Victor Juma

Senior Business Reporter at Business Daily Africa

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Articles

Umeme to press Uganda for Sh37bn payout in London arbitration

1 week ago | businessdailyafrica.com | Victor Juma

Umeme Limited is set to escalate its $292 million (Sh37.7 billion) compensation dispute with the Ugandan government to a London arbitration process after weeks of talks failed to end the stalemate. The company, whose 20-year electricity distribution concession ended on March 31, 2025, now says it is going to seek an additional payment of $292 million after the Ugandan government paid it only $118 million.
South African firm ups Sanlam stake to 71pc after a rights issue

1 week ago | businessdailyafrica.com | Victor Juma

South Africaâ€™s insurance giant Sanlam Limited has raised its stake in Sanlam Kenya to 71.47 percent after injecting additional capital of Sh461.5 million in the subsidiaryâ€™s rights issue. The multinational previously held a 57.14 percent shareholding in the Nairobi Securities Exchange-listed insurer, which says it raised the entire target of Sh2.5 billion in the cash call whose results were disclosed on Wednesday.
Why Isuzu , CFAO beat rivals in new vehicle sales market

1 week ago | businessdailyafrica.com | Victor Juma

Isuzu East Africa and CFAO Mobility Kenya have the most popular models of trucks and buses, explaining their dominance in Kenyaâ€™s sales of new motor vehicles. The eight commercial vehicle models with sales of more than 100 units in the first four months of the year â€“and representing nearly half of total industry ordersâ€” are bought at the showrooms of the two firms, according to data from the Kenya Motor Industry Association (KMI).
NCBA Group directors buy extra Sh404 million stake

3 weeks ago | businessdailyafrica.com | Victor Juma

NCBA Group directors, including chairman James Ndegwa, acquired an additional 8.09 million shares with a current market value of Sh404.9 million, raising their stakes in the Nairobi Securities Exchange-listed lender. The companyâ€™s latest annual report shows that Desterio Oyatsi raised his holdings the most by 5.5 million shares in the year ended December 2024 to reach 21.7 million shares in the period.
Co-op Bank links 619 saccos to front office services

4 weeks ago | businessdailyafrica.com | Victor Juma

The Co-operative Bank of Kenya has linked an additional 135 savings and credit co-operatives (saccos) to its banking platform, expanding the commercial ties it has with the thrift institutions, which are both a key shareholder and client base for the Nairobi Securities Exchange-listed firm. The lender says it had linked 619 saccos with front office services activity (FOSA) in the year ended December 2024, up from 484 a year earlier.
NCBA records Sh266m gain from buyout of insurer AIG

1 month ago | businessdailyafrica.com | Victor Juma

NCBA Group has booked a gain of Sh266.8 million from its acquisition of insurance firm AIG Kenya, with the amount indicating that the new subsidiary will perform better as an integrated part of the banking group than when it was a standalone business. The Nairobi Securities Exchange-listed firm, which already owned a 33.33 percent stake in AIG, spent Sh1.07 billion last July to buy the remaining stake. The 33.33 percent stake was acquired in 2006 at a cost of Sh332.5 million.
BAT payout to tobacco farmers rises to Sh1.1 billion

1 month ago | businessdailyafrica.com | Victor Juma

Tobacco farmers contracted by BAT Kenya earned Sh1.12 billion in the year ended December 2024, marking a 17.4 percent increase from the year before when the company paid them Sh954 million. The company buys most of its tobacco leaf from farmers in Meru and Western Kenya, with the raw product used to manufacture cigarettes for the local and export markets.
Absa CEO Abdi Mohamed gets 39pc pay rise to Sh109 million

1 month ago | businessdailyafrica.com | Kabui Mwangi |Victor Juma

The chief executive of Absa Bank Kenya Abdi Mohamed received a 39.7 percent pay rise in the year ended December 2024, taking his total compensation to Sh109.7 million. This was up from Sh78.5 million a year earlier, with the board rewarding Mr Abdi for a performance that resulted in net income and dividends growing by double digits.
BOC eyes growth after collapse of takeover deal from Carbacid

1 month ago | businessdailyafrica.com | Victor Juma

Industrial and medical gases manufacturer BOC Kenya says it will now pursue growth on its own after the termination of an agreement to sell itself to carbon dioxide specialist Carbacid Investments. The parties called off the deal last month citing too much delay in closing the transaction, ending the plan to create the largest and most diversified gases firm in the region.
Moody’s upgrades outlook for Kenyan banks on interest rates fall

Feb 27, 2025 | businessdailyafrica.com | Victor Juma

Ratings agency Moody’s has upgraded its outlook for Kenyan banks, citing improved macro-economic conditions in the country including the stable shilling and falling interest rates. The agency says banks’ profitability will drop but remain strong this year, as the industry adjusts to lower lending margins, returns on government securities and higher provisions for bad loans. “We have revised our outlook on the banking system of Kenya (Caa1 positive) to stable from negative.