Author: Khusoko

Former KenGen managing director and chief executive Albert Mugo has been appointed to the Africa50 Board as an independent member along with four other people. The other members that have joined the Board include Imoni Akpofure, Monhla Wilma Hlahla, Sophie L’Helias, and Assaad Jabre. The chief executive of Africa50 Alain Ebobissé said: “I am pleased that Assaad, Albert, Imoni, Monhla, and Sophie have joined the Board. They combine top-level regional and sectoral skills with long service on the boards of other companies. This is a very important addition to Africa50’s governance structure. Combined with our world-class Senior Leadership Team, which…

Kenya Commercial Bank (KCB) has been ranked as the most attractive bank in Kenya, a position it has retained since FY’2016, supported by a strong franchise value and intrinsic value score. The franchise score measures the broad and comprehensive business strength of a bank across 13 different metrics, while the intrinsic score measures the investment return potential. Cytonn Investments in their latest H1’2018 Banking Sector Report, KCB Group ranked first on the back of a high return on average equity of 21.9 percent, compared to an industry average of 19.5 percent, as well as high efficiency, with a Cost to…

With more Kenyans becoming conscious of what they eat, Twiga Foods is setting up facilities to test fruits and vegetables sourced from farmers for pesticide residues to ensure the safety of consumers. Under the KSh 23 million plan Twiga has agreed to be the first domestic company to regularly test Maximum Residue Levels. On average, Twiga Foods handles 130 tonnes of produce daily. In addition to testing samples of produce, farmers supplying produce to the firm will also be trained on the safe use of agrochemicals. Announcing the initiative, the COO of Twiga Foods, Kikonde Mwatela said that this illustrates…

The Energy Regulatory Commission (ERC) on Friday slashed the prices of a litre of petrol and diesel by KSh8.80 and KSh7.35 respectively following the revision of VAT on fuel to eight percent. Kerosene prices will go up by KSh10.71 which hit poor households the hardest. “Pursuant to the Finance Act 2018, the VAT on petrol, diesel, and kerosene has been revised from 16 percent to 8 percent. Accordingly, ERC has recalculated the maximum pump prices that will be in force from September 21 to October 14, 2018 taking into account the VAT at eight per cent,” ERC director-general Pavel Oimeke…

President Uhuru Kenyatta has signed into law the Finance Bill 2018 giving effect to new tax proposals. “I give my commitment that I will ensure proper utilization of public resources for a better Kenya. I will not relent on the war against Corruption,” he said. The Finance Bill 2018 was passed by parliament on Thursday. https://twitter.com/UKenyatta/status/1043031041554833408 “A delay in implementation of the tax would compromise our ability to deliver services to Kenyans and derail the trajectory of our future,” Kenyatta said when he explained why he proposed a 50 percent reduction on tax on petroleum products. 

Polycarp Igathe has been confirmed as the Managing Director of Equity Bank Kenya five months after joining the lender. “The Board has completed the process of separating the operations and management of the Kenya subsidiary from that of the Group and appointed Polycarp the Managing Director of Equity Bank Kenya. Polycarp’s strong values and passion have enabled him to quickly fit well in the Equity Group organizational culture. He has distinguished himself as a results-oriented and committed business leader who is renowned for fostering productive partnerships with external stakeholders and customers, resulting in the delivery of outstanding company results. He…