Kenya | - Part 4

Kenya Opposition Urges Probe of Cambridge Analytica Role in Vote

NAIROBI (Capital Markets in Africa) – Kenya’s biggest opposition party called for an independent probe of Cambridge Analytica’s role in last year’s protracted presidential elections that were marred by violence. “We would be interested in the truth about the role of Cambridge Analytica in spreading divisive propaganda in our election cycle,” Orange Democratic Movement Secretary-General Edwin Sifuna said Tuesday by phone from Nairobi, the capital. “We support an inquiry into their involvement.” Channel 4, a…

Kenya Requests Six-Month Extension of Standby Loan, IMF Says

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya asked the International Monetary Fund for a six-month extension to a $1.5-billion standby facility to allow more time to complete delayed reviews of an IMF-supported program. The government committed to reducing its fiscal deficit and “substantially modifying” controls on commercial interest rates to achieve the objectives of the program, the Washington-based lender said in an emailed statement. The request for a six-month extension of the precautionary financing will be presented to…

Distressed asset real estate investing – is now the time to be buying?

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – As discussed in our “where to invest in 2018” article, 2017 was a difficult year for the Kenyan real estate market. With some residential and commercial nodes facing an oversupply, depressed sales figures across the board, and the disappearance of the senior debt market, we have to assume that some real estate investors are hurting and in desperate need of Liquidity. As any equities trader will tell you, this…

Kenya Halves Share of Oil Income for Communities in New Law

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya halved the amount of revenue it will distribute to local communities once commercial oil production starts, setting up a potential dispute with residents of its economically deprived northern Turkana region. The Petroleum Exploration, Development and Production Bill to be presented to lawmakers next week proposes giving communities 5 percent of revenue, instead of the 10 percent stipulated in an earlier amended draft. County administrations will receive 20 percent…

Kenya Is Said to Pick Citi, JPMorgan to Advise on Eurobond Sale

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya mandated four banks including Citigroup Inc. and JPMorgan Chase & Co. to manage a sale of Eurobonds planned within the next two months, according to four people familiar with the plan. The ministry also chose Standard Chartered Bank Plc and Standard Bank Group’s Kenyan unit Stanbic Holdings to help with the sale, said the people, who asked not to be identified because the appointment hasn’t been made public…

Kenya Deports Opposition Politician as Others’ Travel Barred

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenyan authorities forced a key opposition backer to leave the country after his arrest triggered protests, as the state ordered other government opponents to surrender their passports. Miguna Miguna, an advocate and self-declared “general” of the opposition National Resistance Movement, left Kenya Tuesday, his lawyer Nelson Havi said by phone from Nairobi, the capital, on Wednesday. Miguna said by text message from Amsterdam he plans to challenge the deportation….

Kenya Charges Opposition Figure Amid Protests Over Arrests

Posted on by The Editorial Team

NAIROBI (Capital Markets in Nigeria) – Kenyan authorities charged an opposition figure over his attendance at a mock inauguration ceremony, as protests erupted over the arrest of anti-government leaders. Police charged Miguna Miguna with being present at the administering of an oath of office to National Super Alliance leader Raila Odinga on January 30 “purporting to bind” Odinga to a treasonous offense, according to a charge sheet published on the Twitter account of Ukweli Party leader Boniface…

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