a fast-paced holiday, Zanzibar retains its appeal,’ she says. ‘Diani, in contrast, is more relaxed, not as fast-paced as Zanzibar, with an atmosphere suited to people who want to slow down. I would call them more ‘mature’ clients who want to enjoy a quiet getaway.’

She also sees untapped potential in the South coast’s cultural offering. ‘What I also enjoyed about Diani, and perhaps hasn’t been amplified enough, is the cultural shows. These could also be a very appealing factor for a mature client. It’s something they would like, given my experience in this business.’

That positioning could widen Kenya’s appeal among couples, families and higher-spending travellers who want a beach holiday without nightlife as its centrepiece. It also gives tour operators a sharper proposition: rather than selling Diani as just another beach destination, they can pitch it around the kind of holiday the visitor wants.

TK also notes the quality of Diani’s accommodation. She points to the rise of five-star properties, villas and Airbnbs as a draw for more affluent visitors. ‘Accommodation is not merely somewhere to sleep; it can shape the entire holiday experience and determine how much a visitor is willing to spend,’ she says.

Zanzibar, she notes, offers three-, four- and five-star options for different budgets, and younger holidaymakers who plan to spend their time exploring or partying may care less about the hotel. ‘Diani’s appeal to a more comfort-conscious clientele could allow hotels to sell not just rooms but a complete premium experience.’

For her confirmed bookings, she quoted between $1,000 (Sh130,000) and $2,000 (Sh260,000) per person for a standard five-day holiday including return flights, accommodation and basic activities.

Easier access

Kenya Tourism Board (KTB) spokesperson Kimutai Nge’no attributes the growing interest in the South coast, among South Africans and other travellers, to easier travel requirements, better air connectivity and upgraded infrastructure.

‘We can attribute this to the simplified visa requirements between Kenya and South Africa, as citizens of both countries can travel between the two without requiring visas,’ he says. ‘There is also seamless connectivity through our national carrier, Kenya Airways, which operates direct flights to Johannesburg and Cape Town. Direct flights enhance accessibility and convenience.’

He adds that the establishment and upgrading of Diani Airport have also played a part. ‘Travellers are taking photos at the airport and sharing them on social media, helping to showcase the destination and reassure potential visitors about the comfort and convenience of travelling there.’

The KTB also credits the nine tourism circuits launched in 2024 under Tembea Kenya. ‘These circuits are part of our ongoing efforts to diversify Kenya’s tourism appeal,’ says KTB chief executive June Chepkemei.

‘They not only showcase the best of Kenya but also provide an opportunity for inclusive growth, ensuring tourism benefits reach every corner of our beautiful country. They highlight undiscovered gems such as Diani, inviting travellers to explore the full diversity of our country’s landscapes, culture and wildlife.’

2.7 million international visitors

The Coast Tourism Circuit, launched in November 2024, aims to raise visitor numbers through collaboration between national and county governments and the private sector, with joint marketing and tailored tourism packages.

According to the Ministry of Tourism and Wildlife’s 2025 figures, Kenya welcomed about 2.7 million international visitors in 2025, up from roughly 2.47 million in 2024.

However, not everyone is convinced the coast can win over high-end international travellers.

Victor Shitaka, a hotelier and former long-serving chairperson of the Kenya Coast Tourism Association, says established beach destinations have simply been better positioned.

Seychelles, Mauritius and Zanzibar are seen as premier luxury retreats, he argues, even though Kenya has stunning beaches, vibrant Swahili culture and rich marine biodiversity.

Lack of pen skies policy

He blames restrictive air access.

‘A major challenge affecting Kenya’s coastal tourism is its restrictive air access policies compared to other leading beach destinations,’ he says.

‘The lack of an open skies policy, which allows more foreign airlines to fly directly into key destinations, has limited flight availability, which keeps airfares high and reduces accessibility for international travellers. Tourists have to wait for an hour or two before connecting to our coast, compared to other destinations where they fly direct.’

