Post

How to get URL link on X (Twitter) App

On the Twitter thread, click on or icon on the bottom
Click again on or Share Via icon
Click on Copy Link to Tweet
Paste it above and click "Unroll Thread"!
More info at Twitter Help

Mwango Capital

@MwangoCapital

Jan 15, 2022 • 12 tweets • 6 min read • Read on X

Scrolly

In the standard today, the story of Alnoor K. titled "Confessions of a rogue, shrewd exiled banker":

1. The Trade Bank guy:

"He was behind one of the country’s most innovative & popular banks in the 1980s & 1990s – Trade Bank...one of Kenya’s most infamous “political banks”"

2. He came back to Kenya in 2012. He had left 20 years earlier worth ~KES 7B at the time:

3. The gentleman is now a monk:

4. Funny thing is Trade Bank was housed at what is now Integrity Centre, the headquarters of the Ethics and Anti-Corruption Commission (EACC).

The building used to be known as Trade Bank Centre.

The Bank was used to loan politicians on an unsecured basis.

5. Equity Bank's James Mwangi used to work at Trade Bank. Here he is speaking on:

"I had risen up to be a director at Trade Bank by the age of 28 and my bold decision making packaged me in the eyes of Munga and other EBS executives"

6. Kassam is in a tell-all mood today. He should write a book!

"Kassam also reveals the mega deals of those sleazy days including how he bribed top officials with “briefcases of cash” to protect his budding empire"

7. Now he turns to the Yaya Cente scandal:

The collapse of Trade Bank was partly due to loans owed by Yaya Centre and Biwott.

Kassam insists that Yaya Centre belongs to the depositors who lost money at Trade Bank.

@MusaliaMudavadi

8. From a separate article:

"Customers would make a beeline for their deposits, resulting in bitter exchanges with bank tellers. The maximum amount one could withdraw in a day had been reduced from KES 20K to KES 1K"

The finance minister back then was @MusaliaMudavadi.

9. The man was rich and adventurous:

"Moneyed and gifted in the art of the deal from his young days, Kassam has led an adventurous life including from his student days in London, selling matchboxes in Kenyan slums and running for mayor of his adopted home in...Canada"

10. He has deep regrets:

"I’ve now realised that...my biggest mistake then was to flee Kenya. I should have stayed & faced whatever was coming to me...I created a lot of pain & anguish for a lot of those depositors... I am telling my story in part because I want to heal"

11. He summarises his younger years:

"I started a bank in Kenya. It was very successful. The bank was open 24/7....The bank failed because I had no values, I was too young. I was greedy. I wanted to do everything quickly. I was a criminal"

Lesson: Values are very important.

@StandardKenya

12. Well that's the sad story of Kassam who is trying to make amends later in life after a recklessly lived younger life.

Teaches us to value others and develop strong values even as we do business.

For the full story, check the @StandardKenya.

standardmedia.co.ke/national/artic…

• • •

Missing some Tweet in this thread? You can try to force a refresh

This Thread may be Removed Anytime!

Twitter may remove this content at anytime! Save it as PDF for later use!

More from @MwangoCapital

Mwango Capital

@MwangoCapital

May 2

Starting 5th May 2025, NEMA will begin implementing the Extended Producer Responsibility (EPR) Regulations under the Sustainable Waste Management Act (L.N. 176 of 2024).

1/ A KES 150 levy will be introduced per item of packaging. 🧵

2/ What’s Affected?

The levy applies to nearly everything: plastic, glass, aluminium, paper, cardboard, rubber, leather, textiles, and composite packaging.

Think food wrappers, medicine boxes, cosmetic bottles, even sanitary pad packaging all fall under this.

3/ NEMA says the KES 150 will apply to "standard packaging" but that term isn’t clearly defined.

For example, if Panadol tablets are packed in strips, which come in boxes, the boxes packed into cartons, and the cartons stacked onto pallets - what exactly is considered the chargeable item?

Is it the strips, the box, the carton, or the pallet?

