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UK to repatriate Sh450m stolen by two of Kenya’s richest men

Published

2 years ago

March 30, 2022

The United Kingdom has agreed to repatriate back to Kenya, millions of dollars of public funds allegedly stolen by two of the country’s richest men, following a landmark agreement signed in London on Monday.

The repatriation deal which Kenya struck with Jersey, a self-governing Island in the English Channel, will see the return of the sum of Sh450m allegedly stolen by Samuel Gichuru, a one time boss of Kenya’s power company and former Finance Minister, Chris Okemo

They duo allegedly siphoned the money through taking kickbacks from multinationals which they stashed in a company registered in the Island.

This arrangement, known as the Framework for the Return of Assets from Corruption and Crime to Kenya (Fracck), gives the Jersey authorities licence to unfreeze money they believe was stolen and send it back before those accused of stealing it go on trial.

The Kenyan corruption web was uncovered after Gichuru had a messy divorce from his wife, Salome Njeri, in 2006; not satisfied with the settlement she got from her estranged husband, Njeri made a report to the police alleging that some of her husband’s assets were being hidden in offshore accounts in Jersey.

The revelation led to a nine-year investigation by the Jersey authorities across 12 jurisdictions and in 2011, the duo were indicted and charged to court.

The were accused of committing economic crimes including cutting deals with a Finnish firm to construct a power station in Mombasa, Kenya’s second largest city, and taking millions of pounds in kickbacks from British, Norwegian and German engineering firms, as well as a US communications giant.

The Jersey authorities issued arrest warrants for both men and have been waiting for their extradition from Kenya ever since, while a Jersey-registered company, Windward Trading Limited, accused of laundering money for the two men, pleaded guilty to four counts of money laundering in a Jersey court.

The court ruled that the company, whose ultimate owner was revealed to be Gichuru, should be return more than $4.9m (£3.6m) to the Kenyan government.

Related Topics:corruption Featured Jersey Kenya

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Nigeria has received $10.9 billion multi-sector investments from AfDB— Official

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

Nigeria has received $10.9 billion from the African Development Bank (AfDB), comprising $4.9 billion in public and private sector initiatives.

AfDB Director-General of the West Africa Region, Lamin Barrow, said the bank’s Nigeria funding approvals total $10.9 billion since it started operations.

Barrow made the revelation at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture in Abuja on Monday.

It was part of the bank’s 60th anniversary celebrations with stakeholders. Nigeria is the AfDB’s largest shareholder, and the bank’s relationship with it has grown, Barrow said.

The AfDB invests in Nigeria’s energy, power, transport, water, and sanitation infrastructure.

“Over the last 60 years, the Bank has grown into a trusted partner and the continent’s premier development financial institution.

“Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder.

“Since it started operations in the country, cumulative financing approvals have reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.

After taking office eight years ago, AfDB President Dr Akinwumi Adesina prioritized the High 5—Power, Feed, Industrialize, Integrate, and Improve Africa’s quality of life—Barrow added. He said these were accelerators for achieving the SDGs and Agenda 2063 ambitions. The projects and programs supported during this time have reportedly affected over 400 million individuals.

VenturesNow

Analysts expect Egypt’s economy to rise 4.0% in 2024/25

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

A recent study that sampled seventeen economists by Reuters has predicted slower economic growth for Egypt in April after a $8 billion IMF accord in March.

The median projection for GDP growth in the fiscal year starting July 1 was 4%, down from 4.35% in April and 4.15% in January.

The poll predicted the GDP grew 2.9% in the fiscal year ending June 30. This is below their April and January predictions of 3% and 3.5%. Poll: 2025/26 growth should rise to 4.99%.

After the IMF agreement, Capital Economics’ James Swanston predicted slower growth due to tighter fiscal and monetary policies and a weaker pound.

“The overall net impact is that economic growth will be weaker this fiscal year, but there are reasons to be more optimistic on GDP growth from FY2025/26 onward,” Swanston said.

Egyptian tourism and Suez Canal revenue have slowed due to the Gaza crisis, which has cut Egypt’s foreign revenue by more than half.

Egypt’s planning ministry predicted 4.2% growth in 2024/25 on June 2. Analysts expect the Egyptian pound to fall to 49.50 per dollar by June 2025 and 52.50 by June 2026.

Before dropping it in March 2024, the central bank kept the pound at 30.85 per dollar. It’s roughly 48.40 per dollar.

The survey forecast 20.5% headline inflation in 2024/25 and 12.05% in 2025/26. In June, inflation dropped to 27.5% from a record high of 38.0% in September, exceeding the central bank’s objective of 5%-9%.

The analysts expect the central bank’s overnight lending rate to drop to 21.25% by June 2025 and 15.25% by June 2026.

Foreign money shortages have slowed the Egyptian economy. However, a $24 billion real estate transaction with the UAE in late February, a significant currency devaluation, and a $8 billion IMF accord in early March have mitigated that.