Seychelles, Zanzibar and Mauritius, by contrast, have embraced open skies agreements, which encourage direct flights and push fares down through competition.

‘By liberalising its airspace and enhancing direct connectivity to coastal hubs like Mombasa and Diani, Kenya could significantly enhance its attractiveness to global tourists,’ Shitaka says.

He also points to the lack of internationally recognised luxury hotel chains.

‘Zanzibar and the Seychelles are miles apart from our coastal Kenyan beach experience,’ he observes. ‘They have private islands in the middle of the bluest, warmest ocean, versus fairly busy beaches on the continent, which cannot compete fairly. They also have more global hospitality brands like Four Seasons, St Regis or Ritz-Carlton.’

TK agrees that much remains to be done, particularly on how the destination is perceived abroad. South Africa, she notes, benefits from strong infrastructure, international flight links and effective marketing; Cape Town has become so prominent that some travellers assume it is the capital.

The opportunity

Kenya, she argues, has a similarly strong identity in safari tourism. ‘If there is one thing I have to give to Kenyans, it is how well they know how to sell safari,’ she says. ‘Kenya has already established an international reputation for safari tourism, and I think they should now shift focus to selling the coast as well and give Zanzibar a run for its money.’

But that takes more than occasional promotional visits or a burst of social media content, she warns. ‘Influencers can introduce Diani to potential visitors, but travel agents need usable photographs, reliable product information, accommodation rates and itineraries that can be turned into actual sales.’

For now, though, the trend is clear. ‘Right now, the Kenyan South coast is what South Africans are looking at,’ she says. ‘So that’s what we’re going to market, because it’s the latest trend we have picked up.’

The green bond market has developed rapidly in advanced economies, but much less so in emerging and developing countries. There is no good reason for this. Emerging and developing countries also have great green projects and enormous investment needs.

Africa’s green bond market may be small, but the challenge it can help address is enormous. As climate impacts intensify, African countries must find ways to finance mitigation and adaptation without placing unsustainable pressure on public finances. Doing so will require not only capital, but also the financial infrastructure needed to attract it.

Green bonds are not a silver bullet, but they are one of the most practical tools available. They allow governments, cities, banks and companies to raise capital for clearly defined climate and environmental projects. Investors receive a return, while the proceeds are earmarked for renewable energy, clean transport, climate-resilient infrastructure, green buildings, water systems or sustainable land use.

Africa’s green bond market is still young, accounting for less than one percent of the global market. But momentum is building.

Nigeria was a frontrunner, issuing its first sovereign green bond in 2017. Egypt, Kenya, Morocco, Namibia and South Africa have also helped demonstrate growing issuer and investor appetite.

Recent analysis by FSD Africa found that to date, the continent has raised around $9.6 billion through approximately 76 green bond issuances from around 40 issuing entities. This shows that green bonds in Africa are no longer merely an idea, but an emerging financing channel.

The challenge now is to turn these early successes into a mature market.

The continent requires substantial annual investment to meet the goals set out in countries’ Paris Agreement commitments. Domestic budgets are constrained, international capital can be expensive, and many countries face debt sustainability pressures.

Green bonds can help diversify the sources of climate finance by attracting investors looking for credible, long-term sustainable investment opportunities.

The real value of green bonds goes beyond the money raised in a single issuance. They can help build stronger domestic capital markets. They require issuers to identify eligible green projects, establish transparent frameworks, report on the use of proceeds and measure environmental impact.

These practices strengthen market discipline, improve investor confidence and support the development of national green taxonomies and sustainable finance frameworks.

Many potential African issuers face barriers that are not only financial. They may need greater technical capacity to develop internationally recognised frameworks or obtain external verification. Currency risk, limited project pipelines, high borrowing costs and fragmented regulatory environments can also discourage issuers and investors.

Addressing these constraints requires more than individual transactions. It requires institutions that can help develop project pipelines, support first-time issuers and reduce risks for investors. This is the rationale behind the Global Green Bond Initiative.

