Author: Muthoga Mungania

African traders in petrol, diesel and jet fuel among other oil products are set to benefit from a $3 billion facility from the African Export-Import Bank. The bank rolled out the $3 billion revolving credit line for African and Caribbean buyers to source oil products more easily from refineries on the continent. Afreximbank expects the...

Four Kenyans are among criminals wanted by Nigerian authorities for hacking a popular cryptocurrency and forex trading platform known as Crypto Bridge Exchange (CBEX). Nigeria’s Economic and Financial Crimes Commission (EFCC) is looking for eight people including four Kenyans who are suspected of involvement in an incident in which users lost money on CBEX. The platform had attracted many Africans with the promise of Al-powered returns, lucrative referral bonuses, and easy withdrawals. CBEX promoters claimed the platform would offer returns of up to 30 percent in just 30 days. “The public is hereby notified that the persons… are suspected foreign…

The International Monetary Fund (IMF) has set a string of targets for Kenya before unlocking new funding. Kenya will be required to meet the set revenue and spending targets from the IMF. Before signing off on the new loan under the new program, the IMF insists on seeing the upcoming budget estimates for the fiscal...

Investors have snubbed Ethio Telecom’s shares offered in an initial public offering (IPO) amid local investment rules in the Horn of Africa nation. Ethiopia’s telecommunications company, Ethio Telecom decided to go public offering up 100 million shares but has sold 10.7 million shares. The company’s chief executive officer (CEO) Frehiwot Tamiru has said the IPO...

Kenya’s President William Ruto has secured a total of $823 million in deals on the second day of his four-day state visit to China. The deals cut across different areas such as manufacturing, agriculture, tourism, and transport technology. They were signed during the Kenya-China business forum organised by the Ministry of Trade in partnership with...

Kenya Commercial Bank (KCB) and Equity Group will be required to sell at least 30 percent of their stakes in their Democratic Republic of Congo (DRC) subsidiaries as is required under Instruction 18. According to DRC’s central bank (Banque Centrale du Congo (BCC)), banks operating in the country should have at least four unrelated shareholders,...

Marco Rubio, the United States Secretary of State, has cancelled his planned visit to Nairobi, hours after Kenya’s President Ruto took off to Beijing for a five-day state visit to China. The Secretary of State was expected to visit Nairobi and then Addis Ababa in his first official tour of the continent. During his visit, Rubio was to discuss the Chinese influence on the continent and the multinational security support mission in Haiti. The cancellation comes a few hours after Kenyan President William Ruto departed Nairobi for a five-day state visit to China, marking him as the first African leader…

New banks will be allowed to operate in Kenya as long as they meet the minimum core capital requirements, the Central Bank of Kenya (CBK) says on wednesday 16 April, 2025, following the lifting of a decade-long moratorium on licensing new lenders.  The ban was imposed in 2015 against a backdrop of governance, risk management...

The Kenya Wildlife Service (KWS) has caught four smugglers trying to transport thousands of live ants out of the country for sale on the black market in Europe and Asia. The smugglers will be sentenced for trafficking wildlife to exotic pet markets abroad. Court documents seen by Kapital Afrik show that the officers intercepted about...

Somalia’s communications authority has granted Elon Musk’s Starlink an operating license as the internet service provider expands its offerings on the continent. This approval makes Somalia the 21st country on the continent using satellite internet service. Somalia’s National Communications Authority (NCA) made the announcement in Mogadishu where Starlink and government officials were present. The NCA...

Africa loses $88.6 billion annually to illicit financial flows (IFFs), a new report shows. The Illicit Financial Flows in Africa—which covered 12 countries shows that this represents 3.7 percent of the continent’s gross domestic product (GDP). Speaking on Thursday (10.04) during the launch of the Audit Report on IFFs in the continent—Kenya’s Auditor General Nancy...

Listed lender Stanbic Bank has cut a deal with Kenya’s criminal investigations body to stop the police from looking into its chief executive officer and other directors in a controversial airline deal. The bank together with the Directorate of Criminal Investigations (DCI) have agreed to withdrawn a petition it had filed stopping the police from...

The Nairobi Securities Exchange (NSE) among other East African stock markets suffered losses on new United States tariffs imposed in different countries. Global markets convulsed as sweeping new U.S. tariffs went into effect and China retaliated, amid recession fears among the world largest economies. In Kenya, investors at the NSE were not spared the losses,...

Kenya’s Treasury will force virtual currency exchanges and wallet providers to disclose cryptocurrency owners, if Members of Parliament (MPs) approve a new bill that seeks to rein in on money launders and financial criminals. If majority leader Kimani Ichung’wah’s virtual assets service providers (VASP) bill is passed, it will remove anonymity for crypto traders and...

Kenya’s trade minister is holding talks with the United States administration in a bid to lobby for the extension of the duty free access to the American market. This comes after US President Donald Trump Thursday imposed sweeping tariffs on goods from countries across the world, ranging from 10 percent for nations like Kenya to...

