CS Monica Juma on #FuelShortageKE :

"This situation equates to deliberate efforts to sabotage this economy which is a capital crime"

Via @citizentvkenya
CS Monica Juma:

- The Ministry has received KES 14.5B from National Treasury for onward disbursement to OMCs.

-Rubis Energy Kenya CEO departed the country last night.

#FuelShortageKE
CS Monica Juma:

-Kenya has adequate fuel. Some companies hoarding on speculation ahead of price reviews.

- Fuel tankers to move in Kenya on a privileged basis to help stabilise supply in 72 hours.

- Retailing outlets called upon to work on a 24 hour basis.

#FuelShortageKE
Nock is coming back from the dead:

"We have commenced a process of ensuring NOCK takes up its rightful role as a strategic reserve entity to stabilize the market". - CS Monica Juma

CC: @nderi_j

#FuelShortageKE

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More from @MwangoCapital

Apr 14
The Mwango Rundup of Today’s Top Business News [April 14, 2022]

1. Fuel prices are expected to hit record highs in Kenya

Estimates from oil marketers show that @EPRA_Ke could increase prices by ~KES 40 a litre without a subsidy to Petrol at 175 & Diesel at 160

[@StandardKenya]
2. The value of expired tickets at Kenya Airways reached KES 4.48B in 2021.

Lockdowns and travel restrictions have been cited as some of the reasons for failure of customers to show up for the flights.

[@BD_Africa]
3. 1.5M livestock died in the three months to March on biting drought that has devastated livelihoods.

The Agriculture Ministry has recommended slaughtering off-take for weak animals to avert deaths.

[@BD_Africa]
Read 8 tweets
Apr 13
The Mwango roundup of Today’s Top Business News [April 13, 2022]

1. Resolution Insurance founder @PeterNduati has sued majority shareholder, Linkham Services & its associates, accusing them of breaching a share purchase deal blamed for the collapse of the insurer.

[@BD_Africa]
2. Tullow Oil is looking for a strategic investor for the Kenya project. A final investment decision depends on getting a strategic partner.

Tullow discovered 1B barrels of oil in 2012 and owns a 50% operated interest in blocks 10B and 13T in Turkana.

[@BD_Africa]
3. Equity Group [@KeEquityBank] is planning a USD 100M (~KES 11B) capital injection to Equity BCDC, its DRC subsidiary, to strengthen its capital base and boost lending.

Allocation brings to KES 27B in total investment that Equity has been channeled to DRC.
Read 9 tweets
Apr 12
The Mwango roundup of Today’s Top Business News [April 12th, 2022]

1. The fuel crisis is back.

Fuel stations have reported dry pumps all over again while those with fuel were characterised by long queues and limited how much fuel a motorist could buy.

[@StandardKenya] Image
2. According to the Intergovernmental Authority for Development (IGAD), 3.5M Kenyans are in desperate need of food aid due to failed March – May rains.

[@BD_Africa] Image
3. Debt to Equity: Victoria Commercial Bank takes 24.89% stake in Montessori Learning Centre – a Nairobi Kindergarten.

The stake is a settlement for a KES 200M loan the school borrowed from the bank and struggled to repay.

[@BD_Africa] Image
Read 10 tweets
Apr 3
1/ Safaricom Chairman Michael Joseph [@michaelj2] had a lot to say in his interview with the Standard today.

The title of story is "This is not the Fuliza I wanted at Safaricom".

CC: @SafaricomPLC @Sitoyo @PeterNdegwa_
2/ On starting M-Pesa:

"I didn’t come up with the idea but I brought it to life. I consider myself the mother of M-Pesa. When we brought it to life, we didn’t know it could do this much"
3/ Did he imagine it would be this impactful?

“The intention was to change peoples’ lives for the better. But to imagine to this extent that we have, no"
Read 13 tweets
Apr 2
𝐓𝐡𝐢𝐬 𝐰𝐞𝐞𝐤'𝐬 𝐭𝐨𝐩 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐧𝐞𝐰𝐬 𝐢𝐧 𝐦𝐞𝐦𝐞𝐬 𝐚𝐫𝐞 𝐩𝐨𝐰𝐞𝐫𝐞𝐝 𝐛𝐲 𝐒𝐚𝐟𝐚𝐫𝐢𝐜𝐨𝐦'𝐬 [@SafaricomPLC] 𝐭𝐞𝐜𝐡 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬.

Tegea we tell you more about them.

1. Fuel prices have spiked & many just can't find fuel in Kenya:

#MwangoMemes
2. Finding fuel has been hard yoh!

#MwangoMemes
3. With maize becoming scarce, feed processors have gotten the nod to import GMO yellow maize.

#MwangoMemes
Read 17 tweets
Apr 2
Important notices in the Kenya Gazette this week.

[Thanks to @TheNjoroge for the compilation]

1. The appointment of Tax Tribunal Members
2. REVOCATION OF APPOINTMENT of ROBERT MURIITHI MUGAMBI as Board Member of Commodities Fund
3. Request for comments on the draft regulatory impact
Statement and the draft crops (coffee) (general)
(amendment) regulations, 2022
Read 7 tweets

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