Senior banking executive Jeremy Awori steps down after decade as CEO of Absa Bank Kenya
His resignation will take effect on Oct. 31.
East Africa
Led by Kenya’s richest families, NCBA partners with Huawei to roll out digital banking products
NCBA Group is a Nairobi-based financial services conglomerate.
East African Court of Justice orders Rwanda to pay tobacco tycoon Tribert Rujugiro $1 million
The court ruled that Rwanda violated a regional treaty when it took over and sold Rujugiro’s shopping mall.
Kenyan multimillionaire Mukuha family receives $31.5 million from Naivas stake sale
The Mukuha family retains a majority 60-percent stake in Naivas.
Kenyan Ndegwa family acquires additional $2.46-million stake in Nairobi-based lender, NCBA
The Ndegwa family’s 13.13-percent stake in NCBA Group is worth $54 million.
Kenyan businessman John Kimani acquires additional $1.7-million stake in Centum
Aside from his ownership interest in Centum, Kimani controls 32.3 percent of Kakuzi and 2.99 percent of Nation Media Group.
Led by Kenya’s richest families, NCBA Group plans to launch seven new branches before year’s end
This year alone, the group has launched four branches in Kenya.
Kenyan mogul Manu Chandaria regains control of Kaluworks as banks write off $55-million debt
Kaluworks is a manufacturing firm and a subsidiary of Chandaria’s main company, Comcraft Group.
Controlled by Kenya’s richest families, NCBA Group posts $65 million in profit in H1 2022
The double-digit increase in earnings was driven by a significant rise in interest and non-interest income.
Tanzanian billionaire Mohammed Dewji’s MeTL Group unveils insurance scheme
METL Group is Tanzania’s largest home-grown corporation, worth more than $1 billion.
Kenyan banker Gideon Muriuki’s Co-operative Bank posts $95.6 million in profit in H1 2022
Its profit rose by more than 55 percent to $95.7 million.
Mombasa-based businessman Ramesh Malde’s Pwani Oil buys stationery firm
Pwani Oil Products is a Kenyan company owned by Mombasa-based tycoon Malde and his family.
Uganda’s richest investor Charles Mbire acquires additional 2.26 million shares in MTN Uganda
Mbire is anticipated to receive $1.16 million from the telecom group’s interim dividend payout.
Indian-Kenyan entrepreneur Kamal Budhabatti’s Little reveals plan to build $6-million office in Nairobi
Budhabhatti said the office building’s estimated construction cost of $6 million will be financed internally.
Led by Kenyan banker James Mwangi, Equity Group posts over $200 million in profits in H1 2022
Mwangi’s 3.38-percent share in Equity Group is valued at $51.3 million at the current market price.
Tanzanian businessman Ketan Patel’s gold company looks to take over West Kenya gold licences
Shanta Gold will take over seven prospecting licenses for the West Kenya project.