A United States senior officer has said that America is set to invest billions of dollars to war-ridden mineral-rich Democratic Republic of Congo (DRC) in a bid to protect its interests in the region. Speaking during a visit to DRC, Massad Boulos, Donald Trump’s senior adviser for Africa said that in addition to the mineral...

Kenya’s trade with the United States was dealt a blow after President Donald Trump signed a new executive order imposing retaliatory tariffs on goods from the East African nation among other countries. Trump imposed a 10 per cent baseline tariff on all U.S. imports from 185 countries and higher duties on some of America’s top...

The government of Uganda has signed a deal with UAE-based Alpha MBM Investments for a 60 percent stake in a crude refinery in Kabaale, Hoima District. The deal will see the construction and advancement of the long planned but delayed country’s first crude oil refinery in Western Uganda. President Yoweri Museveni’s office said in a...

Uganda’s largest electricity distributor, Umeme Limited said on Monday that it had received $118 million in compensation from the government for unrecovered investments, but raised concerns that it had been undervalued. The firm signed a 20-year concession agreement in 2005 and has handed over its distribution system to the Uganda Electricity Distribution Company Limited (UEDCL)...

The World Court has set April 10th as the hearing date for Sudan’s genocide case against the United Arab Emirates (UAE). The International Criminal Court (ICC) said on Friday that it would hear a case brought forth by Sudan demanding emergency measures taken against the Gulf state. Sudan accuses the UAE of violating obligations under...

Airtel Africa is set to receive $100 million from the International Finance Corporation (IFC) to support capital expenditures towards network infrastructure expansion in Kenya and Rwanda. The IFC loan is an add-on to a previous facility of $200 million to the multinational in April last year. Disclosures show that Airtel Kenya will receive $70 million...

MTN Group and Airtel Africa have entered into agreements to share network infrastructure in Uganda and Nigeria while looking for other markets, in a bid to extend digital and financial inclusion across the continent. The two companies are targeting improved network cost efficiencies, broader coverage and the provision of mobile services to millions of customers...

Kenya Airways (KQ) has reported a Ksh5.4 Billion ($39.9 million) profit for 2024-a record high in 11 years, overturning a loss of Ksh22.6 billion ($205.4 million) in 2023. This marks a $216.5 million (Ksh28 billion) turnaround, with revenue up six percent from $1.4 billion to $1.5 billion and passenger numbers rising four percent to 5.23...

The United States has named the real estate sector as one of the main conduits of dirty money in most African countries including Kenya, Tanzania and Senegal. A new report from the US State Department shows that lawyers, real estate agents and notaries are fast becoming money laundering avenues for their roles as designated nonfinancial businesses and professions (DNFBPs). Real estate was flagged as a soft target for criminals who want to clean their ill-gotten money mainly due to the high participation of unregistered players that are not regulated and the use of cash. The US says that DNFBPs whose…

Ecobank Kenya has raised its capital base to $65 million after injecting $27 million in fresh capital that will support the lender’s regional expansion plans, becoming the first bank to disclose capital injection in view of Kenya’s revised core capital requirements. The bank has received US$27.0 million capital injection following the Business Laws (Amendment) Act...

Authorities in Uganda have been working quickly to make sure that Umeme’s departure at the end of this month will not interfere with the country’s electricity supply. Uganda’s Parliament approved a government request on Friday to borrow $190 million from Stanbic Bank Uganda to reimburse the utility firm for its unrecovered investments prior to the...

Ethiopia’s Prime Minister Abiy Ahmed has said that his government will not be going to war with Eritrea over the access to the Red Sea, after speculations of a looming conflict between the two nations. The Horn of Africa nations have been longtime foes including recently Eritrea’s involvement in the Tigray War in Ethiopia, resulting...

Rwanda and the Democratic Republic of Congo (DRC) held first talks in Qatar on Tuesday since M23 rebels seized parts of Eastern Congo. President Paul Kagame of Rwanda and Tshisekedi Tshilombo of DRC agreed to a ceasefire in the informal trilateral meeting attended by the Amir Sheikh Tamim bin Hamad Al-Thani of Qatar. “The Heads...

Rwanda has cut diplomatic ties with Belgium and given its diplomats 48 hours to leave the East African nation following allegations of their respective roles in the war in DR Congo. Belgium colonized both Rwanda and Congo before they gained independence and their relationship has been dicey. In a strongly worded statement, Rwanda accused Belgium of harm and attempts to destabilize it. “The Government of Rwanda has informed the Government of Belgium of its decision to sever diplomatic relations between the two countries, effective immediately,” read the statement in part. “This decision was taken after an in-depth examination of various…

Kenya is in talks with the International Monetary Fund (IMF) for a new lending programme after both sides agreed to abandon a ninth review of the current $3.6 billion loan. The IMF team was in Kenya from March 6th to 14th led by the mission chief Ms Haimanot Teferra. They met with President William Ruto,...