Isuzu takes record 56pc share of Kenya’s new vehicle market

Isuzu East Africa has taken control of more than half of Kenya’s formal new vehicle market for the first time, tightening its dominance over rivals as recovering business activity boosted demand for commercial units despite still-high borrowing costs.

New data from the Kenya Motor Industry Association (KMI) shows Isuzu sold 2,036 new vehicles between January and March, a 23.54 percent jump from 1,648 units in a similar period last year.

The performance lifted Isuzu’s market share to a record 55.64 percent from 49.97 percent a year earlier, meaning the dealer now accounts for more than one in every two new vehicles sold through Kenya’s formal showroom market.

The latest figures show Isuzu sold more vehicles than all its major rivals combined during the quarter, cementing its position as the country’s dominant dealer in commercial vehicles.

Its share of the market has, as a result, increased from 42.57 percent in the first quarter of 2023 to 45.35 percent in the same period of 2024, before expanding further to current levels.

The company’s stronghold comes as demand for pickups, buses and trucks used in construction, logistics, agribusiness and public transport rises.

While Isuzu widened its lead, rival CFAO Mobility Kenya continued to lose ground in the market.

CFAO, which distributes Toyota, Mercedes-Benz, Volkswagen and Hino brands, sold 896 vehicles during the quarter, down 6.57 percent from 959 units a year earlier.

The Toyota dealer’s market share fell to 24.49 percent from 29.08 percent last year and 34.92 percent in the first quarter of 2023, highlighting the widening gap between the two dealers.

The latest figures show Isuzu sold more than twice the number of vehicles moved by CFAO during the review period.

Industry-wide showroom sales rose 10.95 percent to 3,659 units from 3,298 units a year earlier, signalling improving demand from companies and institutions expanding their fleets.

KMI officials attributed the recovery to increased activity in key sectors of the economy.

‘A notable driver for the auto industry growth this year is from increased economic activities in sectors such as affordable housing construction, road maintenance and agribusiness,’ KMI said.

Despite the improved sales volumes, KMI said the industry continues to face operational and geopolitical challenges that are delaying deliveries and raising costs.

‘A major trend is the shortage of number plates, affecting tens of thousands of vehicles, including motorcycles,’ the association said.

KMI also warned that the conflict in the Middle East has disrupted shipping routes, affecting supply chains and pushing up fuel prices.

‘At a global level, the Middle East conflict is a risk factor that has affected supply chains and caused a spike in fuel prices due to shipping routes disruption,’ KMI said.

The rebound has coincided with easing lending rates, which have made vehicle financing more affordable for businesses and individual buyers.

Most showroom vehicles in Kenya are bought through bank loans or asset financing arrangements, making the industry highly sensitive to movements in commercial lending rates.

Central Bank of Kenya data shows commercial banks’ lending rates averaged 14.7 percent in March 2026 compared with 15.77 percent a year earlier.

Although borrowing costs remain above the 13.09 percent recorded in March 2023, the decline has eased repayment pressures for transporters, contractors and businesses seeking to expand their fleets.

The recovery in vehicle sales has also been supported by the relative stability of the shilling, which has hovered around Sh129 against the US dollar since August 2024, its most stable run in decades.

The stable exchange rate has helped dealers and importers better manage vehicle pricing and inventory costs in a market heavily dependent on imports.

Wanjohi Kangangi, the Isuzu East Africa director of sales and marketing, said that lower borrowing costs and improved cash flows among contractors have revived business confidence since last year.

‘Interest rates have come down, so a lot of businesspeople are finding loans more affordable. Some of the payments that had been stuck for government contractors have started coming through,’ he said late last year.

‘A lot of our customers that were previously completely stuck have started to see money coming into their businesses and they are now expanding their businesses.’

He said improved economic stability had encouraged businesses to resume expansion plans after years marked by expensive credit, delayed payments and inflationary pressures.

‘By and large, we are sitting in a good spot. People feel we are more stable than we were in recent years. Today, there is some stability and this is what businesses want to be able to get on,’ he said.

The company has also expanded customer engagement programmes and financing partnerships targeting sectors such as logistics, construction and agriculture.

Smaller dealers also posted mixed results.

Simba Corporation – the franchise holder for Mitsubishi, Proton, Ashok Leyland and Mahindra – recorded a 4.65 percent decline in sales to 287 units, reducing its market share to 7.84 percent from 9.13 percent a year earlier.

Tata Africa Holdings, however, nearly doubled sales to 204 units from 109 vehicles, lifting its market share to 5.58 percent from 3.31 percent.

After Amnesty: Why Irungu Houghton’s final rebellion is letting go

When you look back at the man you were eight years ago and now, how have you changed? Great conversation. I mean, it sounds cliché, but I would say I’m wiser. I recognise that most human rights violations, most big problems that we have in society are complex and require analysis before you jump in. When I came in, I had the sense that things were much more binary, good people and bad people, human rights violations and human rights victories. The world is much more nuanced than that. And two, recognising that the things that are important to us are also important to many other people. How do I host a process that lets others join the conversation?

If I met you before Amnesty, what would surprise me about who you are now? You would probably be surprised by my patience. Younger me was much more impetuous, intense, and in-the-moment. The man that I’ve become is much more reflective and also understanding that not all of us come to the same point at the same time. We all process complex issues in society differently. I think that would probably be the thing that would stand out. You might be surprised that I’m still here, at 60 [chuckles].

60. When you look back at your life, what feelings come to you? Satisfaction. A sense of pride, not necessarily personal pride, but the impact that we have had on several people. A sense of gratitude to all the people who have come my way and have departed. I have said goodbye to many friends and family members, and I recognise that that is the cycle of life. We are stewards of the moment; the rest, we will pass to others. I feel an obligation to the ancestors, the Dedan Kimathis who fought for our rights, and I hope that when I am gone, people will still see human rights as an important issue.

