•NBK secured the Sh2.3 billion deal from NTSA for the smart card driving licenses, but the lender subcontracted Pesa Print for the job •The high court found NBK in breach of the financing deal for failing to make payments due to Pesa Print directly to Ecobank to settle a $3.5 million loan offered to the […]
Tag: national bank of kenya
Court awards ex-NBK boss Sh26 million for unfair sack
National Bank of Kenya former Chief Executive Officer Munir Ahmed. The National Bank of Kenya (NBK) will pay former Chief Executive Officer Munir Ahmed Sh26 million for unfairly sacking him. In a verdict that exonerates him from being at the heart of losses incurred by the lender, the Employment and Labour Relations Court in Nairobi […]
Laughing All the Way to the Bank! Ex-NBK Boss Awarded Ksh26.5m Over Sack
The Employment and Labour Relations Court has ordered the National Bank of Kenya (NBK) to pay its former managing director Munir Sheikh Ahmed Sh26,520,000 as compensation for unlawful dismissal four years ago. In his ruling at the Milimani Law Courts on October 9, Justice Byram Ongaya said the bank could not prove claims of gross […]
Kenyan banks in big trouble over locust, Covid-19 shocks
A shop with various agency banking counters in Nakuru. KCB, Equity, NCBA, Co-operative Bank, DTB, Absa, StanChart and Stanbic started 2020 with by deteriorating asset quality. FILE PHOTO | NMG KCB, Equity, NCBA, Co-operative Bank, DTB, Absa Bank (Kenya), Standard Chartered Bank and Stanbic started the year with by deteriorating asset quality, with an average […]
Mergers and Acquisitions Activity in Kenya
Overview of Mergers and Acquisitions Activity in Kenya Kenya has experienced a substantial increase in Mergers and Acquisitions (“M&A”) activity in recent years. The Deal Drivers Africa Report, published by Mergermarket, ranks Kenya among Africa’s most sought-after country for M&A transactions. Additionally, until the onslaught of the COVID-19 pandemic, M&A activity in the East Africa […]
Kenya: Banks in Big Trouble Over Locust, Covid-19 Shocks
Residents of Mahiga-Meru village chase desert locusts using old aluminium cooking pots, iron sheets and twigs, in Laikipia County (file photo). Top Kenyan banks have yielded to the Covid-19 pandemic with grim prospects of weaker profitability, slowed loan book growth and a surge in the volume of bad loans, signaling reduced dividends for shareholders and […]
Court grants former National Bank of Kenya boss Ksh.26.5M compensation for unlawful sacking
Former National Bank Managing Director Munhir Sheikh. PHOTO| COURTESY The Employment and Labour Relations Court has ordered National Bank of Kenya (NBK) to pay its former Managing Director Munir Sheikh Ahmed Ksh.26,520,000 as compensation for unlawful sacking. Justice Byram Ongaya ruled that the bank failed to prove the allegations of gross misconduct and misrepresentation of […]
National Bank of Kenya to pay former MD Munir Sheikh Ahmed Sh26 mln for unlawful sacking
Representative image Image Credit: Facebook / National Bank of Kenya National Bank of Kenya has been ordered to pay the former managing director, Munir Sheikh Ahmed Sh26,520,000 as compensation for unlawful dismissing, according to a news report by The Star. Justice Byram Ongaya at the Milimani law courts on October 9 has said it was […]
Kenya’s Elusive Digital Driving Licenses: Who Pays and Who Profits
Boniface Gikunda struggled to pay his bills even more than usual under Kenya’s COVID-19 restrictions. Some days, the professional driver went without a single customer call from the three driving app services that dominate Nairobi: Uber, Taxify, and Little Cab. But what weighed heaviest on his mind was a government mandate that required him to […]
Kenya: To Grow Kenya’s Textile Industry, We Must Revive Cotton Farming
Cotton lint is the most important input in the textile industry. Cottonseed is crucial in the vegetable oil and animal feed industries. Cotton grows in the dry areas, in Kenya, mainly in Nyanza, western, eastern and Coast regions. The largest producers of cotton are India, the US, China, Brazil and Pakistan with the major importers […]