Corporate News from Africa

  1. KPC acting boss gets extension:

The board of Kenya Pipeline Company (KPC) has extended by six months the contract of acting managing director Hudson Andambi who was appointed to run the company last December after the arrest of the firm’s top brass. Mr. Andambi, whose contract now runs until October 6, was appointed by the Ministry of Petroleum and Mining in consultation with board chairman John Ngumi last December and his contract was to expire on April 6.Former managing director of the scandal-dogged company Joe Sang and four other officials were arrested over alleged corruption involving construction of the Sh1.8 billion Kisumu oil jetty. Mr. Andambi’s appointment was initially set to end on April 6 but it has now been extended by the board until October 6, Mr. Ngumi told the Business Daily yesterday. “We are now ready to recruit. An advert will be out in the papers in the next few days with all the details required from the next substantive MD,” said Mr. Ngumi.

  • Kadogo economy rules retail sector:

More than 70 percent of fast-moving-consumer goods (FMCG) purchases are of products priced below Sh55, indicating that the informal market, known as ‘Kadogo Economy’, is still king in Kenya. This is according to findings by market insights firm Nielsen whose retail measurement report released yesterday indicates that traditional trade (kiosks and groceries) accounts for bulk of retail sector transactions. “Most transactions in the retail sector are still below a dollar (Sh103) and this explains the growth of the traditional trade,” said Nielsen East Africa, Consumer Insights Lead, Pauline Achayo. The traditional trade, according to Nielsen, accounted for 66.3 percent of the total FMCG spend in the year ending March 2019, a 10.7 percent growth when compared to a similar period the previous year. Modern trade (supermarkets) accounted for 33.7 percent (Sh94.1 billion), a 0.4 percent growth over a similar period.

  • Kenya deports 17 foreign directors of betting firms:

Kenya’s war on betting reached new heights on Wednesday when its interior ministry ordered the deportation of 17 foreign directors of betting firms operating in the country. The deportation order comes almost a week after ordering telecoms firm Safaricom to stop processing payments for sports betting firms. Online sports betting companies such as Sport Pesa have grown rapidly in the East African nation in recent years, riding a wave of enthusiasm for sports, with the government putting their combined revenue at 200 billion shillings ($2 billion) last year, up from 2 billion shillings five years earlier. However, that has raised government concern about the social impact of betting. In May, the country introduced new gambling regulations, including banning advertising outdoors and on social media. The interior ministry said on July 1 that regulator Betting Control and Licensing Board had declined to renew licenses of 19 firms while it reviewed their operations and shareholding structures. “The cabinet secretary (minister) signed 17 deportation orders for directors of betting companies,” said Wangui Muchiri, the head of communications at the interior ministry. She declined further comment.

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Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent

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