You’ve been here eight years, and Amnesty is as much a part of your story as you are part of Amnesty stories, and that tends to give someone an identity. Are you feeling challenged about how to redefine yourself? I’ve never thought that Amnesty was me and I was Amnesty, so that makes it easy for me. I was a community organiser long before I came into Amnesty. I protected human rights long before I came to Amnesty. I joined Amnesty as a member in 2014. I joined them in 2018. When the board and I began talking about succession, the first thought was, What do I want to do next? It wasn’t what happens to me, it was how can I serve 254 and the republic differently, and I’m still hopeful that even that will show.

What do you miss about your younger self? The younger Irungu was even more rebellious. I had dreadlocks…

Why did you shave? Maintenance mostly. I felt that to keep them clean and looking good, it needed too much work, and my life was moving too fast [chuckles]. I miss a little bit of that Irungu. What’s happened over the years is I’ve grown to represent organisations. I’ve joined the C-suite. I was a director at ActionAid International for three years, then 10 years with Oxfam, and now eight years with Amnesty. Leaders carry the weight of their institutions, and the weight of that institution is not a burden, but a responsibility, and the younger Irungu never had those considerations.

What did you believe then that life has disabused you of now? Hmm. I grew up in the one-party state era. I became a teenager at a time when hundreds of thousands of people were being arrested for simply expressing their views in the 80s. One of the stories I told myself was that I probably would not live to the age of 40. Life has taught me that it is possible to play our role, be bold, creative, inclusive, and survive to 60.

Were you always a rebellious child? There are two sides to me. I’m loyal and rebellious. I’m loyal to people and to the idea that people can be better. Often, I sit in courtrooms and watch police officers being convicted of some terrible crimes, and my thoughts are first with the victims and the victims’ families, and then with the officers. I believe humanity can be better, and officers killing people unlawfully is a tragedy, and when they are prosecuted, their lives come to an end, which is another tragedy. Rebelliousness comes with a sense of need to ensure that everybody has equal access to justice.

What was your teenage rebellion? Haha! At 14, I enrolled fellow students to develop a magazine to challenge racism, and we published several editions of that newspaper. It got us into trouble with the teachers at the time because it was discussing topical issues. I also orchestrated a coup in my university days to take over the leadership of the African society in my university, away from a British student who believed in Africa, but I believed, and several others did also, that the African society must be Africa-led. I ran that society for the three years I was in university, bringing in African thinkers and writers.

Have you always been this subversive, or was it just your outlook on life? I think my formative years were really under the one-party state, and it occurred to me a personal affront that people could not think what they wanted to, or freely associate, and that was a formative moment for me, and many others. Nothing can exist in the presence of censorship, fear, or lies. It just becomes essentially a victim of people who can exercise the power of the state. That has lasted with me now I guess for 40 years.

Did you give birth to yourself, assuming you have children? My children are not my children; that is the famous song. My children are fiercely independent from the moment that they came out of their mother’s womb, and I have treated them that way. I have eight children. Four of those have produced four other children, so I’m a grandparent. The first child that I took on as my own was an adopted child, and I was 30 at the time. It’s been a real pleasure to watch them grow into decent, creative, and thoughtful beings.

What surprised you about the kind of parent you became? Parenting was challenging when I was much younger, particularly in my 30s. I was trying to succeed career-wise, trying to have a warm and loving relationship with a spouse, and also guiding and mentoring young people. What I was present to was really the challenge to remain intentional in the relationships with each one of the children, and not see them as a collective. There was a mental trap in that I just didn’t have time; if I was traveling, I would buy the boys the same colour t-shirts, just a different size, not realizing that actually every child has a favourite colour.

How do you survive parenthood when your children are forced to grow up in the shadow of your public identity? My adult children are fiercely independent, so I wasn’t present to any pressure that came on them because of my public profile. I’ve often told them I provided the basic needs and love, but ultimately, the most important thing is my name, and that is what they must protect, their identities, such that they can hand over a respected name to their children as people of integrity.

What do you hope all your children agree on about you? I would wish that they would have seen me as a human being, not perfect, with major moments in which I was challenged as a parent, husband, and father figure, and that they would accept both the good that I brought into the family, and the distress, also that I brought into the family, and that’s all part of life.

Now that your children are parents, what kind of mirror do they provide you? What is very confusing to us, the three generations, is how grandparents are much more patient with their grandchildren and also much more trusting of processes. We often discuss the need to give their children the space to experiment, take some risks, and explore their thoughts about life and about spaces, about school, and about relationships. That kind of parenting was not very present for me when I was a parent. I was much more into, “You need to do your homework by now, clean your room now, there’s only one way you can behave in this space.’ So, the temptation to continually mould your children was very high. As a grandparent, you realise that every human being is born with a personality and a sense of justice.

What would you want your children to forgive you for? For the period in my life when I was very busy in my career, and was not as available which, as I look back, I could have been. And that they would forgive me for some of the choices I made, which impacted them, and I would hope that they would forgive me for not having a long-term strategy for them, because once they became adults, I essentially just allowed them to be who they are.

What is something that success has not fixed? 47 per cent of the population is still under the poverty line, we have 150 people killed every year unlawfully by police officers, and a public health care system that is even worse than the previous one. Secondly, my immediate community, Kilimani, has lost 60 per cent of its tree cover despite our investment in the community foundation due to the buildings coming up; we have too many homeless families in the streets which worries me.

Speaking of which, at 60, what’s your insecurity now? I struggle with acknowledging insecurities, fears, and anxieties, because I think they are a form of insanity. Much of what we experience as human beings, either in the form of insecurities or anxieties, comes from a fear of the future, so we think something is going to happen, and therefore, we are fearful in advance. The other part of the insanity is spending all your time thinking about bitterness and regrets for things that didn’t happen. There’s nothing you can do; I can only stay in the present.

