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Patrick Alushula

The bitter war to recover Sh594m investment in deal gone sour

STL now adds to the many of Kenya’s family-owned businesses that have not seen the best of times after selling out a stake.

By Patrick Alushula 2 days ago

The bitter war to recover Sh594m investment in deal gone sour

The making of Sh594m fraud: 'We thought we were buying an elephant'

The making of Sh594m fraud: 'We thought we were buying an elephant'

By Patrick Alushula 9 days ago

Next president might borrow more despite KRA record tax revenue

Next president might borrow more despite KRA record tax revenue

By Patrick Alushula 23 days ago

Big budgets reigned supreme amid wastage

Big budgets reigned supreme amid wastage

By Patrick Alushula 30 days ago

Millionaire investors hit big as NSE sheds Sh653b in six months

The Nairobi Securities Exchange (NSE) closed last Thursday with the combined value of all stocks at Sh1.939 trillion compared with Sh2.592 trillion at the beginning of the year.

By Patrick Alushula 1 month ago

Millionaire investors hit big as NSE sheds Sh653b in six months

The Plan: William Ruto unveils Kenya Kwanza manifesto

Dubbed ‘The Plan’, Ruto said Kenya’s economic challenges require immediate attention and one of his priorities as President is to revive the economy in a post-Covid era.

By Patrick Vidija 1 month ago

The Plan: William Ruto unveils Kenya Kwanza manifesto

Burdened bank customers add Sh56b loan defaults in 4 months

CBK data shows that non-performing loans hit Sh482.6 billion in April. Increase came even as lenders started warming up to the private sector.

By Patrick Alushula 1 month ago

Burdened bank customers add Sh56b loan defaults in 4 months

Tax wars: Is this the end of Keroche's nine lives?

The tax battle between Keroche and Kenya Revenue Authority (KRA) has been brewing since 1998, barely a year after the firm was founded in Naivasha as a fortified fruit wines brewery.

By Patrick Alushula 1 month ago

Tax wars: Is this the end of Keroche's nine lives?

Dar gas dealer to set up LPG plant in Mombasa

The firm has sent an environmental impact assessment study report to Nema.

By Patrick Alushula 1 month ago

Dar gas dealer to set up LPG plant in Mombasa

How Covid shocks hooked more Kenyans on survival loans

Thousands of Kenyans are driving to work but in cars financed by loans and sometimes fueled by a mobile overdraft facility, Fuliza.

By Patrick Alushula 1 month ago

How Covid shocks hooked more Kenyans on survival loans

Audit now exposes grand wastage in Sh3.4t 2021 budget

Auditor General flags ministries and State agencies that have mismanaged public resources. Amid the rot, suppliers and contractors are owed billions of shillings in pending bills.

By Patrick Alushula 1 month ago

Audit now exposes grand wastage in Sh3.4t 2021 budget

State cuts pending bills to suppliers and contractors

Pending bills stood at Sh307.8 billion in March last year and have been rising over time to hit Sh423.2 billion in September, before swelling to Sh467.7 billion in December.

By Patrick Alushula 2 months ago

State cuts pending bills to suppliers and contractors

Debt swap ups Aga Khan's stake in Serena Hotel

Akfed announced yesterday it has agreed to convert $14.5 million (Sh1.7 billion) loan owed by TPS Eastern Africa into equity.

By Patrick Alushula 2 months ago

Debt swap ups Aga Khan's stake in Serena Hotel

Number of bank accounts dips for the first time in 25 years

Many banks declare an account dormant if there is no owner-initiated activity after 12 months.

By Patrick Alushula 2 months ago

Number of bank accounts dips for the first time in 25 years

Nigerian top lender buys out Centum from Sidian for Sh4.3b

The deal will see Access Bank take over the 83.4 per cent that has been in the hands of Centum and its subsidiary, Bakki Holdico Ltd.

By Patrick Alushula 2 months ago

Nigerian top lender buys out Centum from Sidian for Sh4.3b

The big dividend drought at the Nairobi Securities Exchange

The triggers of the downturn of the once-reliable dividend payers vary. But the pain is the same: no dividends for shareholders.