Backed by a European Union budgetary guarantee under the Global Gateway strategy, the initiative brings together a consortium of European development finance institutions, led by the European Investment Bank. The initiative is also being supported by the Green Climate Fund, which is the world’s largest dedicated multilateral climate fund.

Just as importantly, financing will be accompanied by strong technical assistance, helping countries and issuers put in place the frameworks and capacity needed to issue credible green bonds and develop a pipeline of investable projects. This will demonstrate how multilateral co-operation can scale up climate action where it’s needed most.

This combination of capital, risk-sharing and technical expertise can help turn an emerging green bond market into a powerful source of finance for sustainable investment.

For Africa, this is about more than attracting European capital. It is about building stronger domestic markets so that more African climate investment can be financed through African institutions, African issuers and African savings.

This also requires broader support for the greening of Africa’s financial systems. The Greening Financial Systems technical assistance programme works with central banks and commercial banks to help them identify, assess and manage climate-related risks, integrate them into business strategies and expand green lending.

Financed by the German and Luxembourg governments and closely coordinated with the NDC Partnership, it can also support the development of national green taxonomies to guide sustainable investment. Such work is ongoing in Kenya, Ethiopia and Rwanda, with discussions to expand to other African markets. Without this enabling environment, green bond markets cannot scale.

Africa is well placed to lead in areas that are increasingly important globally, including nature-related finance, biodiversity, sustainable agriculture and climate adaptation. The continent’s natural capital, renewable energy potential and rapidly growing infrastructure needs create a strong basis for green investment.

Success, however, will not be measured by a handful of headline-grabbing issuances. It will depend on African governments, banks and businesses returning to the market again and again, supported by deeper investor pools, stronger regulation and a growing pipeline of viable projects.

The Nairobi Film Festival kicked off last week, and yes, it did open with a bang. The opening night was well-organised, with a great sense of order right from the start.

The attendance was diverse, bringing together ordinary film fans, cinephiles, people of different backgrounds, abled, disabled, young and old.

The venue management was structured and orderly, and the opening speeches kept a casual, fun atmosphere that was engaging, even though the audience was already excited.

But where does the ‘bang’ come in? Well, the opening film, Ben’Imana, directed and co-written by Marie-Clémentine Dusabejambo and Delphine Agut, provided it. This screening was a big deal because it marked the official African premiere of the movie, running as part of the festival’s lineup from October 15 to 25.

I loved the movie, though it certainly left me with a few mixed feelings that we will be discussing later on. Even with what I’m going to share, I need you to always keep in mind that I enjoyed this film.

The basics

Ben’Imana is a 2026 drama film. A multi-national co-production spanning Rwanda, Gabon, France, Norway, and Ivory Coast, the film stars Clémentine U. Nyirinkindi as Vénéranda. Vénéranda is a survivor of the 1994 Rwandan genocide against the Tutsi who, 18 years later, is actively involved in community-led justice, dialogues and reconciliation initiatives.

I am a simple man, give me good visuals and I’m sold, and Ben’Imana is one of those kinds of films. The cinematography is great. The wide landscape shots of Rwanda are breathtaking.

The best part is that the editor/director holds some shots long enough for you to sit back and admire the green, stunning terrain of rural Rwanda, making you feel like you have actually visited the country by the time the credits roll.

The township is treated with respect and realism in its framing, it’s not glorified or flattened into a mere background, it is a big part of the story. The camera work is deliberate in bringing out the best in the actors.

For instance, everyday town life is shot in a way that makes the people feel energetic, real and natural, whereas scenes focusing on legal proceedings and community judgment are framed differently, capturing the gravity of the moment.

There are some impressive close-ups, deliberately used to capture the weight of certain scenes. By lingering on the characters’ faces and eyes, the film pulls you into their emotional states. This commitment to visual realism and clear sense of direction is matched by the linguistic choice to keep the dialogue entirely in its native language with subtitles, bypassing default English-language conventions.