But if I must know? Okay, when my time comes, and I breathe my last, will I look back and think I didn’t do enough? That I suspect will also still be squashed because your power lies in the present. How do I want to spend that last breath-and it would not be worrying about the past.

Is there a part of your life that remains unresolved? No, I am at peace with all my demons, regrets, and disappointments, and they are very much in the past now. I often tell people to practice timing disappointments. Say I want to spend the next 20 minutes feeling disappointed, recognising your disappointment and breathing in it, when the 20 minutes are done, so are you. And life will always open up for you if you have that mindset.

Which ‘almost’ still haunts you? None, because that is a form of distraction from living. At one point, I wanted to serve in government, because it is the primary duty bearer to citizens. We pay taxes to governments for a reason, which is why we expect services. I could have travelled a bit more when I was younger. And I’ve been to some wonderful places for work. And occasionally, most times, did not spend even an extra day to be part of that local culture. A place like Prague, Czechoslovakia. I’ve been to Haiti, Port-au-Prince. I’ve travelled to West Africa and realised that the world is much more interesting than I have given it time for.

You have time now. I know, a bit more. Not that I suspect I’m retiring [chuckles].

What have been the best and worst parts of getting older? The worst parts are the creaks in the joints. You move a bit slower. Maybe not slower, deliberately [chuckles]. It’s just preoccupations with remaining healthy and agile. The best have been the numerous memories of moments that were blessings and reaffirming and unexpected that have taught me the world is a fundamentally amazing place to be.

Is there a possession you’ve been unable to throw away? I wrestled with giving away books. I’ve given away maybe 500 books in the last five years, mostly to community resource centres. But I struggled with that, but reconciled that if I’m no longer reading them, if I’ve read them, then why would I want to hold on to them? I’m generally a keeper. I feel very happy when I’m able to fix things and continue using them. I amazed myself the other day by taking a suitcase that I travel with regularly to a fundi who fixed it. And it’s now working again, wheels are moving, feels brand new. You get greater joy from having your things fixed than from buying something new.

Must be a very nice suitcase then? Not really, haha! You would not spot it on a carousel. It is completely nondescript. But the last time I think somebody stole something out of my suitcase-I don’t lock my suitcases-was probably 15 or 20 years back.

What did they steal? They stole children’s video cassettes. Not even DVDs. I travelled just before Christmas. And I brought back Christmas presents for the children. And those all disappeared and probably went off to somebody else’s children. But that’s really the last time I think I experienced a theft. So it helps to have an old suitcase haha!

How are you defining success now? About a decade ago, I sat and listened to a president talk about his frustrations with the criminal justice system. He said, ‘I don’t understand what more you need. I have given you budgets, and laws and powers and a mandate to stop corrupt people. But all we hear is complaints about other agencies, not actions to be taken by your own agency.’ And in that moment, I learned the distinction between intentions, actions, and impact. Most of us judge ourselves and others based on their intentions or actions. Most of us don’t judge ourselves or others on the basis of the impact we leave in the world. And I think that’s the most important aspect of our lives. It is in the impact that we have on others, our environment, communities, and families that the true purpose of us as human beings can be found. That was a short response to a very short question [chuckles].

What have you learned the hard way? I have learned that, much as I have never been inspired by amassing wealth or money, you need a certain amount of finances to continue moving. The second one is that not everything happens in the moment. Life is a series of moments and the biggest impact comes possibly even after we are gone. Like earlier this month we, together with the Kilimani community, rallied and renamed Galana Rd to Pheroze Nowrojee Rd. And as I watched the signboards go up, I was present to our lives not being a series of incidents but actually our lives ultimately show up after we are gone, and there is a full tapestry of things, especially in this very performative culture of ours.

Who do you know that I should know? You should know my wife. She is very free-spirited and innovative. She is always watching for things that have not happened yet. And what it would take to bring those out to people. And my current Amnesty Chair, Stella Bosire. A wonderful human being who has really pulled herself from spaces that most people find very difficult to escape. At one time, she was homeless, an addict, and an orphan. Her parents were alive, but she was brought up by several people within the community, and now she is a medical doctor, just finishing off becoming a lawyer, shaping global public health discourse in many different ways.

What does your wife get to brag about you? [long pause] I have spoken about my role as a father. And my role as a leader in the country. I think those would be the two spaces that she is appreciative of.

Are you an easy person to live with? Probably not [chuckles]. But I am not aggressive as a human being. I am patient, but I can be intense and disruptive. One of the examples there is that I tend to move furniture around quite a bit. I have been requested to move too many things around. I guess that would make me more complicated. But I am relatively easy-going. I do have strong views about injustice and dignity, and that shows up in my personal spaces, and that can make some people feel a bit restricted [chuckles].

If you could do it all over again, would you do it the same? No. I would create intentionally from where I was, even career-wise, I never go back to the same organisation. I never stay in organisations for very long; I get itchy. But I do get interested in doing different things. And that has always been the case.

Irungu, tell us a simple life hack. The secret of a powerful life lies in one word: integrity. Not the integrity necessarily of management of public taxes or finances, but just in our word, that we are dependable and predictable to people. If I say I will be here at this time, be there at that time. If I say that I will do this, do this. Be a person of your word.

Credit Bank cleared to recover Sh80m from coal investors

Credit Bank Ltd has been given the green light to sell two properties belonging to a couple in Uthiru, to recover a Sh80 million loan used to fund a failed coal exploration project.

The High Court ruled that Foundation Piling Ltd and its owners, Ronald Njoroge King’ang’i and Bella Wagatwe King’ang’i, had not offered to repay the debt or provided any explanation for their default.

The court also confirmed that the bank had properly served all statutory notices, which the couple did not deny receiving.

‘I am in further agreement with the Bank that its right to recover its debt by realising its security is being frustrated and the loan continues to accrue interest daily and there is a genuine risk that the debt will outstrip the value of the suit properties if the sale is delayed for the duration of a potentially lengthy trial, causing greater loss to the Bank and ultimately to the Plaintiffs, if the suit properties are sold for less than the debt,’ the ruling stated.

