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Insightful Reads to Spark Your Business Growth

Explore this weekend's top business stories—your curated update on the economy, leadership, and innovation.

Access Bank fined Sh91m for late tax transfer to KRA

Access Bank Kenya was fined Sh91 million by KRA for late tax transfers in the 2024 financial year. As a tax agent, the bank must remit collections on time to avoid penalties.

• Financial Impact: The Sh91 million penalty exacerbates Access Bank Kenya's financial challenges, adding to its net loss of Sh581.33 million for the nine months ending September 2024.
• Strict Enforcement: KRA's imposition of penalties underscores its commitment to enforcing timely tax remittances by collection agents, as mandated by law.

Revealed: The silent tycoons behind troubled cereals firm

Proctor & Allan, a troubled breakfast cereals maker, is backed by 18 shareholders, including billionaire entrepreneurs and former CEOs of top firms like EABL, Mumias Sugar, and NCBA. Notable owners include ex-Nairobi Governor Evans Kidero, investment banker John Ngumi, and NCBA chairman Isaac Awuondo.

• Diverse Ownership: The firm’s shareholders include influential corporate leaders beyond its well-known founders.
• Financial Struggles: It was placed under receivership due to a KCB loan default of Sh3.7 billion.

Philip Murgor: “If you have time, let’s go to war. I have time”

Philip Murgor, a Senior Counsel and former Director of Public Prosecutions, is known for his meticulous approach to law. Outside work, he enjoys farming in Eldoret and stays fit by climbing 15 floors to his office. He plans to return to golf as a retirement hobby.

• Early Independence: Boarding school from Standard Three shaped his resilience.
• Professional Philosophy: His career choice reflects a strong commitment to public service and justice, driven by a desire to assist victims and uphold a robust moral compass.

Data Commissioner on why you should not reveal all personal details on the internet

Immaculate Kassait, Kenya’s first Data Commissioner, warns against oversharing personal details online, as they could be misused in unforeseen ways.

• Building from Scratch: She established the Data Commissioner's office without prior infrastructure or budget.
• Privacy Risks: Sharing too much online can lead to data misuse and security threats.

Salochanee Reddy: The CEO who swears by ice baths

Salochanee Reddy, founder of Equilibrium Oasis and a PhD holder in holistic life coaching, emphasizes the importance of setting personal boundaries for well-being: "I set very clear boundaries, and it can come off as off-putting when I have to take my well-being into perspective—but I don’t compromise."

• Compassionate Leadership: She advocates for blending emotional intelligence with strategic decision-making.
• Resilient Roots: Growing up in apartheid South Africa, she was inspired by strong women who created opportunities despite challenges.

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KRA to now pay Swiss firm in shillings for excise stamps.

KRA switched payments to shillings to curb losses from an imbalanced pricing model and shilling depreciation, easing a Sh3.62B debt.

Our chama has Sh3m. How do we raise more funds to buy Kiambu land, build maisonettes?

To grow your chama’s Sh3M fund, lower loan interest rates, adopt a tiered loan system, join a SACCO for better financing, and develop in phases. Consulting a financial advisor can further optimize growth and manage risks.

“Investors, CBK tussle over direction of interest rates”

Investors pushed for higher yields amid rate uncertainty, favoring short-term Treasury bills as the government raised borrowing targets.

I earn Sh32,000. How can I expand my wife’s cereal business, buy pickup?

To expand the cereal business, set clear goals, invest savings wisely, and grow gradually by buying in bulk and using hired transport. Avoid costly loans and scale up when financially viable.

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