Coupled with incredible casting choices that rely heavily on non-professional actors who look and feel like real people and customs that look lived in, the film takes on an authentic, documentary-like grit.

The story structure and strong direction ensure that even an ordinary person can follow it. Even when you feel lost at some point, the plot reveals details that piece everything together neatly.

Beyond just survival, the story’s greatest strength is its intergenerational approach. It balances the perspectives of older generations, middle-aged survivors, the youth and Gen Zs who are navigating or barely understand the long-term echoes of the genocide.

Alongside the history, the film takes time to explore young romance, teenage pregnancy and generational attitudes towards education and family, making these struggles feel universally human.

At its core, the film examines the concept of forgiveness. Vénéranda is a fascinating protagonist whose public work championing reconciliation contrasts sharply with her private complexities. Watching her navigate these conflicting personalities is gripping.

The film also offers an eye-opening glimpse into Rwanda’s local community-based prosecution and justice system, showing how ordinary people process collective trauma on the ground. So yes, I enjoyed this film, and I need you to keep that in mind through this segment.

Gripes and issues

After a strong build-up across the first two acts, the third act feels somewhat underwhelming. While I appreciated the arcs of some pivotal characters and the quiet symbolism of the cloth and the naming at the very end, several plot threads involving the main character and her daughter felt unresolved and incomplete. But that is something you actively need to seek out, a minor gripe.

Here’s my problem with this film (and again, I enjoyed it). Watching Ben’Imana sparked a broader thought about contemporary African cinema (fiction). I cannot help noticing a recurring trend among critically acclaimed films by African female directors paired with foreign executive producers, they almost exclusively revolve around women and trauma.

While social issues, women and historical wounds are vital storytelling themes, and those stories need to be told, it feels as though festival circuits only validate African stories that are rooted in suffering. Africa has a rich cultural landscape full of vibrant, imaginative stories expressed through music, dance, colour and animation.

Yet a lot of the ‘acclaimed’ films seem to carry this dramatic dark undertone rooted in a painful moment from the continent, paired with good cinematography and a generic sorrowful soundtrack.

That makes movies like Memory of Princess Mumbi a gem, a refreshing experience, because it actively breaks away from expected tropes and demonstrates true creative flair. While these stories need to be told and they are important, there’s also a need to see creatively driven productions beyond wallowing in upheaval. It makes me question the funding systems behind these projects.

Do financing bodies only see value in trauma? Can we not tackle social issues with greater stylistic diversity, colour and artistic expression that reflect the continent’s eccentric nature, instead of trapping our storytelling in a single depressing lane? Is this how, as Africans, these festivals want us to see ourselves?

What am I trying to say here? Tell your socially conscious story, but let’s embrace creativity. Throw in an animated sequence, add a random African dance, or embrace a unique editing style. Even throw in aliens, but with African context. Make something distinctly African beyond the events. Too many of these festival films feel like products of a template.

Final thoughts

I enjoyed Ben’Imana, and it certainly deserves all its accolades. It’s a technically impressive, strongly directed, and engaging film that is well worth watching.

My critique of festival trends does not take away from its strong execution. Fortunately, the Nairobi Film Festival offers a varied lineup, featuring plenty of different stories to explore. I encourage you to grab a ticket, bring a friend and check out the fantastic films representing Africa and beyond.

For Kenya filmmakers

By the way, for filmmakers or people interested in film, there is this thing called Afropean Cinema. It’s a dynamic collaborative initiative by the EUNIC Cluster Kenya alongside key partners like the NBO Film Festival, Kilifi Creek Festival, Docubox and Ateker International Film Festival.

It aims to bring African diaspora filmmakers and curators from Europe into dialogue with Kenyan audiences and film professionals.

