KBC Channel 1

Author: Christine Muchira

  • KenGen pays treasury Ksh1.4B in dividend

    KenGen pays treasury Ksh1.4B in dividend

    Kenya Electricity Generating Company (KenGen) has announced payment of Ksh.1.4 billion to the National Treasury as a dividend for the financial year ended June 2021, underpinning the company’s sustained positive financial standing. 

    This follows a recommendation by the KenGen Board to the shareholders during the AGM held in December 2021 for payment of a first and final dividend of Ksh.0.30 per ordinary share of Ksh.2.50 for the year ended June 2021.

    The pay-out translated to a total of Ksh.1.98 billion, of which other shareholders already received their entitlement in 2022. 

    Of the total dividend paid out by KenGen, Ksh.1,384,627,226.40 was to the Kenyan government, which owns 70pc of the Company’s stock making it the sole majority shareholder.

    This announcement was made when KenGen presented the cheque to the National Treasury on Tuesday, which Principal Secretary, Dr. Chris Kiptoo received on behalf of Cabinet Secretary Prof. Njuguna Ndung’u.

    Speaking during the formal cheque handover ceremony, Dr. Kiptoo commended the Ministry of Energy and KenGen for what he termed a rare occasion where the government receives money from local agencies. 

    “Many companies are going through hard times now and therefore for KenGen to post profits and pay dividends is a clear testament to the company’s good management processes,” said Dr. Kiptoo.

    The National Treasury PS said energy was crucial in the development of Kenya, adding that the government was keen to support new strategic areas of growth in the entire electricity value chain. 

    For his part, Principal Secretary, Ministry of Energy and Petroleum, State Department of Energy, Alex Wachira, lauded KenGen’s consistency in delivering value to shareholders, which he attributed to the NSE-listed company’s sound corporate strategy, that he said has seen KenGen diversify into new revenue streams.

    “Going forward, KenGen must grow its business to ensure you remain a major player in the energy value chain contributing between 67pc and 75pc of Kenya’s electricity consumption at any given time,” said the Energy PS. 

    He challenged KenGen to focus on growing the baseload of electricity using renewable energy sources like geothermal, hydro, wind, and solar, adding that this would also help drive down the cost of electricity.

    In his remarks, KenGen Chairman Julius Migos Ogamba said: “This is truly a remarkable day and a testament to KenGen’s resolve to continue creating value creation for its shareholders and indeed the great people of Kenya.” 

    The Chairman added: “Today, we make a bold statement about the organizational health of your company KenGen. Truly, this is a win for Kenya as it guarantees that we will always be here to ensure the availability of reliable, clean, and competitively priced energy for Kenyans.”

    Ogamba said KenGen’s continued dividend pay-out to shareholders demonstrates the company’s financial stability and good financial investment option for many investors in the Nairobi Securities Exchange. 

    For his part, KenGen Ag. Managing Director and CEO, Abraham Serem said the dividend payment to the National Treasury exemplified KenGen’s commitment to providing value to its shareholders. 

    “To keep creating shareholder value, we are keen on implementing our diversification strategy to attract new revenue streams working together with our stakeholders in generating clean, reliable, safe, quality, and competitively priced electricity for the nation in 2023,” said Serem who was represented by Business Development and Strategy, General Manager, Elizabeth Njenga. 

    The Government of Kenya owns a 70pc stake in the NSE-listed company while private investors own 30pc. 

  • First Lady launches Global Alliance of Cities for Road Safety, advocates for safety of cyclists

    First Lady launches Global Alliance of Cities for Road Safety, advocates for safety of cyclists

    The First Lady, Mama Rachel Ruto, officially launched the Global Alliance of Cities for Road Safety on the sidelines of the UN Habitat General 2nd Assembly, taking place at the United Nations Office in Nairobi.

    The launch was preceded by a 10.8-kilometre bicycle ride from State House to the United Nations Office in Nairobi, symbolising the commitment to promoting safety for cyclists.

    The launch aligns with the Sustainable Development Goals (SDGs) and aims to raise awareness of cycling’s significance in achieving these goals.

