Author: David Indeje

Naivasha-based Keroche Breweries is set to settle a KSh957 million tax dispute with Kenya Revenue Authority in 24 months starting from January 2022. The development comes after a week-long engagement between the two. “The addendum agreement which sets the stage for the reopening for production of the Naivasha based brewery will see Keroche settle an undisputed tax amount of Sh957,000,000 over a period of twenty-four (24) months starting from January 2022,” KRA said in a statement. Earlier, the brewer had appealed to KRA  to grant it a grace period of 18 months to clear taxes in arrears while paying the…

The Central Bank of Kenya has announced a tap sale worth Ksh 31.5 billion with the period of sale closing Friday for its three reopened bonds –a five-year, 15-year and 25-year paper. Initially, the CBK had sought to raise Ksh 50 billion from the bonds. It only received bids worth Kshs 40.9 billion and accepted bids worth Kshs 18.5 billion, translating to a 45.1 percent acceptance rate. The sale is going at the average accepted yield rate of 12.0 percent, 13.7 percent, and 14.0 percent for FXD1/2021/05, FXD1/2020/15, and FXD1/2021/25, respectively. “The subscription of the fixed coupon bonds was below…

KCB Group said on Wednesday its pre-tax profit for the financial year 2021 witnessed an 86 percent increase to Ksh 47.8 billion.  Its net profit surged by 74 percent riding on an economic recovery across markets – in Rwanda, Burundi, Tanzania, Uganda, and South Sudan. Net profit grew to Ksh 34.2 billion compared to Ksh 19.6 billion a year earlier, on the back of increased income, cost management, and lower credit provisions which saw the Group post higher returns to shareholders. “We made significant progress in achieving our 2021 strategic targets which delivered a strong financial performance that was in…

CIC Insurance Group Plc on Wednesday swung to the full year 2021 profit from a loss the corresponding year. The insurer posted Ksh.668.4 million profit compared to a loss of Ksh 296.8 million in 2020 attributed to improving income and transformational agenda. During the period, its income grew by 14.3 percent to Ksh.19.2 billion from Ksh.16.8 billion. The CIC Group comprises CIC Life Assurance Limited, CIC General Insurance Limited, CIC Asset Management Limited, and Takaful Insurance Limited. General Insurance Business Gross Written Premium was up 12 percent to Kshs. 11.4 Billion compared to Kshs. 10.1 Billion in 2020. Profit Before…

Kenyan filmmaker, Voline Ogutu, and five other Africans emerged winners of the Netflix and UNESCO Sub-Saharan Africa’s short film competition. Other winners that emerged from the competition include Gcobisa Yako (South Africa), Loukman Ali (Uganda), Mohamed Echkouna (Mauritania), Korede Azeez (Nigeria) Walter Mzengi (Tanzania). Name Country The Mentor Project name* Language Mr. Mohamed Echkouna Mauritania Femi Odugbemi The Enmity Djinn Hassaniya Arabic & French Mr. Walter Mzengi Tanzania Tosh Gitonga, Katope KiSwahili & ciGogo Ms. Korede Azeez Nigeria Jenna Bass Adieu Salut Hausa & Fulfulde (Fula) Ms. Voline Ogutu Kenya Leila Afua Djansi Anyango and the Ogre English, KiSwahili &…

All digital lenders operating in Kenya have until September to apply for new licenses, the Central Bank said Tuesday. Dr. Patrick Njoroge, CBK Governor said this will be in compliance with the Central Bank of Kenya (Amendment) Act, 2021. The law provides for inter alia the licensing, governance, and credit operations of Digital Credit Providers (DCPs). It further provides for consumer protection, credit information sharing, and elaborates on the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) obligations of DCPs. “Regulations governing Digital Credit Providers will be gazetted later this month to pave the way for the licensing and…