Read 10 tweets

Mwango Capital

@MwangoCapital

Apr 29

The Hass Land and Property Index Q1 2025 Report by @HassConsult:

1. Land prices in Nairobi:

— Suburbs grew +1.7% QoQ, matching Q4'24.
— Annual growth +6.9% YoY.
— Spring Valley (+3.7%), Karen & Upperhill (+2.9%) led gains.

2. Satellite town land prices:

— Up +2.4% QoQ, +9.9% YoY.
— Leaders: Kiserian (+5.0%), Thika (+4.6%), Juja (+3.2%).
— Ruaka (-0.1%) contracted.

3. Property sales prices:

— Overall up +2.45% QoQ, +4.9% YoY.
— Juja (+4.2%) and Limuru (+4.0%) led growth.

Read 8 tweets

Mwango Capital

@MwangoCapital

Oct 15, 2024

KETRACO [@KETRACO1] has taken 3 pages in the Star Newspaper to give more details on the Adani Energy deal.

Here is a thread with a few key points we noted from the statement.

@MativoMJohn @arnoldi254 @kinjeketile @Jasiri_MAR @DollyOgutu @lindahoguttu @RichardOnyonka_ 1. Background:

—The Transmission Master Plan (TMP) projects the need for an additional 9,600 km of transmission lines and a $5.2B investment by 2042 to support industrial growth and electrification.
—KETRACO is exploring Public-Private Partnerships to bridge the funding gap

2. Why PPPs?

—KETRACO projects have historically been financed through loans from development partners like the World Bank, AfDB, JICA, and Exim banks.
—The next set of funding from these partners is estimated to be available after the financial year 2028/2029.

Read 12 tweets

Mwango Capital

@MwangoCapital

May 11, 2024

The latest Finance Bill proposes several key changes to Kenya's tax laws.

Here is a thread of a few things we picked:🧵

[Corrections welcome]

@Nikhil_Hira @mwaniki_joseph @wakili_dennis @ill_dduor @coldtusker @Brianmbunde @janetmachuka_ @arnoldi254 @mmnjug @Theo_mwangi 1️⃣ Finance Bill 2024 introduces the Motor Vehicle Tax:

💰 The tax rate is set at 2.5% of the vehicle's value

🔴 Minimum tax: KES 5k. Maximum tax: KES 100k

✍️Calculation based on make, model, engine capacity, and year of manufacture.

2️⃣ Withholding Tax:

The bill introduces withholding tax on goods supplied to public entities at 3% for resident persons and 5% for non-residents.

Read 21 tweets

Mwango Capital

@MwangoCapital

Apr 16, 2024

We compiled a thread on SACCO's FY 23 Results that we have received so far.

Here is the thread:

@cheruiyotkb @the_acemt @moneyacademyKE @nderi_j @RonnyChokaa @xysist @wiseshilling @StellarSwakei @tyrus_ 1. Nation DT Sacco[@NationDTSacco]:

—Total Assets: +17.7% to 3.5B
—Net Income: +8.5% to 235M
—PAT: +3.8% to 116M
—Dividend rate on deposits: 20%
—Interest rate on member deposits: 11%

2. Magereza DT Sacco:

—Total Assets: +12.7% to 7.9B
—Net Income: +33.4% to 606M
—PAT: +53.9% to 129M
—Dividend rate on share capital: 10%
—Interest rate on member deposits: 6%

Read 21 tweets

Mwango Capital

@MwangoCapital

Apr 5, 2024

10 Key Takeaways from the CBK Post-MPC Briefing by the Governor.

1. CBK is keen on the separation of Safaricom & M-Pesa:

"One of the factors that has been delaying this..is the tax liability which is fairly significant in the order of at least KES 75B & what to do with it"

2. There has been a sharp rise in remittances to Kenya this year:

"If one were to compare the first two months of 2024 (Jan & Feb 2024), we see remittances for those two months compared to the two months in 2023 have increased by more than 20%"

3. There was a slowdown in growth in credit to the private sector in Feb 2024 from 13.8% to 10.3%

"A certain amount of private sector loans is denominated in dollars & therefore, when the exchange rate appreciated the level of credit to the private sector did decline"