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September 04, 2020

As James Bond villain Auric Goldfinger one quipped, once is happenstance, twice is coincidence, three times is enemy action

1/
 There have been a little too many fires occurring across county offices, which may point to a pattern.

---Short thread----
2/
 This is the second incident in Busia county since September 25, 2019 when a 2:00am fire burnt the Busia County finance office, destroying crucial documents in the department.

nation.co.ke/kenya/counties…
3/
 On February 09, 2020, a fire burnt down Kisumu County finance offices destroying finance, planning, and revenue and supply chain management documents.

citizentv.co.ke/news/pending-b…
4/
 On July 22, 2019, valuable records and equipment worth millions of shillings were destroyed after a fire broke out at the Kitui County’s Finance department.

nation.africa/kenya/counties….
5/
 On September 25, 2017, crucial documents including receipts of goods worth about Sh1,500,000,000, were destroyed after a fire burnt Migori County government procurement stores.

This effectively put an end an inquiry by the Auditor General's office.

businessdailyafrica.com/economy/Fire-l…
6/
 On September 08, 2017, unknown people torched the offices of Homa Bay Governor Cyprian Awiti, reducing to ashes crucial documents.

nation.africa/counties/homa-…
Correction - This is Busia County, not Kisii County.***
7/
 Friday, December 02, 2016 and a 1:00am fire at the Vihiga County Mbale town offices similarly led to a loss of crucial documents.

nation.africa/kenya/counties…
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Sura Mbaya
@surambaya
Even before Covid-19 hit, the economy wasn't doing very well and looking back, it's been rather rough for the formal sector in many ways, with companies shutting down and thousands of jobs lost.

1/
 Here's a quick look how things have played out...

---a thread---
2/
 In May 2013, it was reported that Mama Ngina was Kenya Power's 4th largest individual shareholder with 2.2mn shares trading at Sh16.55 a share.

After 7 years of mismanagement and fraud, KP's shares now trade at Sh1.90 with Sh25bn+ lost in value.

businessdailyafrica.com/corporate/comp…
3/
 Transcentury, founded by Kibaki's Muthaiga pals, listed in 2011 at Sh50/share (Sh13bn) and issued an $80mn Eurobond.

Then TCL got into RVR & Kibaki left power.

By 2013, the shares were at Sh35 and now trade at Sh1.80 (Sh675mn) with plans to exit NSE.

nation.co.ke/kenya/news/how…
Read 50 tweets
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Sura Mbaya
@surambaya
A short story about power production and Kenya Power's unending woes.

1/
 In 2013, the Jubilee government set itself an ambitious target of growing the installed power capacity to 6,765MW in its first five-year term.

--a thread---

businessdailyafrica.com/news/Jubilee-g…
2/
 In his critique of the power generation target written in September 2014, David Ndii stated thus:

"The long and short of it is that the belief that 5000MW will bring investors in droves is as fantastic as John Frum’s second coming."

nation.co.ke/oped/opinion/b…
3/
 But in a rather entertaining rejoinder (which stated that Nairobi produced 60% of Kenya's GDP), Bitange Ndemo argued that if South Africa had 52,000MW of installed power, then Kenya could certainly do with 5,000MW more.

businessdailyafrica.com/analysis/Where…
Read 15 tweets
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Sura Mbaya
@surambaya
Former Nakumatt CEO Atul Shah has failed to stop Bank of Africa from auctioning his personal property worth Sh2bn over loans to Nakumatt.

1/
 And he's not the only well known personality that's faced auctioneers in the last few years

---short thread---

businessdailyafrica.com/corporate/comp…
2/
 Just this week, a six-storey hotel in Machakos town belonging to former Cabinet minister Gideon Ndambuki was Monday put up for auction over a Sh80 million loan.

businessdailyafrica.com/economy/Exmini…
3/
 Then there's properties in Karen...

Powerful Moi-era politician and one-time Co-operative Bank chairman Hosea Kiplagat risks losing his expansive Karen residential home and associated company assets over a Sh378.61 million loan.

businessdailyafrica.com/economy/Hosea-…
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