The case revolves around loans totalling approximately Sh77.7 million obtained by Foundation Piling Ltd in July 2017 for a coal exploration project that was later abandoned due to its cancellation by the government.

The loans were secured against the two properties and the company claimed that the project’s failure, compounded by the Covid-19 pandemic, left them struggling to repay the debt.

The bank issued a 40-day notice of sale on May 30, 2025, followed by a redemption notice two months later for Sh80.7 million. A notification of sale was subsequently sent, setting an auction for September 2025.

The couple challenged the planned sale, alleging that interest had been charged above agreed rates without the approval of Treasury Cabinet Secretary, in breach of the Banking Act.

They described the demanded sum as ‘outrageous’ and claimed the lender had refused to provide proper statements or reconcile payments made. They further accused the bank of inflating the debt to frustrate their attempts to sell the properties.

Credit Bank, however, insisted that all statutory procedures were properly followed, including the issuance of 90-day notices under Section 90 of the Land Act in January 2025, which the couple acknowledged receiving.

The lender added that it had been accommodating, even issuing a ‘no objection letter’ on March 13, 2025, allowing the couple to sell one of the properties privately.

The court noted that the bank had effectively challenged the couple’s claims. It also observed that the lender had stated, without dispute, that it could compensate the couple for any losses arising from the property sale.

‘I agree that the suit properties have a finite value as evidenced by the valuation report annexed by the Bank and if the sale is ultimately found to have been unlawful, the Plaintiffs can be adequately compensated by an award of damages,’ the court concluded.

Court rules Monday on State’s 15pc Safaricom stake sale

The High Court is expected to make a ruling on Monday on whether the government’s planned sale of a 15 percent stake in Safaricom Plc to parent firm Vodacom Group Limited will proceed.

The South African multinational made the disclosure to investors last week, while noting that it expected a rapid close to the transaction should the court give a favourable ruling.

The transaction was frozen when petitioners Tony Gachoka and Fredrick Ogola sued several State agencies, Safaricom and Vodacom, questioning the legality of the government’s plan to reduce its stake in the telecoms giant.

Two other petitions were filed by Paul Maina and a litigant only identified as Mr Samuel. The two cases were later merged.

The pause on the transaction has delayed the payment of Sh244.5 billion to the National Treasury, including Sh40.2 billion in advanced dividends from what would be the government’s residual 20 percent stake in the Nairobi Securities Exchange-listed firm.

‘We expect an update on this ruling on May 18, 2026. Pending this outcome, we’ll be able to finalize the deal very quickly,’ said Vodacom chief executive officer Shameel Joosub in a May 11 earnings call.

‘This transaction was approved by Parliament and in all necessary regulatory bodies but is subject to a status quo order issued by the High Court of Kenya.’

The High Court referred the petition to Chief Justice Martha Koome at the end of March, with Koome consequently appointing a multi-judge bench to handle the case after the presiding judge stepped aside due to time constraints.

The court case was filed as analysts and politicians debated the merits of the government’s partial divestment from Safaricom, with a major issue being whether the State will get full value from the sale price of Sh34 per share.

Some have reckoned that the deal is good for Kenya while others have been sceptical of the benefits of the transaction, seeing Vodacom as the winner after getting majority control of the profitable telecoms operator.

A joint parliamentary committee had approved the sale, paving way for the conclusion of the transaction before the litigants struck.

Under the deal, the National Treasury is to receive Sh204.3 billion for the 15 percent stake, representing a price of Sh34 per share.

The exchequer is also to receive a Sh40.2 billion dividend top-up, representing a loan backed by what will be Kenya’s remaining 20 percent stake in Safaricom.

The delayed sale which had been expected to close in March 2026 will see the Treasury collect Sh16.1 billion. This represents its share of final dividends from its current 35 percent stake when book closure happens on August 4, if the transaction remains on pause.

Vodacom has insisted that the completion of the stake purchase fully rests in the court decision.

‘If the conservatory orders are not lifted, the court case will continue, and it could take a few more months. So, we are a little bit in the court’s hands, and we will see what the court decides,’ added Mr Joosub.

Concurrent to the purchase of the 15 percent stake from the government, Vodacom is also buying a five percent stake in Safaricom that is held by its parent firm, Vodafone Group, at the same price of Sh34 per share.

Once the twin deals are sealed, Vodacom will raise its ownership in the telecom’s operator to 55 percent, attaining majority control.

Earlier in May, Safaricom raised its per share final dividend to Sh1.15 from Sh0.65 previously after its net profit rose 67 percent to Sh95.6 billion.

The government’s share of dividends from Safaricom for the period to the end of March 2026, including an interim dividend of Sh0.85 per share, is Sh28.04 billion.

Proceeds from the transaction are expected to flow to the National Infrastructure Fund (NIF), a vehicle designed to finance large-scale infrastructure expansion, including roads, railways, energy and water systems.

The Treasury indicated that there was no pressure to rush the deal as the funding is not a pressing budget issue.

‘We are not using this money for budgetary support. Whether it comes, (in this financial year) or doesn’t come, our budget will be implemented in the usual way,’ said John Mbadi, the National Treasury Cabinet Secretary.

Court reinstates Equity Bank receiver managers in TransCentury

The High Court has restored control of investment firm TransCentury Plc to receiver managers appointed by Equity Bank, deepening a protracted corporate battle over the company’s Sh6 billion debt.

The ruling reverses interim orders issued last month that had temporarily restrained the receiver managers, George Weru and Muniu Thoithi, from running the company and effectively restored them. Both Mr Weru and Mr Thoithi are from PwC, a multinational professional services and advisory firm.

TransCentury, which invested heavily in power, transport and engineering projects across East Africa, has been battling mounting debt and liquidity problems for years.