Designed to foster cross-cultural exchange, professional networks and capacity-building, the project features screenings of nine thought-provoking films exploring migration, identity and memory, including works by Alain Gomis and Patricia Bbaale Bandak, alongside hands-on masterclasses, workshops and industry panels covering everything from economical filmmaking and first-person storytelling to AI and global market access.

It has been running at the NBO Film Festival and Alliance Française from October 15 to 25. It will as well take place at the Kilifi Creek Festival from October 23 to 31. So if you know someone in the film business, let them know.

The government is looking for a private investor to complete construction works on the World Bank-funded James Gichuru Junction-Rironi Road and introduce tolling, a move that would require motorists to pay to drive from Mlolongo to Mau Summit.

Disclosures from the Public Private Partnership (PPP) Directorate, a unit of the National Treasury, show that the Kenya National Highways Authority (Kenha) is seeking a private investor to complete the outstanding works on this section and operate the road under a tolling arrangement for an unspecified period.

Construction of the road was initially valued at Sh16 billion, with a bigger chunk of the financing coming from the World Bank.

However, long delays in the completion of the project saw its total cost varied to Sh20 billion, even as works such as 24-foot bridges remained incomplete.

Now the government says it is scouting for a private investor to complete the remaining works, which includes building the footbridges, valued at Sh4 billion.

The investment will be recouped by the investor from charging motorists toll fees over a shorter period than the customary 25 to 30 years.

This is likely to revive a long-running debate over whether taxpayers should pay to use roads built with borrowed money, which they will also repay through taxes.

‘The proposed James Gichuru-Rironi (A104/B3 Junction) Road is a brownfield project involving the rehabilitation and completion of outstanding civil works, together with the introduction of tolling under a management contract,’ said the PPP Directorate in a status report for the period ending September.

A brownfield project is one that involves upgrading, rehabilitating or completing existing infrastructure, unlike a greenfield project, which is developed from scratch.

The James Gichuru-Rironi Road is part of the World Bank-supported National Urban Transport Improvement Project (NUTRIP), which involves widening and rehabilitating the JKIA-Likoni-James Gichuru-Rironi road.

‘The project seeks to establish a sustainable framework for the operation, maintenance and long-term management of the corridor, which carries high volumes of commuter, passenger and freight traffic as part of the strategic Northern Corridor connecting Nairobi to western Kenya and the wider East African region,’ adds the PPP Directorate.

Charging user fees, or tolling, under PPPs is one of the incentives the government has dangled before private investors with deep pockets to help bridge its infrastructure financing gap by designing, building and operating major projects.

Most PPP projects, however, have been greenfield developments that were not financed by the Exchequer, partly to avoid charging taxpayers twice for the same infrastructure.

Kenha officials insist that the private investor eventually selected for the project will have to complete some outstanding works after the government failed to provide its share of the financing.

The unfinished works include foot crossings, road markings and some road layers.

Read: State suspends roads toll project, to map new routes

The government also argues that because the section from Mlolongo to James Gichuru Junction is already tolled, while the Rironi-Mau Summit section is being developed as a PPP, only the relatively short James Gichuru-Rironi section would remain untolled.

An official familiar with the project told the Business Daily that because the private investor’s required capital injection would be relatively small, the investor could operate and maintain the road for a short period-probably four to five years-to recoup the investment before handing it back to the government.

Additional toll revenues could also be used to service the existing loan, potentially relieving the government of part of the burden of repaying the debt.

The road was to be financed through a loan from the World Bank, with the government providing additional financing for relocation.

The government has increasingly turned to PPPs to help bridge an estimated Sh250 billion annual infrastructure funding gap, as constrained fiscal space and rising debt-service obligations limit its ability to finance new roads, dams, energy projects, bridges and ports through borrowing.

The Roads ministry has projected a financial gap from the ongoing roads at Sh1.8 trillion and Sh4 trillion for the five-year and 10-year planning periods respectively for the development, maintenance, and rehabilitation of roads.

The government reckons that tolling is a dedicated source of financing for road infrastructure that is not tied to the Treasury’s budgetary process.

