Author: Muindi

The Nairobi Securities Exchange (NSE)  launched Kenya’s first formal over-the-counter (OTC) market platform to facilitate the trading, clearing and settlement of securities of unquoted companies. According to the Nairobi bourse, the OTC will enable unlisted commercial banks, cooperative societies and private companies access the benefits of an efficient OTC market anchored on leading technology capabilities and resources. The launch follows the approval from the Capital Markets Authority (CMA) to set up the platform, formally known as the Unquoted Securities Platform (USP), which will also help unlisted firms raise capital through private placement. It will also allow trading, clearing, and settlement of…

Kenyan legislators have been ordered to pay back KSh 1.2 billion ($10 million) by the High Court which ruled that the money had been unlawfully given to them as housing allowances. A three-judge bench, Justices Pauline Nyamweya, Weldon Korir and John Mativo ordered clerks of the Senate and the National Assembly to recover in full the KSh1.2 billion from the lawmakers’ salaries and allowances within a period of 12 months.  “…pursuant to the illegal and unconstitutional decision of the Parliamentary Service Commission to set, and approve the payment of accommodation or house allowance to Members of Parliament contrary to the…

The Kenyan High Court is expected to give its judgement on Thursday on Petition 122 of 2013, which seeks to secure justice for survivors of sexual and gender-based violence during the 2007/2008 post-election violence. The petition filed in 2014 by eight survivors of the 2007-08 PEV and civil society organisations-the Kenyan Section of the International Commission of Jurists (ICJ Kenya), the Coalition on Violence Against Women (COVAW); the Independent Medico-Legal Unit (IMLU) and Physicians for Human Rights (PHR). The case was filed against the government for its failure to protect victims of SGBV during the violence, its failure to investigate…

Tullow Oil’s license for oil exploration in blocks 10BB and 13  in the South Lokichar basin scheme has been extended until 2021. In a statement, the British oil and gas exploration company said the license extension will allow its joint venture partners to re-assess Project Oil Kenya. The partners include Total, and Africa Oil.  They will work closely with the government on land and water agreements to gain the approval of the environmental and social impact assessments and finalising the commercial framework for the project. “I would like to thank the Government of Kenya for granting this extension which the…

Westlands – Parklands was the best performing node, recording an average rental yield of 6.1%, according to the Nairobi Metropolitan Serviced Apartments 2020 report released by Cytonn Real Estate. The performance has been attributed to the proximity to business nodes such as Kilimani, Nairobi Central Business District, and Upper Hill. In addition, the availability of amenities such as the Westgate Mall and Sarit Centre, ease of accessibility and proximity to the main airports that is Jomo Kenyatta International Airport (JKIA) and Wilson Airport. Kilimani was the second-best performing node with average rental yields of 4.8% compared to the market average…

Kenyan Premier League Champions Gor Mahia advanced to the second preliminary round of the Confederation of African Football champions league. Gor Mahia defeated the APR of Rwanda 3-1 and 4-3 on aggregate in a first preliminary round, second leg match played Saturday at Nyayo National Stadium, Nairobi. The goals were scored by Samuel Onyango, Sydney Ochieng and Nicholas Kipkirui. The Kenyan team will face the winner between Algerian side CR Belouizdad and Libya’s Al Nasr who play Sunday in the second leg clash.  CR Belouizdad has a 2-0 first-leg lead. The first leg of the second round of the preliminary…