In June 2023, the company was placed under receivership and Equity Bank appointed receiver managers and later in 2025 the Nairobi Securities Exchange (NSE) suspended trading in TransCentury shares.

This was after the company defaulted on loans estimated at more than Sh6 billion, triggering legal disputes involving shareholders, creditors and regulators.

The latest case was filed by the Consumers Federation of Kenya (Cofek)) against the receiver managers, TransCentury, the Kenya Revenue Authority, the National Assembly and the Attorney-General.

Cofek sought orders stopping Mr Weru and Mr Thoithi from continuing as the receiver managers of TransCentury and asked the court to appoint the Official Receiver instead.

The lobby also wanted the court to preserve the company’s assets and direct that alleged outstanding tax liabilities owed to KRA be prioritised before payments to Equity Bank.

The court had initially certified the case as urgent and issued interim orders on April 23 restraining the receiver managers from acting pending further directions.

But the dispute quickly escalated after lawyers representing the receiver managers as well as the Equity Bank challenged the validity of the suit, arguing that the advocate who filed the case for Cofek did not have a current practising certificate at the time.

The court was also confronted with a second dispute over who legally controlled and represented TransCentury after the interim orders effectively allowed directors to resume involvement in the company’s affairs despite the existing receivership.

In its ruling, the court declined to invalidate the suit over the advocate’s practising status, holding that litigants should not be punished for such procedural defects.

‘The complaint only concerns the absence of a current practising certificate at the material time,’ the court said.

‘Guided by the decision of the Supreme Court and the provisions of Section 34B of the Advocates Act, I am unable to hold that the pleadings filed herein are invalid or incapable of sustaining the suit,’ the judge ruled.

He added that courts are required to administer justice ‘without undue regard to procedural technicalities’.

However, the court found that Cofek had failed to fully disclose that TransCentury was already under receivership when it obtained the temporary orders.

‘The material before the court confirms that the third defendant was already under receivership when the Plaintiff moved to the court ex-parte and the receiver managers had already assumed control,’ the court stated.

It added that the temporary orders created confusion over the lawful control of the company by effectively reintroducing directors into management despite the subsisting receivership.

‘That fact was not candidly disclosed,’ the court stated, discharging the interim orders and restoring full authority to the receiver managers pending further court directions.

‘Having discharged the interim orders, the issue regarding representation of the third defendant (TransCentury) stands resolved, the receiver managers remaining in control of the affairs and representation of the company pending further orders of the court,’ the ruling stated.

Risk and reward: Navigating the pain and pleasure of investing

Every investment return comes with risk, but where is the line between an informed decision and speculation?

In this episode of Make Money, Stanley Mutuku, CEO of Lofty-Corban Investment Limited, discusses how investors can assess their risk tolerance, balance potential rewards against possible losses, and make smarter long-term investment decisions.

Make Money, a podcast series hosted by Kepha Muiruri, from Business Daily Africa, unravels ways to be financially savvy. Get practical tips and advice on how to increase your income, build wealth, and achieve financial freedom in Kenya. Whether you’re just starting out or a seasoned investor, we’ve got something for everyone.

Listen here:

Season 6

Rating KPC’s IPO: Is the Sh9 share price a good deal for you? – Episode 1

How shares trading was built on M-Pesa – Episode 2

Bitcoin’s latest crash: correction or death spiral? – Episode 3

The golden hedge: Navigating global volatility from the NSE – Episode 4

Beyond the money market: Is the pivot to special funds worth the risk? – Episode 5

Trading vs buy-and-hold: Where are stock investors leaving money? – Episode 6

Inside the KPC IPO: What investors learnt – Episode 7

The dividend play: How to make money from rising payouts – Episode 8

Your Q1 investing scorecard: Gulf war, rate cuts and NSE grit – Episode 9

Should I sell my bond now that prices are high? – Episode 10

ETFs explained: One investment, many assets – Episode 11

Season 5

Inside the Sh600bn money markets fund growth – Episode 1

Why more Kenyans are taking their money offshore – Episode 2

The low-interest playbook: Where to invest your money now – Episode 3

The bonds ladder: How to get a monthly pay cheque – Episode 4

The hidden cost of investing: How to stop fees from eating your returns – Episode 5

The financial supermarket: Can your bank do it all? – Episode 6

NSE rally: Is it too late to invest? – Episode 7

Stocks 101: Your guide to opening a CDS account and making your first trade – Episode 8

Can AI replace your financial advisor? – Episode 9

Bubble or Boom? Decoding the AI-fuelled market frenzy – Episode 10

Black November: How to find investment bargains – Episode 11

The 2025 investment scorecard: Where did Kenyan investors win? – Episode 12

Season 4

Episode 1: The allure of infrastructure bonds

Episode 2: Maximising the dividend earning season

Episode 3: Minting generational wealth

Episode 4: Is the MMF party over?

Episode 5: Is your money safe in Saccos?

Episode 6: Insurance: Investment or Illusion?

Episode 7: Why Kenyans are going into business

Episode 8: Willy Kimani’s leap: Business insights from corporate to entrepreneurship

Season 3

Episode 1: Government bonds: Risk-free or low risk?

Episode 2: MMFs: Who really needs a fund manager?

Episode 3: How to protect your investments as interest rates fall

Episode 4: Is the stock market still a way make to money?

Episode 5: Does it still make sense to buy dollars?

Episode 6: How time directly impacts your investments

Episode 7: Hacking home ownership

Episode 8: Money matters: To bank or not to bank?

Episode 9: Trading 101: Separating wheat from chaff

Episode 10: What music can teach us about money

Season 2

Episode 1: Redefining your money goals

Episode 2: Making money work for you

Episode 3: Where to make money in 2024

Episode 4: Make your side hustles worthwhile

Episode 5: Loan and Behold: The art and science of borrowing

Episode 6: Career driven – Triumph at your job

Episode 7: Better Together – The Power of Group Investing

Episode 8: Make your networks shape your net worth

Episode 9: Buy now, Pay later – The A to Z of consumer credit

Episode 10: What would you do if you had Sh500,000?