After Kenya abolished road tolls in 1994 and replaced them with the Road Maintenance Levy Fund (RMLF), it took 28 years for tolling to return, with the Nairobi Expressway becoming operational under a tolling regime in 2022.

The existence of RMLF has also turned the spotlight on tolling, with critics arguing that motorists would effectively be taxed twice.

The government, however, argues that tolls and the road maintenance levy are different forms of user charges.

In the Draft National Tolling Policy 2025, it notes that the RMLF is expected to raise about Sh100 billion in the 2024/25 financial year, against annual road maintenance needs of Sh253.5 billion.

The draft policy also puts the broader financing gap for road development, maintenance and rehabilitation at Sh1.8 trillion over five years.

The government reckons that the two can complement each other, rather than tolling replacing the levy.

Some of the existing roads that the government plans to toll include the Nairobi Southern Bypass, Thika Superhighway and Kenol-Sagana-Marua Road, according to the draft policy.

The Nairobi-Nakuru-Mau Summit highway and Dongo Kundu Bypass are also marked for tolling.

With this section now subject to toll charges, motorists can drive from Mlolongo in Machakos to Mau Summit in Nakuru County on a user-paid road.

Already, construction is under way on the Rironi-Mau Summit highway, which is being developed under a PPP and will operate as a toll road once completed.

The Sh184 billion project has been split into two sections. The Rironi-Naivasha-Gilgil section, together with the Rironi-Mai Mahiu-Naivasha link, is being developed by a consortium of China Road and Bridge Corporation (CRBC) and the National Social Security Fund (NSSF) at an estimated cost of Sh96.3 billion.

The 94-kilometre Gilgil-Nakuru-Mau Summit section is being developed by Shandong Hi-Speed Road and Bridge International Engineering Co. Ltd.

The planned 243-kilometre Mau Summit-Malaba dual carriageway has passed an initial viability test.

The government is also considering extending tolling from Mombasa to Malaba, effectively turning the entire Northern Corridor into a toll road.

Naivas, Quickmart and Carrefour have taken a combined 60 percent market share in Kenya’s formal retail market, helped by their aggressive expansion across the country.

Naivas led with a 31 percent market share in terms of estimated revenue in 2025, according to disclosures by Quickmart, citing market intelligence firm Sagaci Research.

The market share data has been published by Quickmart in connection with its ongoing initial public offering (IPO) to give prospective investors insights into the business.

Quickmart was second with a 15 percent market share, followed by Carrefour (14 percent), Magunas (six percent) and Foodplus (four percent).

The remaining market shares are fragmented among smaller players.

‘The Kenyan modern grocery retail market is concentrated among a small number of leading chains that together make up 60 percent of the market, and the remaining market share is fragmented across a long tail of smaller operators,’ Quickmart said in its information memorandum.

‘Competition includes large domestic supermarket chains, regionally focused operators, discount-led formats, convenience stores, wholesalers and emerging online platforms. Competition intensity is highest in Nairobi and its surrounding suburban areas, while regional urban centres remain comparatively underserved.’

Naivas, Quickmart and Carrefour rose to replace earlier dominant supermarket chains that collapsed due to a mix of fraud, heavy debt and mismanagement.

Nakumatt Holdings was previously the top formal retailer, with a presence in all the major shopping malls in Nairobi and other towns.

The retailer went into administration in January 2018 after it was unable to meet its obligations including payments to lenders and suppliers.

It also later emerged that the retailer had provided soft loans of Sh1 billion to its directors ahead of its collapse.

Tusker Mattresses Limited, trading as Tuskys, also collapsed in 2023 due to a heavy debt burden. The company also suffered from infighting among its shareholders who accused each other of insider dealings that hurt the company.

Uchumi Supermarkets collapsed in 2018 due to inability to pay its debt. A forensic audit report also accused the company’s management of cooking books ahead of its bankruptcy.