    Under the “Share the Road” campaign, the First Lady emphasised the need for clear respect and understanding between motorists and cyclists, noting the unfortunate loss of many cyclists lives on Kenyan roads and calling for the cultivation of a culture that values the well- being of all road users.

    SDG 3, which focuses on good health and well-being, recognises cycling’s numerous health benefits, including improved cardiovascular fitness and mental health.

    SDG 11, centred on sustainable cities and communities, acknowledges cycling as an efficient means of transportation that reduces traffic congestion. Additionally, SDG 13 on climate action aligns with the global goal of achieving net-zero carbon emissions by 2050.

    Collaborating with the United Nations, the Global Alliance of Cities for Road Safety will serve as a platform for capacity building, city exchanges, and technical advice to enhance road safety.

    Mama Rachel Ruto urged everyone to use their voice of influence to create a society that values sustainable transportation and promotes social equality.

     

     

  • County government to own, run boreholes in Wajir, says Governor

    County government to own, run boreholes in Wajir, says Governor

    All boreholes in Wajir County will be owned and run by the county government, from 1st of July 2023.

    Wajir Governor Ahmed Abdullahi told the Senate County Public Investment and Special Committee that the county assembly is currently considering the water bill that seeks to change the management of water resource and enhance revenue generation by Wajir Water and Sanitation Company

    “There’s some resistance because some of the boreholes preceded the county government so communities believe they are their boreholes. From 1st of July whichever community that refuses to handover their borehole, the county will not spend money in mantainance of boreholes.” Submitted the governor.

    Wajir County is an arid area with over 350 boreholes scattered across the vast county but their management is not standardised.

    The county governor told the senators that by putting the water boreholes under the management of county government will boost the revenue generated by water company.

    But the senators raised management concerns of the water companies particularly the accounting of revenue.

    ” The auditor general has indicated 82pc of revenue generated from water is not accounted for. We need to invite the former governor to explain.” Said committee Chairperson Senator Godfrey Otsotsi.

    Having considered the opinion of the auditor general, the senate watchdog committee has directed the governor to conduct an overhaul of the water company.

  • Bidco Group to inspire action to protect planet

    Bidco Group to inspire action to protect planet

    BIDCO Africa Limited and BIDCORO Africa Limited have announced a renewed commitment to inspire action towards protecting planet Earth from climate change and effects of environmental pollution.

    Speaking at Mang’u High School in Kiambu County, BIDCO Africa’s Group Director, Chris Diaz said that
    their focus shall be on solutions to plastic pollution in line with this year’s World Environment Day theme
    #BeatPlasticPollution.

    “Earth’s sheer incredible beauty and wildly varied landscapes can move us to think about better ways
    of protecting the planet for future generations because we all agree that environmental conservation
    goes beyond tree planting,” said Diaz.

    While the rest of the world celebrated World Environment Day, BIDCO announced their deliberate
    decision to join the circular economy development journey by reducing material use with practical
    steps towards eliminating unnecessary plastics within their value chain thus conserving the
    environment.

    “BIDCO’s Circular Economy Focus From elimination of top seals on water products, to the new look
    Planet Aqua water bottle and adopting new light weight packaging technology. We have laid out a
    strategy to improve our operations gradually to keep eliminating unnecessary plastics and at the same
    time, improved recyclability,” explained Diaz.

    BIDCORO’s Chief Operating Officer Mads Burmester explained that 400 million tonnes of plastic is
    produced annually with 40pc of that being single-use yet less than 10pc of that is recycled:
    “It’s all up to us now, plastic is not the problem, the problem is that we don’t recycle ♻ and we don’t
    pick it up; so, let’s all begin to pick up, minimum one piece of plastic per day, recycle it and again
    from strength to strength in building a pollution free planet, “said Mads.

    “With our SunTop brand we have already moved on to the next step, by launching our 250 ml SunTop
    juice in tetra pack with a paper straw but remember it’s all up to each of us, to make a difference,”
    added Mads.

    Mang’u hosted learners from Good Testimony School in Embakasi and Mount Kenya University
    Environmental Club students led by their Director of Career and Alumni Services Benjamin Afubwa
    Musimi.

