The troubles facing George Ototo, the sacked Kenya Union of Savings and Credit Cooperative Society (Kuscco) Managing director seems to be far from over after detectives based at DCI Headquarters summoned him few weeks ago over his role in the alleged looting of once a giant cooperative society. Mr. Ototo,Continue Reading
Kenyan businesses and agencies hit by cybercrime were last year forced to part with an average of $4.35 million (Sh561 million) to restore their services, Communications Authority has revealed. This saw the country suffer losses amounting to $83 million (Sh10.71 billion), the second highest in Africa. Data by the NationalContinue Reading
Kenyan banker John Gachora, the Group Managing Director and Chief Executive Officer of NCBA Group, one of the leading financial services groups in the largest economy in the East African Community, received a total compensation of Ksh185.76 million ($1.44 million) from the leading lender in 2023. Billionaires. Africa, a business website reports TheContinue Reading
Joshua Oigara, the Chief Executive and Executive Director of Stanbic Bank Kenya Limited, has sued the Directorate of Criminal Investigations (DCI), citing improper summons over a case involving the bank and Air Afrik Aviation Limited. In the case presented before High Court Judge Chacha Mwita, the CEO claims the BankingContinue Reading
The High Court has ordered real estate company Certified Homes Limited owned by one Peter Nyaga to respond to the suit filed by its three US-based clients in a dispute over Sh15.5 million within 14 days. The People Daily Reports. Mr Nyaga is the former Chief executive officer of MahigaContinue Reading
Metropolitan National Sacco’s assets plummeted by 89.3 percent to Sh1.07 billion in 2023, according to a new report. Capital FM reports This dramatic decline follows the revelation of a Sh12 billion loss uncovered by an audit. Data from the Sacco Societies Regulatory Authority (SASRA) indicates that total assets decreased fromContinue Reading
Co-operative Bank of Kenya Profit Before Tax for the half-year period ending 30th June 2024 hit Ksh18.2 billion, growing 10.7% from Ksh16.4 billion recorded in the same period in 2023. This translates to a profit after tax of Ksh13 billion, up from Ksh12.1 billion reported in 2023. The bank’s management saysContinue Reading
Young Kenyans looking for a bank account that resonates their tastes and economic interests will easily find a home at Cooperative Bank of Kenya. Last week, Co-op Bank re-launched its youth account, YEA, which is ideal for young people aged between 18 and 35 years. For a demographic that isContinue Reading
Uncover, a rising skincare startup led by Kenyan entrepreneur Sneha Mehta, has raised $1.4 million in Seed II funding. The round, led by EQ2 Ventures and IgniteXL Ventures, aims to facilitate Uncover’s expansion into Ghana, Uganda, and the United States. News website Billionaires. Africa reports The $1.4 million capital injectionContinue Reading
Amsons Group, a family-run business led by Tanzanian tycoon Edha Nahdi, has committed to a Ksh682.7 million ($5.31 million) breakup fee if it withdraws from its proposed acquisition of Bamburi Cement, barring legal impediments. Billionaires Africa, a business news website reports This fee — which amounts to 3 percent of the total offer — willContinue Reading