AfricInvest Group, a Tunisian investment and financial services company has acquired a further stake in insurance group, Britam. The Tunisian group has spent Sh273 million to acquire an extra 32.5 million shares in the insurance firm. As a result, AfricInvest has increased its stake in the Nairobi Securities Exchange-listed firm to 17.55%. This started in May 2018 with the Tunisian group acquiring a 14.3% stake worth Sh5.7 billion. In addition, the company bought an additional 49.3 million unit of shares worth Sh450 billion during the open market in October 2018. According to George Odo, senior partner and MD of AfricInvest…
Author: NBM CORRESPONDENT
BY DAVID ONJILI He is a proud family man, something he speaks of fondly and proudly. The core principles that guide his business ventures as he admits, is his Islamic faith. A business must be Halal (permissible). Behind this laid-back mien and infectious smile is a successful entrepreneur. He is 37 and pursuing his post-doctorate studies in Strategic Management at Jomo Kenyatta University of Agriculture and Technology, Mombasa. He speaks happily at his 5th floor Ambalal Plaza office overlooking the coastal city. Tough beginnings, tough lessons but a determined and visionary mind is what has Mr Saeed Sheikh Abdirahman sitting…
Being able to verify people’s identities is critical for a nation’s growth and prosperity, yet nearly half of all African citizens can’t prove who they are to vote, travel freely and receive government benefits and services. HID Global®, a leader in trusted identity solutions, is launching an initiative to help close this identity gap. HID Global brings to its initiative a broad solution portfolio, close working partnerships with leading integrators serving African governments, and strategic investments in its business operations dedicated to building a better future for citizens. The initiative builds on HID’s proven track record of enabling effortless and…
Cigna, a renowned international health insurance service company, has officially opened a new office in the One Africa Place building in Nairobi, Kenya. This office will serve as headquarters for its operations in Africa, which is a key strategic region for Cigna in its global approach. Cigna has already invested heavily in Africa and will continue to do so. The move to Cigna’s new African headquarters marks another milestone in its operations. The 8,300 sq ft premises is a fully-fledged office space, accommodating more than 80 Cigna employees across the company’s group health solutions. The expanded team puts Cigna in…
BY VICTOR ADAR In tough economic environment, you expect individuals to slow down in breaking new ground. As always the case, it is time to either reform or perish. But Martin Diaz who is the founder and group chief executive of FAPCL Group wishes that individuals who have been in business for the past 15 years re-invented themselves to make things happen. He is not blind to the fact that this lot have generally been at their lowest moments, and predicts that the slow business that we are witnessing now will, after all, be a thing of the past. In…
Circulars issued by the energy regulator on April 19 and May 19 on jet fuel providers have created unprecedented confusion among major stakeholders in the aviation industry especially as regards their intended objectives and implementation. The circulars say in part that all traders of jet fuel are required to adhere to regulations that are applicable to full fledged Oil Marketing Companies (OMC). It is obvious, however, and market sources confirm that indeed the target of the regulator is foreign and local intermediaries who fall neither under the definition of OMC nor traders. If the new circulars are implemented, it will…
Unity Homes, a developer of inclusive residential communities in Kenya, has commenced construction of 1,200 homes in Tatu City. The Sh4.5 billion project offers two-bedroom apartments starting at Sh4.2 million, placing them within reach of middle-to-low income earners. The units are part of a grand plan by Tatu City to construct more than 30,000 homes at the 5,000-acre project through similar partnerships. “I commend Unity Homes and Tatu City for launching this housing development,” said chief guest at groundbreaking the Rt. Hon. Raila Odinga, who is also a High Representative for Infrastructure Development, African Union Commission. “This is job creation.…
The European Investment Bank (EIB), the world’s largest international public bank, has entered into a partnership with Equity bank to assist Kenyan agricultural companies with access to loans with maturities of up to about seven years. The partnership has resulted in a program referred to as the Kenya agriculture value chain facility, which is worth Sh5.7 billion. The program is expected to help agricultural companies around the country to modernize and harness the full economic, employment and export potential of agriculture as well as expand business with local smallholders. According to Catherine Collin, European Investment Bank regional representative for East…
Cellulant has announced a partnership with Adyen – a global payment company, further increasing Adyen’s capability to offer its global merchants access to key local payment methods in major African markets. Adyen’s move into Africa highlights how its single payment platform can drive growth with one integration and no extra contracts. By partnering with Cellulant the processor of over 12% of Africa’s digital payments, Adyen will have access to 40 mobile money operators, over 600 local and international merchants and over 120 banks in Africa with just a single integration to Cellulant’s payment platform. This partnership will provide Adyen with further access to a potential addressable consumer base…
Technologies such as the Internet of Things (IoT), artificial intelligence (AI), virtual reality and augmented reality (VR/AR) have been a hot topic for both businesses and governments for some time now. Their disruptive potential is no longer subject to debate, with leaders now focused on capturing the opportunities that these technologies present. There are three distinct areas where leadership can take steps to ensure that the organisation is capitalising on the advantages of innovative technologies: the workspace, the work force, and the work culture. The International Data Corporation (IDC) includes these three concepts under the conceptual umbrella of “Future of…