    Other entities present at the event were KEPSA Foundation led by their Executive Director
    Gloria Ndekei while Branice Mayienga represented the Women in Business Network.

    “We remain grateful to BIDCO and its partners for helping us plant over 700 fruit trees at our Orchard
    Farm plus another 600 indigenous trees within the school compound,” said John Kuria, Chief
    Principal – Mang’u High School.

    This is second time the team visited Mang’u High School after launching “Feed and Green our Schools
    Program” in 2018.

    According to BIDCO, the program is specifically tailor-made for educational institutions to inculcate a culture of conservation of Kenya’s green cover amongst leaners at an early age, while supplementing the students’ dietary need through planting of fruit trees within the schools.

  • Kenya makes progress in international taxation, says Treasury CS

    Kenya makes progress in international taxation, says Treasury CS

    Kenya has made significant progress in international taxation and as a signatory to many international tax activities.

    Cabinet Secretary for National Treasury and Economic Planning Professor Njuguna Ndung’u said that the country has been participating in international forums which in turn contributes to development of tax solutions.

    He also singled out Organization for Economic Cooperation and Development (OECDs) in the United Nations, and the African Tax Administration Forum and East Africa Revenue Authority as some of the taxation forums the country has been participating among others.

    The CS made the remarks in a speech read on his behalf by Principal Secretary (PS) James Muhati during the Kenya Revenue Authority (KRA) and the International Centre for Tax and Development (ICTD) International Conference at a Nairobi hotel.

    The three-day conference-themed ‘Global Tax Governance at Crossroads’ brings together more than 130 researchers and key actors in the sector from around the globe to debate on key issues regarding tax policy and Kenya’s success within the international taxation and emerging issues of developing countries.

     

  • International financial institutions must end discrimination, says President Ruto

    International financial institutions must end discrimination, says President Ruto

    The re-engineering of the international financial architecture will help tackle poverty and reduce inequality in the world.

    President William Ruto has said the current development financing is deficient and dotted with discrimination.

    He noted that the prevalent unfairness has exacerbated the vulnerability of the majority of humanity.

    The Head of State called for the correction of “this systemic injustice” for effective achievement of Sustainable Development Goals.

    “The change will also effectively mobilise multilateralism to achieve global net-zero emissions and avert a climate catastrophe.”

    He was speaking on Monday at the UN Complex in Nairobi during the opening of the Second Session of the United Nations Habitat Assembly.

    He told the Assembly that sufficient and affordable financing will enable countries promote economic transformation, climate action and sustainable development.

    The Head of State said Kenya was committed to offering decent housing to its citizens as the move is critical to the achievement of sustainable urbanisation.

    “We have integrated Universal Housing as a critical pillar of the Bottom-Up Economic Transformation agenda,” he explained.

    He said it was urgent to strengthen the UN-Habitat to support member States in advancing sustainable urbanisation and human settlement.

    Later, President Ruto met Egypt’s Minister for Housing, Utilities and Urban Communities Dr Assen El-Gazzar and Malaysia’s Minister of Local Government Development Hono Nga Kor Ming.

    The two expressed their countries willingness to support Kenya navigate the affordable housing and slum upgrading agenda.

    They said President Abdel Khalil el-Sisiel-Sisi (Egypt) and Prime Minister Anwar Ibrahim (Malaysia) had expressed willingness to share their experience and best practice in the housing scheme.

  • First Lady cycles to Gigiri to promote eco-friendly transport

    First Lady cycles to Gigiri to promote eco-friendly transport

    The First Lady Rachel Ruto Tuesday cycled to the Second Session of the United Nations Habitat Assembly from State House for the launch of Global Alliance of Cities for Road Safety at UNON Gigiri.

    Through her Mama Cycling initiative, the First Lady aims at promoting eco-friendly transport for clean cities, which is a core agenda for the Global Alliance of Cities for Road Safety.

    Mama Cycling: Ride from State House to Gigiri for UN-Habitat Assembly, Nairobi. https://t.co/NtCHCmLWEU

    She is also set to host the First Ladies Roundtable where she will share her vision for a more sustainable and inclusive future for all.