Botswana’s Choppies and South Africa’s Shoprite also closed their Kenyan operations after failing to reach profitability.

The new top three supermarket operators have meanwhile expanded rapidly in Nairobi and other major towns to capture the spending of consumers amid rising urbanization.

Naivas, for instance, has grown its stores to 114 while Quickmart had opened 72 branches as of August.

Carrefour last disclosed its number of stores in the country at 34.

Key strategy

With thin net profit margins of less than four percent, the supermarkets see volumes as a key strategy of growing earnings.

This has prompted their expansion in major towns and cities.

Carrefour earlier announced it would open nine additional stores in Kenya this year, a move that will raise its network to 43 branches.

Quickmart said urbanisation has been accompanied by the expansion of residential developments across Nairobi and its surrounding suburbs, creating new and increasingly dense consumer catchments.

‘This has supported demand for neighbourhood retail formats that provide convenient access to groceries and everyday essentials close to residential areas, particularly for time-constrained working households seeking convenient and more frequent shopping options without travelling to larger destination retail centres,’ the retailer said.

‘The combination of urbanisation, consumer demand for convenience and an increasing number of high-density neighbourhoods have driven the industry towards localisation -neighbourhood-led formats such as supermarkets and express stores rather than large, destination malls.’

The company added that Kenyan consumers generally have low vehicle ownership, are sensitive to transportation costs, face time constraints, limited storage space and prize day-to-day affordability. This has driven a preference towards weekly convenience-driven trips over monthly or occasional bulk purchases, Quickmart said.

The company says it added ten stores in each of 2020, 2021 and 2022, and reached its 50th store milestone in 2022.

‘Quickmart continued its expansion in subsequent years, increasing its network to 64 stores by 2025 and further to 68 stores as of 30 June 2026,’ the company said.

‘The company opened four new stores in July and August 2026 increasing its footprint to 72 stores nationwide. This expansion also broadened the company’s geographic reach beyond its initial core markets, with its presence growing from 5 counties to 16, including entry into Kenya’s coastal and eastern regions in 2021 and 2022 respectively.’

Quickmart says competition in the formal retail space is driven by a few key factors including price and value proposition.

Others are store location, convenience (parking and trading hours), variety and availability of quality goods.

Some supermarket branches, for instance, open earlier than usual while others are open 24 hours to attend to more shoppers.

Quickmart added that major supermarket chains also leverage their size to compete better.

‘Scale and operational execution, including procurement, supply-chain reliability and inventory management, which can support competitive pricing, product availability and margins as retailers expand their store networks,’ the company said.

Every month, apartment residents pay for a swimming pool they rarely use, a generator that needs servicing whether or not there is an outage, and guards at every entrance. Those costs reach them through service charges, and some homeowners say they are paying to sustain a lifestyle they do not fully use.

‘I pay close to Sh80,00 a month in service charges, and the figure keeps soaring,’ said a resident who owns a three-bedroom apartment in the South Coast.

This frustration has prompted homeowners to wonder whether the charges should be capped.

However, experts argue that a blanket limit would not work, and that homeowners have more power over the bill than they realise.

‘Service charge is a direct function of the services that are provided. When choosing a house, one needs to consider what kind of amenities and services are provided, because then you’ll end up paying for them,’ says Johnson Denge, a real estate expert.

Mr Denge says most modern residential developments have advanced amenities that come with operating and maintenance costs.

‘While we want a lifestyle where we have features like a backup generator, a modern children’s play area, security around the clock, corridors lit up throughout, and lifts, which make the lifestyle better, those services need to be paid for in terms of maintenance, daily running and fuel, for instance, for generators, which translates to the amount you will pay.’

Some costs are less visible. A development with separate entry and exit gates needs security personnel at both points. Electric fencing consumes power and must stay operational, while swimming pools and clubhouses require regular upkeep.

These differences complicate proposals to impose a blanket ceiling on service charges. A property with a generator, lifts, a swimming pool and extensive security infrastructure will have a different operating budget from one with fewer shared facilities.

