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Business Daily

University of Nairobi inks deal for Sh2 billion Chinese centre

The complex will be financed by China through its Confucius Institute, an education agency that promotes Chinese language and culture in overseas countries.

Treasury sees no short-term impact of Brexit on Kenyan economy

Rotich says Kenya already has a build-up of reserves and a caution facility from the IMF to safeguard against any possible shocks should there be any.

Government takes over full ownership of Mombasa refinery

The State acquired the stake for Sh500 million bringing its total stake to 100 per cent in a move that is expected to pave the way for the plant's revival.

Chinua Achebe tackles stereotypes about Africa in ‘Home and Exile’

Many in Africa and across different age groups must have read a book or two by famed Nigeria writer Chinua Achebe.

Kenya gets US support on repatriation of refugees from Dadaab

In a telephone conversation with president Obama on Friday, Mr Kenyatta said Kenya will comply with its international legal obligations by upholding their dignity.
 

Blog Posts

Safaricom CFO John Tombleson recalled from Kenya

Posted by CFO Kenya on June 23, 2016 at 8:00 0 Comments

John Tombleson (pictured), Kenyan operator Safaricom's CFO, is due to exit the company after a five-year stint.



While reasons for Tombleson’s departure remain unclear – the company saying its human resources policies do not allow them to disclose the details of an…

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Kenya’s budget deficit increases

Posted by CFO Kenya on June 16, 2016 at 8:00 0 Comments

Kenya's budget deficit for the fiscal year 2016/17 looks to be more than 9% of gross domestic product (GDP).

This according to a recent forecast by the country’s finance minister, Henry Rotich, who said in his budget speech that the deficit would be…

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South Korea to help Kenya establish science and technology institute

Posted by CFO Kenya on June 9, 2016 at 8:00 0 Comments

South Korea's President Park Geun-hye recently met with Kenya’s President Uhuru Kenyatta to discuss various matters over the former's three-day visit to the east African country. Among these was a deal to help Kenya set up a science and technology centre.

Korea will support the…

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Potential Sh4 billion fine for Imperial Bank heads

Posted by CFO Kenya on June 2, 2016 at 8:00 0 Comments

The Capital Markets Authority (CMA) board has set up hearings to determine what role the former directors of the fallen Imperial Bank played in, and thus their liability for, material misstatements contained in the information memorandum issued to the investing public by way of their…

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Founded by CFO Africa

CFO Kenya is founded by CFO Africa, a pan African network for senior finance professionals. CFO Africa connects professionals online and live in order to share knowledge, exchange interests and open up business opportunities. CFO Africa operates in Kenya, Nigeria and South Africa and is looking for partners to launch activities in other African countries. www.cfoafrica.net

Latest Activity

CFO Kenya posted blog posts
Thursday
CFO Kenya posted a blog post

Kenya’s budget deficit increases

Kenya's budget deficit for the fiscal year 2016/17 looks to be more than 9% of gross domestic product (GDP).This according to a recent forecast by the country’s finance minister, Henry Rotich, who said in his budget speech that the deficit would be 691.5 billion shillings ($6.9 billion). Earlier this year…See More
Jun 16
CFO Kenya posted a blog post

South Korea to help Kenya establish science and technology institute

South Korea's President Park Geun-hye recently met with Kenya’s President Uhuru Kenyatta to discuss various matters over the former's three-day visit to the east African country. Among these was a deal to help Kenya set up a science and technology centre.Korea will support the full establishment of the Kenya Advanced Institute of…See More
Jun 9
CFO Kenya posted a blog post

Potential Sh4 billion fine for Imperial Bank heads

The Capital Markets Authority (CMA) board has set up hearings to determine what role the former directors of the fallen Imperial Bank played in, and thus their liability for, material misstatements contained in the information memorandum issued to the investing public by way of their Sh2 billion bond issue just before the bank…See More
Jun 2
CFO Kenya posted a blog post