    First Lady Rachel Ruto and other influential voices are expected to discuss how to build resilient, equitable and thriving communities at the Assembly.

  • Three teams awarded for scaling plastic innovation in Mombasa

    Three teams awarded for scaling plastic innovation in Mombasa

    Challenge Works has announced winning teams of the Mombasa Plastics Prize Awards and Celebration.

    The awards, which showcased the most effective solutions to tackle Mombasa’s marine plastics problem, were the culmination of a six-month initiative funded by USAID and Global Affairs Canada.

    Designed by Challenge Works, the prize sought to inspire and up-skill young leaders, especially women, aged 18-25, to develop creative interventions that encourage individuals and communities in Mombasa to address marine plastic pollution in informal settlements.

    Representing the Governor of Mombasa, Kenneth Amanbai, CECM Public Service Administration, Youth, Gender , Sports and Social Services said,, “We are proud to lead our country in embracing innovative solutions from young people that can help us reach our nation’s Sustainable Development Goal 11: making cities and human settlements inclusive, safe, resilient and sustainable.”

    He added, “I commend Challenge Works for its innovative design of prizes that involve not only the youth but the entire ecosystem in solving the County’s most pressing problems. With these creative ideas that our young people have developed over the past few months, Mombasa is well on its way to achieving its Green Cities goals as outlined in our County Solid Waste Management policy.”

    At the national level, the State Department of Environment and Climate Change has invested heavily in both policies and law enforcement to win the fight against plastic pollution. In addition to banning the manufacturing, retailing, distribution and importation of plastic carrier and flat bags for commercial or household use in 2017, the Ministry also prohibited their use in protected areas in 2019.

    Reiterating the country’s commitment to curbing the plastics menace, Mr David Ong’are, Director of Compliance and Enforcement at the National Environmental Management Association (NEMA)who represented the Director General said, “Plastics are the largest, most harmful and most persistent fraction of marine litter, accounting for at least 85 pc of total marine waste.” 

    He added, “Mismanaged waste aggravates the triple climate change crisis; nature and biodiversity loss, and pollution.” The Ministry of Environment has therefore invested driving the country’s transition to a green growth and circular economy, which means focusing efforts on recycling, reuse, and reducing plastic waste. Two such efforts are the Green Economy Strategy and Implementation Plan (2016-2030) and The Sustainable Waste Management Act 2022.” 

    “With these investments, Kenya has strengthened its international reputation as a good steward of the environment. We are excited to see Mombasa County upholding these commitments against marine plastics mismanagement,” said David. 

    Anna Ghnouly, USAID Kenya and East Africa Environment Office said: “Today’s event and the success of the Mombasa Plastics Prize is a testament to the incredible youth involved. Because of this success, and the brilliant innovation and energy of each participant, I am honored to announce today that USAID Kenya will be launching a business accelerator program to help them take their ideas to the next level, and continue leading in the fight against ocean plastic pollution.” 

    Jonathan Slater, International Development Director of Challenge Works, said: “We are incredibly grateful to all the partners that made the Mombasa Plastics Prize a success – the initiative provided a unique opportunity to create lasting change and forge a sustainable, plastic-free future for the County.” 

    The prize was built upon the Afri-Plastics Challenge, a continent-wide plastics innovation challenge worth over KES 700 Million (£4.1M), which saw five Kenyan startups out of the total nine startups scoop over KES 340 Million (£2M) to scale their ideas at the inaugural Afri-Plastics Summit & Awards ceremony. The event was presided over by PS Environment, Festus Ngeno on 17th March 2023. 

    “We thank the Mombasa Plastics Prize judging panel, coaches and mentors for their valuable input. They include experts from different fields including plastic waste management, social entrepreneurship, innovation, youth skills development, sustainability and the circular economy,” Slater said.

  • Bottom-up approach to ‘beat plastic pollution’ 

    Bottom-up approach to ‘beat plastic pollution’ 

    The European Union in Kenya Monday marked World Environment Day with the launch of the #GenerationGreen campaign demonstrating the EU’s commitment to fight climate change, advance the green transition globally and engage young Kenyans in finding innovative solutions.

