HakiPensheni: January 2021

Sunday, January 31, 2021

Things to consider when going on a business trip

For a successful business trip, here are a few things you must put into consideration as you prepare.

The world is now more interconnected than ever before. It is now easier for businesses to build relationships with customers, suppliers, investors, or any other stakeholders from across the globe.

By Op-Ed Contributor

While communication advancements have made it possible for virtual interactions, we can’t deny that

The Pension Transfer Window – Who holds the Joker?

Stanbic IBTC appears to have a reputation of transparency and integrity, as well as a perception of being technologically savvy.

This is why you should make voluntary contributions to your pension fund, The Pension Transfer Window – Who holds the Joker?

By Op-Ed Contributor

A critical look into the Nigerian Pension industry, following the opening of the Transfer Window by the National Pension Commission (PENCOM) on the 16th of November 2020, has revealed some interesting insights.

South Sudan will switch to a new official time zone in February. PHOTO | FILE | NMG

Summary

Once the change becomes effective, South Sudan will no longer use East African Time, but will be in the same time zone as Egypt, Chad and Sudan.

By GARANG A. MALAK

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Heavy equipment at an open cast mine at Industries Chimiques du Senegal rock phosphate mine in Taiba, Senegal, part of the largest producer of phosphate fertiliser products in sub-Saharan Africa. PHOTO | AFP

Summary

On Global Anti-Corruption Day, on December 9, 2020, the UN General As-sembly voted 2021 as an important year for fighting corruption in general.

By FRED OLUOCH

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Kenya's National Treasury building. FILE PHOTO | NMG

By BUSINESS DAILY

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Kenya may receive additional debt relief from the Paris Club of international creditors to help ease Covid-19 related financial distresses.

Mining raw rock phosphate from a mine in Taiba, Senegal. PHOTO | AFP

Summary

The EITI recently launched guidelines on commodity trading transparency, that offer consistent disclosure of substantial and complex commodity trades, to enable progress towards a more transparent and accountable sector.

By FRED OLUOCH

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Insurer targets N15b assets sale to boost financial position

By Bankole Orimisan

An underwriting firm, Niger Insurance Plc, has revealed plans to sell off the company’s real estate and investment property valued at N15 billion to improve its liquidity and ensure reserve adequacy for

NSE trading floor. PHOTO: FEMI ADEBESIN-KUTI

By Helen Oji
Expectations of improved corporate earnings, coupled with the outcome of the MPC meeting sustained positive sentiments on the equity sector of the Nigerian Stock Exchange (NSE) last week, as the market

Underwriter targets riders with new offering

By Bankole Orimisan

There is relief for motorcycle riders as an underwriting firm, Universal Insurance, has introduced a compensation plans for riders in case of accident.

CBN. Photo: LEGIT

By Geoff Iyatse (Asst. Business Editor)
No penalty on earth will stop people from stealing if it is their only way of getting food,” says Raphael Nonsenso in Utopia. This, according to Thomas More, the author of the 1,516 fictional work, was a

Insolvency Lawyers as Endangered Species

Stakeholders see the petition by Seplat Petroleum Development Company to the Legal Practitioners Privileges Committee and the Legal Practitioners Disciplinary Committee of the Nigerian Bar Association against an insolvency lawyer, Adekunle Ogunba, as the usual ploy by debtors to intimidate insolvency practitioners in the course of plying their trade, Oluchi Chibuzor writes

Emerging Africa Asset Management Limited Launches Mutual Funds

Goddy Egene
Emerging Africa Asset Management Limited (EAAML), a subsidiary of the Emerging Africa Group has launched four mutual funds offering a diversified range of investment assets to retail investors.

Transparency International Rating for Nigeria Inaccurate, Says FG

•Insists security situation better than 2015

Olawale Ajimotokan in Abuja

The federal government has described the Transparency International Corruption Perception Index (TI-CPI), which downgraded Nigeria in the rating for 2020, as inaccurate and not a true reflection of the

Analysing FMBN’s Performance

John Terhemen Ikyaave

2020 was a tough year. The lockdown imposed by the federal government as part of measures to

Report Highlights Risks of Financial Transfers to UK Schools

Emma Okonji

The Carnegie Endowment for International Peace in partnership with the Foreign, Commonwealth and

FBN Holdings Grows 2020 Profit to N79 Billion

Goddy Egene

FBN Holdings Plc has released its unaudited consolidated financial statements for the year ended December 31, 2020, showing improved performance.