Season 1

Episode 1: Financial fitness – walk before you can run

Episode 2: Myths about investing

Episode 3: Baby steps…Little is more

Episode 4: A cheque from government

Episode 5: NSE – Taking stock of the market

Episode 6: Going offshore – cast your bread in many waters

Episode 7: Kenya’s black gold

Episode 8: Investor’s edge – Saccos

Episode 9: How wife’s wake-up call led Ken to make more money

Kenya steps up site search for Sh646bn Siaya nuclear plant

Kenya plans to spend Sh80 million in the financial year starting July to continue searching for the exact site of the proposed nuclear power plant in Siaya County, as the government narrows down potential locations within the lakeside county.

Budget estimates tabled in the National Assembly show the allocation for ‘Nuclear Power Plant Siting’ will form part of broader plans to prepare for construction of the country’s first nuclear reactor.

Kenya plans to build a 1,000-3,000-megawatt nuclear power plant from March 2027 at an estimated cost of $5 billion (Sh646 billion) in Siaya, which was chosen partly due to its proximity to Lake Victoria because the plant would require large volumes of water for cooling operations.

The funds will support screening and technical assessment of potential sites identified within Siaya before Nuclear Power and Energy Agency (NuPEA) settles on the preferred location for the multi-billion-shilling project. NuPEA says it has completed the first phase of regional analysis and identified possible locations for the proposed plant.

The agency, tasked with implementing the country’s nuclear power programme, is conducting further screening exercises on the shortlisted areas-which it has not disclosed– to determine which sites meet safety, environmental and engineering requirements.

‘The best candidate sites will then be subjected to a weighted analysis, and the best two will be designated as Proposed Site and Alternate site,’ NuPEA states in its documents.

Justus Wabuyabo, the agency’s chief executive, said site-specific feasibility studies and additional technical assessments will follow once the preferred location is identified.

‘Detailed engineering and scientific studies on the specific site will have to be carried out to confirm the suitability of the selected site,’ Mr Wabuyabo said in an earlier interview.

The Sh80 million allocation for 2026/27 is lower than the Sh104 million approved in the current 2025/26 financial year.

However, projected spending is expected to rise more than five times to Sh493 million in 2027/28 before climbing further to Sh2.88 billion in 2028/29.

The rising future allocations signal more intensive studies, feasibility assessments and possible land acquisition activities as the project advances.

The Treasury’s budget documents show the government is targeting 55 percent acquisition of the nuclear plant site by June 2027.

The target is expected to rise to 60 percent in 2027/28 and 65 percent in 2028/29, indicating plans for continued site preparation over the next three years.

The siting process involves analysing several factors to determine whether an area can safely host a nuclear power facility.

According to NuPEA, the government is checking whether potential sites are safe from earthquakes, have suitable ground conditions and minimal impact on wildlife.

Officials are also examining risks such as flooding, nearby pipelines, population levels, road access, the nature of the terrain and whether the site is close enough to areas with high demand for electricity.

NuPEA said detailed engineering and scientific studies will be conducted on the selected sites before a final decision is made.

The next stages after siting will involve preparation of bid invitation specifications, selection of a nuclear technology vendor and further studies by the successful contractor.

The project forms part of the Kenya National Electrification Strategy, which initially aims to achieve universal access to electricity by 2030.

Construction of the plant is expected to take at least five years, with the reactor initially projected to start operations in 2034.

The government has previously indicated the project could be financed through a build-operate-transfer arrangement or a special purpose vehicle involving the State, lenders and nuclear technology vendors.

Kenya is also increasing spending on workforce training and legal reforms linked to the nuclear power programme.

Funding for ‘Resource Development for Nuclear Programme’ will rise from Sh37.7 million in the current financial year to Sh55 million in 2026/27, the budget estimates show.

Allocations for ‘Nuclear Policy and Legislation’ will increase from Sh27.8 million to Sh42 million over the same period.

The plans have continued to attract opposition from environmental groups and renewable energy advocates.

Civil society organisations, including the Centre for Justice Governance and Environmental Action and the Kenya Anti-Nuclear Alliance, argue nuclear energy is unnecessary because Kenya already generates more than 90 percent of its electricity from renewable sources such as geothermal, hydro, wind and solar.

The groups have also warned about possible environmental and economic damage in the event of a nuclear accident near ecologically sensitive areas around Lake Victoria.

Mr Wabuyabo, however, argues that Kenya’s current renewable energy mix would not be sufficient to meet projected industrial power demand despite the country generating more than 90 percent of electricity from green sources.

He said Kenya would require up to 60,000 megawatts of electricity for full-scale industrialisation, adding that nuclear energy would provide stable baseload power less affected by weather changes.

‘Nuclear energy will undoubtedly provide, in the medium term, the 3,000 MW baseload that hydro and solar, which are prone to weather changes, simply cannot,’ Mr Wabuyabo wrote in the Business Daily on Monday.

Kenya is among several African countries pursuing nuclear energy projects to support industrialisation and rising electricity demand. They include Egypt, Morocco, Ghana, Uganda and Rwanda.

Governing AI in healthcare system: Policy and dynamics in adoption

Kenya’s healthcare system faces a divide between the adoption of artificial intelligence (AI) in its policy frameworks and its full implementation. While AI has become a dominant topic in health policy discussions, its integration into clinical workflow remains limited.

Despite advancements in technology, the World Health Organisation (WHO) notes that most countries, including Kenya, have yet to fully leverage digital health and AI for positive outcomes. The Kenya Artificial Intelligence Strategy (2025-2030) acknowledges infrastructure as a key limitation to full realisation in the healthcare space.

Kenya’s inadequate computing power, broadband connectivity and energy efficiency hinder large-scale AI deployment. These hindrances directly affect the scalability of AI-driven healthcare solutions.

