Absa Bank CEO Jeremy Awori to step down after a 10-year tenure
Absa Bank Kenya PLC has today announced that its CEO and Managing Director, Jeremy Awori will be leaving the bank to pursue a new career opportunity outside Absa Group.
The bank has said Awori will step down as CEO and Managing Director of Absa Bank Kenya PLC on October 31, 2022.
"The Board has initiated the process of identifying a suitable successor and will announce the new CEO once the process is completed, subject to regulatory approval," the board said in a statement.
Absa Bank Kenya's Board Chairperson Charles thanked Jeremy for his tremendous contribution to the organization during his time there.
“Jeremy has been instrumental in driving significant growth and transformation of our business over the past decade and under his outstanding leadership, Absa Bank Kenya PLC has evolved into a modern-day business that all our stakeholders can be proud of,” said Muchene.
“I am honored to have led Absa Kenya in making a difference in our society while achieving significant commercial milestones over the past decade. I am confident that Absa Kenya will scale greater heights going into the future. I thank the Board of Absa Kenya PLC and Absa Group for the opportunity and pay special tribute to Absa Kenya staff and customers for the honor to serve,” said Awori.
Operationalizing the Lamu Port || On the money
Ethiopia is set to be the first landlocked country within the East African Community region to import cargo via the port of Lamu. A conventional cargo carrier is expected to dock in Lamu with over 60,000 metric tons of fertiliser to be transported to Addis Ababa through the Lamu Port-South Sudan-Ethiopia-Transport Corridor road infrastructure. With the arrival and installation of the ultra mordern equipment at the port, the facility is now capable of handling Post Panamax vessels carrying upto 20,000 containerized cargo.
April 17, 2024
National Debt Headache || #OnTheMoney
Experts are calling on alternative sovereign restructuring means and templates to cushion African countries from defaulting and for better lending terms. This has been against the back drop of Ghana's recent default in meeting its debt obligations. NTV's Julians Amboko is back from a debt conference that happened in Accra in march and shares excerpts of Business redefined show tonight, on the money.
April 10, 2024
Weak shilling hurts banks || On the money
Top Kenyan banks recorded gains worth 35.8 billion shillings when converting the 2023 financials of regional subsidiaries into Kenya shillings, reflecting the effect of a weaker currency in the period under review. This is a whooping 6.6 billion shillings less what the lenders earned in the preceding year. This week, On the money, NTV's Brian George crosses the T's and dots the i's explaining what happened, in a year that saw the Kenyan shilling record sharp volatilities. Take a look.
April 3, 2024
Nine steel manufacturers slapped with record Sh338.8M fine for market distortion
The Competition Authority of Kenya has slapped nine steel manufacturers with a record Sh338.8 million fine for market distortion and price collusion.
According to the competition watchdog, the nine companies have been penalised for artificially inflating the prices of steel products.
The companies and their fines include Corrugated Steel Ltd (Sh86.9 million), Tononoka Rolling Mills Ltd (Sh62.7 million), Devki Steel Mills Ltd (Sh46.3 million), Doshi and Hardware Ltd (Sh41.6 million), Jumbo Steel Mills (Sh33.1 million) and Accurate Steel Mills Ltd (Sh26.8 million).
Others are Nail and Steel Products Ltd (Sh22.8 million), Brollo Kenya (Sh9.4 million) and Blue Nile Wire Products Ltd (Sh9.16 million).
CAK said investigations into the steel sector commenced in August 2020 when the Authority began collecting intelligence on pricing and output restriction.
The Authority's Acting DG Adano Wario said the penalties on the firms are proportional to the offense, specifically harming consumers who are grappling with the high cost of building materials in the country.
"Cartels are conceived, executed and enforced by businesses to serve their commercial interests and to the economic harm of consumers," Wario said.
August 23, 2023
MSMEs in the medical business | Thamani
The medical business is a rapidly growing industry, and MSMEs are well-positioned to capitalize on this growth. They are nimble and adaptable, and they are able to respond quickly to changes in the market. They are also able to provide high-quality services at a competitive price.
June 20, 2023
Kamau Thugge officially assumes office as 10th governor of the CBK
The Central Bank of Kenya (CBK) has officially announced the appointment of Kamau Thugge as its tenth Governor.
Thugge takes over from former governor Patrick Njoroge, who has completed two terms, each lasting four years. With a wealth of experience from his distinguished career in international and Kenyan public service, Thugge has made significant contributions to shaping economic policies and initiatives.
Having worked at the International Monetary Fund (IMF) and held various senior roles in Kenya's National Treasury, Thugge brings valuable expertise to his new position.
Earlier today, Patrick Njoroge handed over the reins to Kamau Thugge.
June 19, 2023
African Business Council calls for 40% continental procurement law
The African Business Council is advocating to have 40 percent of all procurements by the 55 African countries be allocated to the African Private sector saying it's not possible that what is available on African soil can be acquired from overseas if the dream of industrialization is to be realized.
Speaking in Midrand, South Africa while addressing a two-day workshop on Accelerating the African Continental Free Trade Area and the significance of the Pan-African Parliament, the President of the African Business Council Dr Amany Asfour said that already the African private sector is conducting a mapping exercise on resources existing on the continent and how to add value to them because collectively all resources in the world are available within.