By Patrick Alushula 2 months ago

The big dividend drought at the Nairobi Securities Exchange

M-Pesa profile in Safaricom rises as voice revenue stutters

M-Pesa accounts for 38.3 per cent of Safaricom service revenue and dominant in payments eco-system. On the other hand, revenues from voice and messaging have been declining.

By Patrick Alushula 2 months ago

CBK fees waiver pushes M-Pesa daily deals with banks to Sh15b

The value of transactions between M-Pesa and banks has hit Sh5.58 trillion, thanks to fees waiver, even as Safaricom and lenders rue lost revenue.

By Patrick Alushula 2 months ago

CBK fees waiver pushes M-Pesa daily deals with banks to Sh15b

Kenya to import 540,000 tonnes of maize to avert looming shortage

Kenya opens a three-month window allowing licensed millers to import 540,000 tonnes of white maize to avert shortage; Treasury CS Yatani waives import duty.

By Patrick Alushula 2 months ago

Kenya to import 540,000 tonnes of maize to avert looming shortage

Safaricom pulls NSE to 20-month low, sheds Sh40b

Safaricom share yesterday shed Sh40 billion to pull the combined wealth of investors at the Nairobi Securities Exchange (NSE) to levels last seen 20 months ago.

By Patrick Alushula 2 months ago

Safaricom pulls NSE to 20-month low, sheds Sh40b

Why Housing Finance is selling head office

Mortgage financier HF Group wants to sell its head office building in Nairobi, convert some loans to equity and pursue defaulters in a bid to boost its capital levels.

By Patrick Alushula 2 months ago

Why Housing Finance is selling head office

New annual fee to hit small NSE investors where it hurts most

Small investors at the Nairobi Securities Exchange (NSE) have been spooked by the introduction of an annual Sh1,200 account maintenance fee.

By Patrick Alushula 2 months ago

New annual fee to hit small NSE investors where it hurts most

How British shareholders Linkham burnt their fingers at Resolution Health

Resolution shareholders Linkham Services Ltd co-director Michael Cranfield said alongside his partner, Dominic Persad, they faced resistance in implementing the key in saving the firm.

By Patrick Alushula 2 months ago

How British shareholders Linkham burnt their fingers at Resolution Health

Skilled but no papers? You are hired

Millions of skilled people locked out of the job market or underpaid for lack of certificates are set for a lifeline as Kenya rolls out a process to identify, assess and certify skills.

By Patrick Alushula 2 months ago

Skilled but no papers? You are hired

Meet Kenya's Sh30m-a-month bank chief executives

Top bank executives earn jaw-dropping amounts after exceeding targets as lenders recover from the effects of the pandemic.

By Patrick Alushula 2 months ago

Meet Kenya's Sh30m-a-month bank chief executives

Shocker for those who fled Nairobi's high cost of living

Nairobi’s population growth has slowed to 3.5 per cent between 2009 and 2019. Ongata Rongai has highest concentration of graduates among major urban centres.

By Patrick Alushula 2 months ago

Shocker for those who fled Nairobi's high cost of living

Saccos to share Sh3.8b Co-op Bank dividend cheque

Saccos are in line for a Sh3.79 billion dividend cheque from the Cooperative Bank of Kenya, pushing their cumulative receipts to Sh25.3 billion in seven years.

By Patrick Alushula 2 months ago

Saccos to share Sh3.8b Co-op Bank dividend cheque

Equity's quarter one net profit on income climbs 36pc to Sh11.8b

Equity Group’s net profit for the first quarter of the year has risen by 36 per cent to Sh11.86 billion on increased interest and non-interest income.

By Patrick Alushula 2 months ago

Equity's quarter one net profit on income climbs 36pc to Sh11.8b

Sh9.7b borrowed weekly on Safaricom's Fuliza

Kenyans borrowed Sh9.67 billion weekly via Safaricom’s overdraft service Fuliza in the year ended March as an additional one million customers joined.

By Patrick Alushula 2 months ago

Sh9.7b borrowed weekly on Safaricom's Fuliza

Kenyans gamble Sh463m daily through M-Pesa in sports betting craze

Kenyan gamblers placed bets worth Sh463 million daily through Safaricom’s M-Pesa platform in the financial year ended March 2022.

