Last Minute Buyout for Mobius, Eldoret the Fifth & Mbadi’s Treasury Test- The Roundup

Hello and welcome to today’s edition of The Roundup.

We start by reviewing the events of Thursday, August 15, when City of Eldoret assumed a new status as the fifth city of Kenya.?

A long wait by Eldoret locals yearning to see their town upgraded ended on Thursday when President William Ruto conferred it with a city status in a pomp ceremony attended by top government officials at the Eldoret Sports Club.

In his remarks, Ruto commended the County government of Uasin Gishu for the efforts invested towards realizing the new status.

The President also appreciated the input of local traders and landlords who have contributed to the growth of Eldoret as Kenya’s fifth city over the years.

In a city known to produce prominent sports women and men, some athletes were featured in the official ceremony with Faith Kipyegon and Beatrice Chebet witnessing the historic signature by President Ruto.

Ruto also recognized athletes including Vivian Cheruiyot and Moses Tanui, alongside local entrepreneurs for having placed Eldoret on the global map.

What he said “Eldoret has established itself as a recognized hub for serious investments in agro-industrial and agribusiness, medical and biomedical, trade and commerce, tourism and hospitality, sporting and entertainment, and finance and technological concerns.”

Benefits Eldoret will enjoy as a city

Christened the “home of Champions”, Eldoret will now enjoy privileges including:

• Access to more resources for development- Eldoret to have access to grants meant cities.
• Attraction of private investors hence more opportunities
• Enhanced infrastructure (roads and other key amenities)

History of Eldoret City

• Founded in 1912 with a Post Office?
• A large population of natives, who had moved from Nakuru, relocated there in 1908?
• Was referred to as Farm 64, as it is 64 miles from Londiani
• The name Eldoret is derived from the Maasai word “Eldore”, which means stony river, a reference to the bed of the Sosiani River that runs through the town.

Mobius Motors Lifeline

Elsewhere, the proposed winding up of Mobius motors took a new twist after the company announced an agreement that will see it sell 100% of its shares to an undisclosed buyer.

In a notice dated August 14, Mobius Motors’ Director Nicolas Guibert said the two parties are working to ensure the deal is sealed in the next 30 days.

As such, a shareholders meeting scheduled for August 15 was postponed, with the director noting that a new date would be communicated.

The announcement came barely two weeks after the automaker announced plans to wind up and enter voluntary liquidation.

Mobius had entered the Kenya market with the goal of growing a brand of a locally manufactured car tailored for the market needs but has faced challenges affecting its operations.

Kenya Pulls Last Days Miracle at Olympics?

Kenyan athletes turned around what had been concerning start in the Paris 2024 Olympics to finish with 11 medals. The athletics team pulled a late performance to riddim Kenya’s chances of maintaining its status as a powerhouse.

After winning the women’s 5,000m gold, Beatrice Chebet returned to the track on August 9 in pursuit of her second podium appearance in the Paris Olympics. It took 30:43.25 minutes of endurance for Chebet to win the race and complete her double, earning Kenya her second gold amid concerns over the slow start.

Faith Kipyegon also overcame the drama of her incident with Ethiopia’s Gudaf Tsegay during the 5000m final to clinch gold in the 1500m while Emmanuel Wanyonyi won gold in a tight 800 meters final.

In other events, marathon great Eliud Kipchoge failed to finish a marathon for the first time in his career to cut short his hopes of winning a third Olympic gold. Speaking after the race, the double-Olympics winner described his outing in Paris as “his worst” but assured that he would come back stronger.

Despite speculations about his retirement, Kipchoge has reiterated his determination to push for more glory and has hinted at participating in the Los Angeles 2028 Olympics.

Medals won by Team Kenya

Mbadi Confronted with Harsh Truth?

And as the former cabinet secretaries handed over their dockets to new appointed CSs, Treasury CS John Mbadi was on Monday confronted with harsh reality on what awaits him in the Ministry during the handing over of the docket by his predecessor Prof Njuguna Ndung’u.

Prof Ndung’u in the meeting highlighted some of the challenges facing Kenya including liquidity problems, debt servicing and the controversial taxes Kenyans have had to cope with. In his tenure at the Treasury, Ndung’u faced challenges including debt-servicing with the most notable one being the Euro bond.

Ndung’u also highlighted what he called unsustainable levels of public debt and its effect on the economy as well the issue of unpredictable tax regimes the current government has been accused of imposing.

In what sounded as a contrast to his tenure’s regime, Prof Ndung’u stated that high taxes would not guarantee high revenue and advocated for a change to a more predictable tax policy.

According to the former Central Bank Governor, unpredictable taxes bring the risk of distorting the market, hence affecting businesses.

Also Big This Week

• President Ruto directed all universities to recall fee structures initially sent to the would-be firs year students and instead send new fee structures indicating the amount households will pay.
• President Ruto rewarded Olympics medalists with cash prizes, with gold winners, silver winners, and bronze medalists getting Ksh3 million, Ksh2 million and Ksh1 million respectively.
• Equity Bank announced the appointment of Moses Nyabanda as the acting Managing Director after the retirement of Gerald Warui.
• The Public Service Commission announced internship opportunities for graduates, with successful candidates set to be placed in government ministries and agencies.?

Photo of the Week

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