    In line with the Kenyan government’s bottom-up framework, the EU hosted children from various Kenyan schools who watched a puppet show titled Leo’s search for a new home during the event.

    During the launch which was held at the Alliance Francaise in Nairobi, the EU Ambassador to Kenya, Henriette Geiger, said that supporting the green transition was one of the major areas of cooperation between the EU and Kenya;

    “This is not just about saving the planet, but also very much about doing it in such a way that Kenyans, especially young ones, can create and benefit from new jobs that are sustainable. Our focus is on green jobs that help Kenya mitigate and adapt to climate change in partnership with the EU.”

    150 children from various schools in Nairobi were taken through a puppet making workshop and made public presentations about the environment.

    The theme for this year’s World Environment Day is #BeatPlasticPollution.

    The week-long campaign, which coincides with EU Green Week, will see children from five Nairobi primary schools take part in workshops making puppets from recycled plastic and creating short skits on plastic pollution.

    The EU also reiterated its commitment to invest in mitigation, climate resilience, clean energy and clean mobility projects in Kenya to help reinforce energy security and provide economic and employment opportunities.

    In Kenya, the EU is active under the EU Green Deal through its Go Blue Programme which includes waste management and marine management units to undertake waste management and protection of marine ecosystems as well as supporting farmers to adopt sustainable consumption and production.

    More than 400 million tonnes of plastic are produced every year, half of which is used only once and of that less than 11pc is recycled.

    The EU Plastics Strategy, part of the circular economy action plan, aims to protect the environment and human health by reducing marine litter, greenhouse gas emissions and dependence on imported fossil fuels.

     

  • Cairo named new venue for 3rd Intra-African Trade Fair

    Cairo named new venue for 3rd Intra-African Trade Fair

    The Egyptian capital city of Cairo has been announced as the new host of the third Intra-African Trade Fair (IATF2023) which will take place from 9 to 15 November 2023.

    The IATF2023 Advisory Council said in Cairo that the decision to change the venue and dates of the continental event, originally scheduled for Abidjan, Côte d’Ivoire, from 21 to 27 November 2023, followed indications received from the Government of Côte d’Ivoire that it was no longer in a position to host the trade fair due to difficulties faced in importing semi-permanent structures and in complying with certain hosting requirements.

    Chief Olusegun Obasanjo, Chairman of the IATF2023 Advisory Council, which is the governance body of the trade fair, commended the commitment of the Egyptian Government for agreeing to step in as the new host. “We must thank the Government of the Arab Republic of Egypt for its responsiveness, flexibility and dedication in, once again, hosting the Intra-African Trade Fair,” said Chief Obasanjo. “This, undoubtably, demonstrates its commitment to promoting and expanding trade among African countries. With Egypt, the biennial IATF was launched in 2018 with flying colours. We, therefore, reassure all IATF2023 stakeholders, including exhibitors, conference delegates, buyers and trade visitors, that we have no doubt that the experience we have gained with Egypt in 2018 and with South Africa during the second edition in Durban in 2021, will make this third edition of Africa’s premier trade and investment platform a success beyond our expectations.”

    Host country of the highly successful inaugural IATF in 2018, Egypt offers first-class infrastructure and facilities. The IATF2023 organisers, in close collaboration with the Egyptian Ministry of Trade and Industry, are on track to promptly finalise the necessary arrangements and ensure that IATF2023 takes place as planned in excellent conditions.

    “Coordination is underway with the African Export-Import Bank (Afreximbank) to host the third edition of the Intra-African Trade Fair, due to be held during 9th – 15th November 2023,” said Eng.
    Ahmed Samir, Minister of Trade and Industry of Egypt. “We are keen on extending all-out support to convene the fair in a form that suits Egypt’s position in Africa. IATF2023 will provide a unique and valuable platform for businesses to access an integrated African market of over 1.3 billion people with a GDP of over US$3.5 trillion created under the African Continental Free Trade Area.”

    IATF2023 harkens to the decision of the 2023 Assembly of Heads of State and Government of the African Union which adopted “Acceleration of AfCFTA Implementation” as the African Union Theme of the Year 2023. This underscores the high importance of the IATF as a continental initiative and as the marketplace for the AfCFTA.