Kenya’s health sector is overseen by multiple legal and policy frameworks which include: The Health Act (2017), National eHealth Policy (2016-2030), Data Protection Act (2019), Digital Health Act (2023) and the Social Health Insurance Act (2023). Whereas these laws provide a strong foundation for digital health, they also introduce complexities that affect the harmonisation and implementation of digital health solutions such as AI.

Besides, the fragmented approach of health as a devolved function between the national and county governments creates an additional barrier in digitalisation uniformity. This limits effective deployment and use of AI tools in healthcare, ultimately hindering optimal healthcare delivery.

AI is a transformative force in the healthcare system, aiding in diagnosing illnesses, assessing patients, detecting anomalies, and even in medical imaging, thereby providing faster, improved patient outcomes.

AI has many benefits, but it is not entirely faultless. The downsides, such as breach of data privacy, compromise its ethical use in society. Kenya has an inadequate health-specific AI strategy, and there is no dedicated steering committee to oversee and ensure the successful implementation of AI in healthcare.

Hence, formulated policies should not be restrictive, expensive, or burdensome for this developing field, which would rather benefit more from approaches that allow flexibility for developers and regulators to constantly explore and understand the latest developments.

Kenya continues to struggle with inadequate staffing and significant imbalances in the healthcare workforce. Statistics report the Kenyan doctor-to-patient ratio is estimated at 1:17,000 as of 2025, which falls below the WHO-recommended ratio of 1:1,000.

Limited resources and overstretched healthcare systems result in clinicians seeing a high volume of patients with a wide range of health complaints daily and making rapid diagnosis and treatment decisions, often with limited information.

These persistent shortages lead to stark disparities in the quality and accessibility of care across various health care settings. AI-based clinical decision support systems (CDSS) can support healthcare professionals by providing contextually relevant diagnostic and management suggestions. These systems can help minimize therapeutic errors and ensure appropriate referrals.

Penda Health, a private Kenyan Healthcare provider, demonstrates the feasibility of implementing AI in local healthcare settings. The hospital network has deployed AI-based clinical decision support systems into its clinical workflows, and its clinicians use them during consultations.

A study conducted across 16 Penda Health facilities in Nairobi and Kiambu counties demonstrated a gradual increase in the use of AI-enabled clinical decision support systems from 4 percent to 47 percent over an eight-month period.

The study also reported overwhelmingly positive feedback and increased confidence in interacting with the tool and in its ability to provide accurate management output.

Furthermore, the report demonstrated the AI tool’s ability to generate well-reasoned clinical suggestions and appropriate medications and to aid clinicians in reaching an accurate diagnosis. Penda Health AI adoption serves as a model for the healthcare sector. The use of these AI tools in the Kenyan context should augment clinicians’ decisions. Penda Health’s adoption of technology illustrates the successful integration of digital solutions into systemic infrastructure.

Beyond clinical decision-making, AI also has significant potential to strengthen health system operations, especially in pharmaceutical supply chains. Pharmaplus Pharmacy, a leading Kenyan retail pharmacy provider, demonstrates the value of AI beyond clinical care.

By integrating AI-driven tools into its pharmaceutical supply chain, Pharmaplus Pharmacy has improved demand forecasting, optimized stock management, and enabled early detection of near-expiry products. These efficiencies have reduced wastage and strengthened the consistent availability of essential medicines.

In contrast, recurrent drug stock-outs remain a significant challenge across many public health facilities in Kenya. This highlights a clear opportunity for policymakers to scale similar AI-enabled supply chain solutions within the public sector to enhance inventory management and address persistent medicine shortages.

Reliable internet coverage, improved electricity supply, and well-equipped health care facilities are the core foundation towards full realisation.

Besides, well-coordinated efforts between national and county governments that ensure policy alignment and resource allocation are equally critical. Kenya’s healthcare sector cannot delay harnessing these advancements, it must move with urgency.

Finance Bill 2026: The good, bad and the ugly

Before 2024 and subsequent Gen Z-led protests sparked by the controversial Finance Bill, public attention rarely focused on revenue mobilisation.

National conversations revolved around budget estimates that culminated in the annual budget reading, while Finance Bill debates were largely viewed as elitist, and the people followed from the sidelines, except, of course, for Senator Okiya Omtatah.

Over the years, however, the courts and public steadily transformed the Finance Bill into one of the country’s most scrutinised legislative processes.

In 2022, the Kenya Human Rights Commission and others unsuccessfully challenged the Finance Act 2022, arguing that provisions such as VAT on exported services and excise duty on SIM cards had been introduced without proper public participation. The Finance Act 2023 faced even greater legal turbulence.

The High Court declared the proposed housing levy unconstitutional before the Court of Appeal later nullified the entire Act. Although the Supreme Court eventually overturned that decision, citizens had fully grasped the significance of the Finance Bill and its direct impact on their lives.

Then came Finance Bill 2024. The proposed law triggered nationwide protests and unprecedented public opposition, forcing the government to abandon it altogether.

Since then, the State has appeared less forceful and more accommodating of citizen views. Public participation has become more deliberate and extensive. Conversations around finance bills are no longer confined to experts and policymakers; Mwananchi is now fully alert.

It is within this politically sensitive environment that the Finance Bill 2026 arrives. The first notable aspect is its deliberate avoidance of dramatic tax shocks. Treasury appears to have learned from recent public resistance to aggressive taxation.

My observation is that the Bill is more measured, with fewer headline-grabbing levies and greater emphasis on administrative adjustments than outright new taxes.

The Bill also introduces several measures aimed at improving tax administration and compliance. These include penalty waivers, streamlined filing systems and clearer procedures for taxpayers.

For investors and businesses, predictability is often just as important as low taxation. Kenya’s reputation for frequent tax policy shifts has long unsettled the private sector, and any effort to create greater consistency may help restore some confidence.