IRA report: underwriters made Sh226 million loss in 2015

According to the Insurance Regulatory Authority (IRA) report for the fourth quarter of 2015, insurance companies incurred underwriting losses for general business in 2015. The net insurance loss was Sh226.3 million, compared to the Sh2.5 billion profit reported in 2014. The report, released by Sammy Makove, IRA chief…See More
May 26
Profile IconDaniel Mwaniki, Losike Albert Koteen, Jovan Grujic and 7 more joined CFO Kenya | Finance Professionals Kenya
May 21
CFO Kenya posted a blog post

Kihara Maina joines I&M Bank Ltd as CEO

Kihara Maina (pictured) has joined financial services firm I&M Holdings as its new CEO, as the company gets ready to accelerate its growth plans to attain a tier one bank status. Maina replaces outgoing CEO, Arun Mathur with immediate effect, though Mathur will maintain an advisory role within the group. Sarit Raja- Shah,…See More
May 19
CFO Kenya posted a blog post

New CBK board to push for further reforms and stability, says chairman

According to Mohammed Nyaoga, the incoming board of the Central Bank of Kenya (CBK) will push for further reforms and sound policies in the banking sector. Speaking to a local Kenyan newspaper, Nyaoga, chairman of the board, said:"The role of the CBK board is clearly codified under the Central Bank of Kenya Act. It is predicated upon…See More
May 12
CFO Kenya posted a blog post

ARM Cement receives ShSh14bn injection from CDC

Development financier CDC, owned by the UK’s Department for International Development (DfID), will inject Sh14.1 billion ($140 million) into ARM Cement. This will make it the single largest shareholder in the Kenyan company. Mark Pay (pictured), CDC’s MD for Equity Investments, said in a statement:"We…See More
May 5
CFO Kenya posted a blog post

Britam to pay dividends despite Sh1 billion loss

Despite announcing a loss of Sh1 billion for the year ending December 2015, Britam Holdings has maintained its dividend payout of Sh0.30 per share, translating to a payout of Sh581.5 million. Benson Wairegi, Britam’s Group MD, has said:"The downturn in performance of the securities market has…See More
Apr 28
CFO Kenya posted a blog post

Chase Bank to reopen on 27 April as KCB takes over

Chase Bank is scheduled to reopen next week Wednesday, 27 April, following an agreement by the Central Bank of Kenya and Kenya Commercial Bank (KCB) on how to get the collapsed lender back up and running. CBK said in a statement:"All Chase Bank Ltd (in receivership) branches will open by Wednesday, April 27, 2016. The…See More
Apr 21
CFO Kenya posted a blog post

France approves Sh28 billion for infrastructure development

Kenya has signed seven memorandums of understanding (MOUs) with France, which will see the east African country receive some Sh28.8 billion (€250 million) for various infrastructure development projects. The financing includes grants and loans negotiated through the National Treasury. Almost half of the money, some…See More
Apr 14
CFO Kenya posted a blog post

Uganda central bank cuts key lending rate

On Monday this week, Uganda's central bank cut its benchmark lending rate, as the inflation outlook had improved.Emmanuel Tumusiime-Mutebile, Bank of Uganda (BOU) Governor, said:"Given that the inflation outlook has improved and to ensure that real economic growth remains close to potential,…See More
Apr 7
CFO Kenya posted a blog post

Kenya Re announces 9% rise in profit after tax

Kenya Reinsurance Corp, known as Kenya Re, has reported a 9% rise in 2015 pre-tax profit, to Sh3.4 billion. According to the company, higher premiums and investment incomes helped contribute to this increase.Kenya Re, which provides reinsurance services to insurance companies in Africa, the Middle East and Asia, said gross written…See More
Mar 31
CFO Kenya posted a blog post

New corporate code means CFOs and CEOs face pay cut

The Capital Markets Authority (CMA) recently gazetted the new corporate governance code with immediate effect, meaning that various new rules tying executive pay to companies' performance will soon come into force.The legal notice reads that executive directors' remuneration "shall include an element that is linked to corporate…See More
Mar 24
CFO Kenya posted a blog post

Equity Bank reports 1% profit growth

Equity Bank's 2015 full-year net profit has hardly changed from 2014, rising just 1% to Sh17.3 billion. This is compared to Sh17.2 the previous year. In addition, the bank's loan loss provision jumped by almost 50%.James Mwangi, Equity Bank CEO, has attributed this growth to a turbulent market environment and high…See More
Mar 17

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