She said the implementation of the African Continental Free Trade Area-AfCFTA depends on the role of the African private sector which can not achieve the dream on its own, saying legislation role is critical. “For the private sector to thrive we need an enabling environment, an investment climate and legislation for better procurement for the African private sector”
Asfour underscored the need to have incentives for African investors rather than giving to multinational companies that dot the continent, urging the Pan-African Parliament-PAP to support the private sector.
She said PAP could support the private sector by pushing for legislation in domestic Parliaments that will make it mandatory to have 40 percent of all government procurement given to the African private sector.
“It is not possible that what is on the African soil can be brought from outside Africa, that is why we need a law on 40% procurement,” she said.
Asfour added that even as Africa conducts mapping exercises of its resources, mechanisms and strategies must be quickly put in place to address the issue of value addition of African resources given that the continent has nearly all resources of the world.
She gave an example of DR Congo and Zambia as countries in a strategic place to provide a solution for batteries for electric vehicles whose demand by 2030 will have hit 200M, instead of having developed countries that get resources of lithium, and copper and then produce them outside the continent.
Asfour reminded the continental parliament that the founding vision of a competitive, borderless innovative Africa for Trade and Industrialization must be realized because AfCFTA without industrialization and investment is a dream.
For instance, she cited a lack of investment in health care which is draining the continent of both manpower and resources.
“According to WHO 80% of Africans are dying from cancer compared to 24% from Western countries because we don’t invest in the health sector forcing many to flock to India for treatment while we can invest in healthcare”
In order for Africa to produce high-quality and competitive products globally, the African business council has crafted a business strategy based on three pillars of private sector strengthening that includes SMEs, women and youth, policy advocacy that will serve as incentives to the private sector and finally product development which aims at having a solid product that can trade amongst Africans and how to ensure free movement of goods and services.
On his part, the PAP President Chief Fortune Charumbira said that by actualizing the African Continental free trade area, Africa’s Direct Foreign Investments-FDI could increase by 111% - 159% which could help African companies join regional and global value chains which are lacking at the moment.
Charumbira called AfCFTA a panacea to the continent’s economic and unemployment predicament because if realized, inflow FDIs would bring jobs and expertise, build local capacity and forge connection connections resulting in higher pay, better quality jobs with women getting the biggest wage gain.
“Wages could rise by 11.2% for women and 9.2% for men by 2035 albeit with regional variation depending on the industry that expands the most in a specific country,” he said.
He said in the event integration deepens, Africa’s exports to the rest of the world would go up by 32% by 2035 and intra-African exports would grow by 109% led by manufacturing.
Director of Trade in Goods and Competition Mohamed Ali who addressed the gathering virtually lauded the continental legislature for its support for the implementation of the AfCFTA stating that one of its success stories is the establishment of Pan-African Payment and Settlement Systems (PAPSS).
“We are losing a lot of hard currency while travelling amongst ourselves. We are setting up a PAPSS to allow traders to transact in local currencies implying cheaper access to inputs and access to products will be easier”
Africa Continental Free Trade Area entered into force on May 30 2019 after 46 member states ratified the protocol in a record two months.
May 25, 2023
Safaricom PLC reports 22.2% profit decline in FY ended March 2023
Safaricom PLC, the leading telecommunications company in Kenya, has announced a 22.2% decline in profits after tax for the financial year ended March 2023.
The company's PAT closed at KES 52.48 billion, a drop from KES 67.49 billion in the same period last year.
According to Dilip Pal, Safaricom's CFO, service revenue for the year ended March 2023 was KES 297.2 billion, reflecting a 5.72% year-on-year increase.
The company recently acquired a mobile money services license in Ethiopia for $150 million, signalling its entry into the Ethiopian market.
"We're in final stages of discussions with IFC on financing both debt & equity. Even if IFC comes on board, we intend to remain majority shareholders. Funding as at close of FY23 towards Ethiopia from shareholders is $1.24 bln & from Safaricom PLC is $690 mln," said Dilip Pal, Safaricom CFO.
May 11, 2023
Absa Bank CEO Jeremy Awori to step down after a 10-year tenure
Absa Bank Kenya PLC has today announced that its CEO & Managing Director, Mr. Jeremy Awori will be leaving the bank to pursue a new career opportunity outside Absa Group.
The bank has said Jeremy will step down as CEO and Managing Director of Absa Bank Kenya PLC on October 31, 2022.
"The Board has initiated the process of identifying a suitable successor and will announce the new CEO once the process is completed, subject to regulatory approval." the board said in a statement.
Absa Bank Kenya's Board Chairperson Charles thanked Jeremy for his tremendous contribution to the organization during his time there.
“Jeremy has been instrumental in driving significant growth and transformation of our business over the past decade and under his outstanding leadership, Absa Bank Kenya PLC has evolved into a modern-day business that all our stakeholders can be proud of.” said Charles Muchene,
Chairman of the Board, Absa Bank Kenya PLC.
“I am honored to have led Absa Kenya in making a difference in our society while achieving significant commercial milestones over the past decade. I am confident that Absa Kenya will scale greater heights going into the future. I thank the Board of Absa Kenya PLC and Absa Group for the opportunity and pay special tribute to Absa Kenya staff and customers for the honor to serve.” said Jeremy Awori.