For ordinary Kenyans, the central economic question is not whether Treasury can raise revenue, but whether life will become more affordable. Here, the Finance Bill does not offer much comfort.

Particular attention has already turned to the proposed tax on mitumba. This is especially because the tax is levied on ‘deemed’ profit payable at the point of importation before the goods are released. If enacted, the proposal is likely to raise the cost of importing second-hand clothing and similar products, ultimately increasing retail prices while reducing traders’ margins.

The Bill also struggles to address the country’s employment crisis convincingly. While the Economic Survey reports job growth, most of those opportunities are concentrated in low-paying informal work rather than stable formal employment.

The Bill offers limited incentives for labor-intensive industries, manufacturing expansion, or youth enterprise development.

Perhaps the ugliest reality exposed by both the Economic Survey and the Finance Bill is the growing normalisation of economic informality. More than 18 million Kenyans now work outside the formal economy.

The Finance Bill does little to fundamentally change that trajectory. Instead of aggressively incentivising industrialisation, value addition, and export-led growth, the country appears increasingly resigned to managing an economy built around survivalist enterprise.

That presents a dangerous long-term risk. An economy dominated by informal work often produces weak pensions, low productivity, insecure incomes and narrow tax bases. In many ways, the Finance Bill 2026 reflects a government attempting to stabilise rather than transform the economyc reset many Kenyans hoped for.

The good is that Treasury appears to have listened to public frustration and avoided imposing severe new tax shocks.

The bad news is that the Bill offers limited relief to households battling a relentless cost-of-living crisis.

And the ugly truth is that it quietly reveals an economy increasingly dependent on informal survival, while the government remains heavily focused on revenue extraction.

Ultimately, the Finance Bill 2026 may help the state balance its books. Whether it helps ordinary Kenyans build wealth, secure decent jobs and restore purchasing power is a far more difficult question.

Africa should embrace Ruto’s new capital gospel

Even President William Ruto’s most committed critics would struggle to fault the optics of last week’s France-Africa Summit.

Nairobi hosted 30 heads of state, President Emmanuel Macron of France and the who’s who of African capital – Dangote, Motsepe, El Sewedy, Rabiu – in a pageant that burnished the city’s growing reputation as the continent’s preferred venue for conferences.

I attended the opening ceremony. And what struck me most was the opening remarks by President Ruto. The ideas were not new. African academics have been making these arguments for a long time.

What was new was the messenger: a head of state who had personally negotiated with Western creditors that treat African governments like wayward teenagers on allowance, and discovered – out of sheer necessity -that there are other lenders on the continent willing to answer the phone.

There was something almost evangelical about his delivery – the zeal of the recently converted. That did not surprise because early in his administration, the government had to turn to the African Export-Import Bank and the Trade and Development Bank (TDB) for cash, not out of ideological conviction, but because the government was, at that time, more or less locked out of Western capital markets. Now, having survived that experience, he has elevated the necessity into a doctrine.

Dr Ruto invoked the African Development Bank, the Africa Finance Corporation, and the TDB not as fallback options when Western capital markets slam the door, but as the primary architects of Africa’s financial future. Bold framing – though one suspects the International Monetary Fund (IMF) remains on speed dial.

His most substantive point concerned Africa’s pension industry – a sleeping giant, as he correctly called it. More than $1 trillion in African pension and insurance assets sit underutilised while governments queue at Western capital markets to borrow at punishing risk premiums, assigned by rating agencies whose methodology critics have long argued is structurally biased against the continent.

President Ruto proposed a continental association of pension funds to mobilise domestic savings for infrastructure. He backed the proposed African Credit Rating Agency.

These ideas have circulated in academic papers and African Union commission reports for the better part of two decades.

The difference here is that a sitting president – one who has personally felt the rating agencies’ boot on his neck – was making the case from experience rather than from a think-tank.

To demonstrate the concept was not merely rhetorical, he pointed to Kenya’s newly created National Infrastructure Fund, which he said had mobilised $2 billion in months. The National Social Security Fund is one of the anchor investors on the multibillion-dollar Rironi-Mau Summit Road toll project.

That is, ultimately, what Ruto’s address was: not a manifesto but a field report from a laboratory rat who made it out of the maze and now wants to brief the other rats on the layout.

Meanwhile, the summit’s polished surface concealed several uncomfortable truths its organisers preferred to leave undisturbed. While Mr Macron spoke warmly of innovation and partnership, French corporate giants were quietly walking out the back door. BNP Paribas was winding down its South African investment arm.

Société Générale was offloading subsidiaries in Burkina Faso. The Bolloré Group – once the very symbol of France’s commercial grip on the continent – had already sold its African logistics empire and departed without ceremony. One might ask: if this is a partnership summit, why do all the partners seem to be leaving?

The summit also exhibited a spectacular ability to avoid the most important questions. France, a nation of 68 million people, produces more wheat than the entirety of sub-Saharan Africa. A genuine partnership summit would have put seed science, irrigation technology, and agricultural productivity transfer at its centre.

The debt question, too, was handled with characteristic discretion: by not handling it at all. Most of the 30 leaders in attendance govern economies where debt service has eaten away all fiscal space for schools and hospitals.

Africa needs something on the scale of the 1953 London Debt Agreement – the arrangement that capped postwar Germany’s repayments and enabled its economic miracle.

As a leading IMF shareholder, Macron had standing to champion debt reform. He chose the safer path- the group photograph.

And the summit barely touched on what may prove the century’s most consequential economic question: Africa’s transition minerals. The green energy revolution runs on niobium, coltan, manganese, and other materials found in abundance across the continent.

The ideas Dr Ruto articulated in Nairobi are worth taking seriously – not because they are novel, but because they are now being advanced by a leader with fresh scar tissue from the very institutions he was critiquing.

That is a different kind of authority. Whether it translates into collective African action, or simply becomes the intellectual wallpaper at the next summit remains to be seen.