By Patrick Alushula 2 months ago

Kenyans gamble Sh463m daily through M-Pesa in sports betting craze

Towns overtake Nairobi in cost of living amid population rise

Towns outside Nairobi have registered higher inflation rates than the capital for the first time in close to a decade.

By Patrick Alushula 3 months ago

Towns overtake Nairobi in cost of living amid population rise

KRA eyes forensic lab to recover erased files and catch tax cheats

KRA plans to set up a forensic lab to mine all data including hidden accounts and deleted files from taxpayers’ computers to uncover tax and financial frauds.

By Patrick Alushula 3 months ago

KRA eyes forensic lab to recover erased files and catch tax cheats

Once ailing banks get new lease of life from the industry's 'big boys'

Lenders, including Jamii Bora Bank, National Bank of Kenya (NBK), Transnational Bank (now Access Bank) and Mayfair Bank, which were struggling to keep their heads above the water.

By Patrick Alushula 3 months ago

Once ailing banks get new lease of life from the industry's 'big boys'

Jobs that pay highest and lowest in Kenya

Sectors in private firms where monthly pay is below average include manufacturing. The survey reveals the huge pay gaps that exist between public and private sector.

By Patrick Alushula 3 months ago

Jobs that pay highest and lowest in Kenya

Inflation hands workers worst pay-cut in 10 years

The sustained rise in the prices of goods and services has handed workers the second straight cut in the purchasing power, with last year being the worst in a decade.

By Patrick Alushula 3 months ago

Inflation hands workers worst pay-cut in 10 years

Economy adds a million jobs but firms fail to recover

The economy last year created an additional 926,100 jobs mainly from the informal sector as the number of salaried jobs failed to recover to pre-Covid-19 levels.

By Patrick Alushula 3 months ago

Economy adds a million jobs but firms fail to recover

Deloitte and PwC earn Sh130m for Kenya Power forensic audit

Kenya Power has spent over Sh130.81 million in efforts to steady the company’s performance.

By Patrick Alushula 3 months ago

Deloitte and PwC earn Sh130m for Kenya Power forensic audit

Pressure for Kenya Power as electricity output hits record high

Kenya Power faces an increased burden of paying for idle electricity after power generators raised production to the highest level in a single month.

By Patrick Alushula 3 months ago

Pressure for Kenya Power as electricity output hits record high

NSE at 15-month low as trading resumes after the long holiday

The NSE resumes trading this morning counting on Safaricom and bank stocks to pull it from the 15-month low it registered before the long break.

By Patrick Alushula 3 months ago

NSE at 15-month low as trading resumes after the long holiday

Sh1,000 notes in circulation rise by Sh21 billion ahead of elections

Jump is the largest ever to be seen year-on-year and dwarfs the previous record of 2007, another election year.

By Patrick Alushula 3 months ago

Sh1,000 notes in circulation rise by Sh21 billion ahead of elections

What Uhuru's 12pc pay hike gift means for the low-wage workers

Uhuru justifies the wage hike by pointing to the overall surge in the cost of living. The minimum wage varies by sector and location, covering some 45 separate categories.

By Patrick Alushula 3 months ago

What Uhuru's 12pc pay hike gift means for the low-wage workers

Stagnant salaries and food loans make for gloomy Labour Day

Central Bank survey shows livelihoods of 73.6 per cent of households worsened in 2021. The situation pushed households skip meals, sell their assets and forgo medical care.

By Patrick Alushula 3 months ago

Stagnant salaries and food loans make for gloomy Labour Day

What it will cost you to live in Kenya's and Africa's tallest apartment skyscraper

The skyscrapers dotting the skyline of Nairobi’s Upper Hill explain the country’s growing niche for best architectural designs.

By Patrick Alushula 3 months ago

What it will cost you to live in Kenya's and Africa's tallest apartment skyscraper

GA Insurance raises dividends as it nets Sh15 billion profit

GA Insurance’s net profit last year grew by 49 per cent to Sh1.46 billion, helped by increased gross written premiums.

By Patrick Alushula 3 months ago

GA Insurance raises dividends as it nets Sh15 billion profit

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