Ecobank Group Posts N630bn Revenue in 2020

Goddy Egene

Ecobank Group recorded a revenue of over N630 billion in the year ended December 31, 2020.

This, represented a growth of seven per cent when compared to the N586.9 posted in

I haven’t asked for Uhuru support - DP Ruto

By Edwin Nyarangi

**Deputy President William Ruto during a Church service at Maranatha Church, Enoosaen Girls grounds, Kilgoris Constituency, Narok County on January 31, 2021**. [DPPS, Standard]

Deputy President William Ruto yesterday declared that nobody owed him anything for his 2022 presidential bid.

Centum Real Estate managing director Samuel Kariuki. PHOTO | SALATON NJAU

By PETER MBURU
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Centum Real Estate Company has listed its Sh3 billion project bond on the Nairobi Securities Exchange (NSE), allowing investors to trade the security before it matures in 2023.

Nairobi Securities Exchange. FILE PHOTO | NMG

By AMISHA GUPTA
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Summary

With the prevalence of the Covid-19 pandemic, most companies have been affected, and particularly the micro, small and medium enterprises in Kenya were hardest hit.
This has led to an unprecedented high number of job losses and closure of many businesses.
Permanent capital is a customised shock absorber funding that has numerous benefits.

Tech consulting firm Serianu has partnered with the Global Cyber Alliance (GCA) to offer businesses affordable tools to mitigate on cyber-attacks.

By LYNET IGADWAH
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Summary

Tech consulting firm Serianu has partnered with the Global Cyber Alliance (GCA) to offer businesses affordable tools to mitigate on cyber-attacks.
The cyber security management tools will offer organisations – both local and private - proactive defense of intrusions into their systems, thus averting potential losses.
The partnership comes amid increase of cyber-attacks as companies and government officers moved to working remotely in the wake of the coronavirus disease.

Covid-19 affected very many businesses, but a good number of them are now on recovery path.

By CATHY MPUTHIA
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Summary

Covid-19 affected very many businesses, but a good number of them are now on recovery path.
In this recovery period, access to funding is an increasing need for many businesses especially after the outbreak of the pandemic.

Central Bank of Kenya (CBK) governor Patrick Njoroge. FILE PHOTO | NMG

By CHARLES MWANIKI
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Summary

The Central Bank of Kenya (CBK) expects inflation to remain anchored within its target range in the near term, despite rising food prices that have hit household budgets.
CBK governor Patrick Njoroge said in a briefing on Thursday that the consistently low core inflation (non-food-non-fuel) should help temper the overall inflation rise.

By KIPRONO KITTONY
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Summary

The recent inauguration of President Biden in the US and his early decision to re-join the Paris Climate Agreement lends further credence to the green revolution.
Closer home, Acorn, a real estate developer focused on environmentally sustainable projects, in 2019 managed to raise Sh4.3 billion through Kenya’s inaugural green bond.

Beatrice Mwasi, secretary-general of Leather Apex Society of Kenya. FILE PHOTO | NMG

By JAMES KARIUKI
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Kenya’s leather industry is showing signs of growth with shoes and other leather products made locally finding their way to international markets. But the industry is grasping with challenges such as counterfeiting, low value addition and skills deficit.

Workers pick tea at a farm in Kericho. FILE PHOTO | NMG

By JOHN MUTUA
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Summary

Some 51 tea factories from central Kenya have joined a case seeking to quash sections of the Tea Act.
The tea companies under Mungania Tea Factory Company Limited were joined in the case after they filed the case before the High Court in Embu.
The tea factories are challenging Sections 5 (1) (e) & (I), 21 (2), 22, 25, 33, 34, 36, 37 (3), 39, 40, 41, 42, 45 and 74 of the Tea Act, which came into effect in January.

By JOSEPH WANGUI
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Summary

The Employment and Labour Court has thrown out a case filed by Brookside Dairy Limited driver seeking a compensation of Sh2 million for dismissal from work.
Justice Mathews Nduma said the driver, Charles Asango failed to prove his case and the court found that the summary dismissal was lawful and fair.

Central Bank of Kenya. FILE PHOTO | NMG

By PATRICK ALUSHULA
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Summary

Latest data from the Central Bank of Kenya (CBK) shows that the pre-tax earnings in the period ended November 2020 declined by 28.2 percent to Sh107.7 billion from Sh150.1 billion posted a year earlier.
This is the lowest 11-month pretax earnings for the banking sector since 2012 when the sector returned Sh98.8 billion and signals that full year net earnings are likely to fall.