Mr Denge adds that the cost of providing these services rises over time, regardless of the amount residents were initially expected to pay.

‘For instance, the security bill will always go up, either through taxation, inflation or through the revision of minimum wage,’ he says.

He estimates that a good service charge should generally amount to about 10 to 15 percent of a property’s rental value, though he stresses this is a benchmark rather than a universal formula.

A higher property price does not automatically mean a higher service charge either.

‘It just depends on the number of services that are provided,’ he says.

Higher-priced properties often come with more services and amenities, which can push up operating costs.

Two properties may have similar purchase prices or sizes but different service charges because one offers more facilities, employs more staff or has more expensive systems to maintain.

Rather than imposing a uniform ceiling without considering the facilities offered, Mr Denge argues that developers and property managers should look for ways to reduce the cost of running residential developments.

‘I would say it should be capped innovatively,’ he says.

One approach is to invest in systems that cut recurring expenses. ‘Developers could, for instance, use solar power to light common areas instead of relying entirely on mains electricity, which will lower the running costs over time,’ he says.

The design of shared facilities also matters. Instead of providing every house with its own swimming pool, he says, a development could have a common pool serving several residents. Automated entry and exit systems could also reduce the number of security personnel needed at access points, depending on the property’s security needs.

‘Property managers can also automate requests for services so that they do not have to employ many caretakers and are able to serve residents electronically or through an automated system.’

Service charges are also notably high at upmarket coastal properties. Mr Denge attributes this to the use of many of these developments for hospitality, which requires a wider range of services than a conventional residential property.

‘Most properties along the coast are used for hospitality. And you find that they are functionally, or at least on a service basis, providing extra services,’ he says.

Developers and property managers may argue that charges must reflect operating costs, but property lawyer Prudence Mugambi says homeowners have a role in ensuring that the amounts collected are justified and properly accounted for.

Under Section 20 of the Sectional Properties Act, she says, the corporation is responsible for determining the contributions required to manage and administer common property. The corporation is made up of the apartment owners, which gives them a say in decisions affecting their development’s running costs.

Ms Mugambi says residents should ask for a detailed breakdown of charges, the approved budget, the basis used to apportion costs among units, and an account of how the money collected is spent.

Section 36 of the Act also provides a mechanism through which owners and other specified parties can request relevant information, including budgets, financial statements and by-laws.

However, she says, homeowners must take part in management meetings and vote for the people who run the corporation.

‘You’ll find that most property owners might complain of the service charge, but they never show up for the corporation meeting,’ she says.

Because the corporation is made up of the owners themselves, Ms Mugambi says disputes should begin there, where residents can seek explanations and challenge decisions through the available governance mechanisms.

This does not undercut legal remedies where decisions have been made improperly, depending on the circumstances and the applicable law.

She does not consider a blanket cap practical, given the differences in facilities, security arrangements and operating costs across developments.

‘An apartment in Westlands will not be the same as an apartment in Kitengela. The facilities, the security, the type of security they want to hire, and the operating costs will vary from apartment to apartment,’ she says.

Mr Denge says developers and property managers should plan for major repairs and unexpected events through a sinking fund. Under this arrangement, part of the service charge is set aside for future capital expenditure rather than consumed by routine operations.

‘One of the good service charge models should also have what we call a sinking fund, where you set aside part of it, probably 2.5 to 5 per cent of the service charge being paid, for capital developments in the future,’ he says.

The money should be ring-fenced for its intended purpose and not be available for management to reinvest elsewhere, he adds.

Insurance is another consideration in managing long-term costs. ‘A good service charge proposal should also have some level of insurance,’ he says, noting that incidents such as fires or the failure of major equipment can create substantial bills when the affected systems are not insured.

‘Water is a further cost driver, particularly in developments where an inadequate public supply forces owners to rely on boreholes,’ Mr Denge says.