Author: David Indeje

The Central Bank has approved the liquidation of Chase Bank Limited (In-Receivership) and appointed Kenya Deposit Insurance Corporation (KDIC) as its liquidator. Chase Bank was placed under receivership on April 7, 2016, under the Kenya Deposits Insurance Corporation (KDIC) with an estimated Ksh 4.8 billion of bondholders funds. In a statement issued Friday, the central bank said this is after KDIC’s report recommended to them that CBK recommending that CBLIR be liquidated.  “The report indicates that considering the weak status of CBLIR’s financial position, liquidation is the only feasible option,” the statement reads. As a result, according to CBK’s assessment,…

Shares of BOC Kenya hit a new high of Ksh 67.00, up 8.94 per cent, on the Nairobi bourse on Thursday as shareholders wait for a decision from the appeal at the Capital Markets Tribunal. BOC, a leading supplier of industrial, medical, and special gases began the year with a share price of Ksh 63.00 and has since gained 6.35 per cent on that price valuation. The firm’s subsidiaries include wholly-owned East African Oxygen Limited, BOC Tanzania Limited and BOC Uganda Limited. BOC Kenya Ltd is a subsidiary of the Linde Group. On Thursday, the Nairobi Securities Exchange (NSE), a…

Fuel prices in Kenya will remain unchanged after the Energy and Petroleum Regulatory Authority kept petrol, kerosene and diesel prices static in April. Accordingly, a litre of petrol will continue trading at KSh122.81 in Nairobi, diesel KSh107.66 and a litre of Kerosene to retail at KSh97.85 until May 14. In the latest review, EPRA did not provide reasons despite the landed cost of petrol increasing 9.27 per cent to $4491.50 per cubic metre compared to $449.82 in February. A cubic metre of diesel and kerosene also rose by 4.77 and 7.29 per cent respectively.  The prices are inclusive of the…

Absa Kenya has launched the Absa Asset Management Limited, a wholly-owned subsidiary that will offer wealth and asset management,  tapping into the lucrative KSh 1.3 Trillion industry. “This is a key milestone for Absa, as it brings us closer to our ambition of being a one-stop-shop for all financial and investment business in Kenya,” Absa Kenya CEO Jeremy Awori said during the virtual launch on Wednesday. “The Absa Asset Management Limited will be at the forefront in providing investment services for our customers with a diverse portfolio of local and international capital markets options,” he added. The lender disclosed that…

Social media mogul Jack Dorsey, the Twitter chief executive says they are opening an African office in Ghana. “Twitter is now present on the continent. Thank you, Ghana and Nana Akufo-Addo,” he said.’ In a statement, Twitter said they choose Ghana because it is ‘a champion for democracy and a supporter of free speech, online freedom, and the Open Internet.” “Furthermore, Ghana’s recent appointment to host The Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that will support our efforts to improve and tailor our service across Africa,”…

French oil company Total, Uganda and Tanzania on Sunday concluded the agreement for the East African Crude Oil Pipeline (EACOP) Tripartite project. The deal was signed in Kampala.  President Yoweri Museveni led the Uganda delegation while Total chairman and chief executive Patrick Pouyanne led the French company’s team, Tanzania was presented by President Samia Suluhu. The $3.5 billion deal is a strategic win for Tanzania which will earn $12.7 (60 per cent) off each barrel of oil transported through it. “Historically, there is this unique role of Tanzania.  I am, therefore, most satisfied, that the project will make a modest…