Business

The Controller of Budget (CoB) has flagged several county governments for operating county funds through commercial bank accounts, which contravenes regulations. The use of such accounts is prohibited under Regulation 82(1)(b) of the Public Finance Management (PFM) (County Governments) Regulations, 2015. According to the regulation, county bank accounts must be opened and maintained at the Central Bank of Kenya (CBK), …

Kenya, renowned for its entrepreneurial spirit, has produced numerous tycoons who built vast business empires from humble beginnings. Unfortunately, some of these empires have crumbled over time due to challenges such as lack of succession planning, internal fraud, fierce competition, and boardroom wrangles. Here’s a closer look at some of Kenya’s most prominent tycoons whose multi-billion businesses collapsed: 1. Njenga …

Kenya’s milk production and processing industries have been shaped by several prominent figures and organizations, contributing to the country’s thriving dairy sector. According to the 2024 Economic Survey by the Kenya National Bureau of Statistics (KNBS), marketed milk production rose by 6.9% from 754.3 million litres in 2022 to 806.6 million litres in 2023, despite a slight overall decline in …

Members of Kenya’s alcohol industry have strongly opposed the steep fees proposed in the Sustainable Waste Management Regulations 2024, arguing that the costs will significantly burden the sector. The Alcoholic Beverages Association of Kenya (Abak) has urged the National Assembly’s Committee on Delegated Legislation to review what they consider punitive fees. The association estimates that the proposed fees could result …