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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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Ezz al-Arab appointed as Egypt’s CIB chairman

Published

1 day ago

September 16, 2024

Ifeoluwa Dada

Commercial International Bank (CIB), Egypt’s largest private bank, announced on Monday that long-time chairman and previous CEO Hisham Ezz al-Arab will become CEO.

Neveen Sabbour, a board member, will take over as chairman, according to a statement. Hussein Abaza, the outgoing CEO, will be replaced by Ezz al-Arab, who will hold the role for three years.

In Egypt, the market share held by traditional banks is expected to reach US$35.84 billion. As more clients choose online and mobile banking options, Egypt’s banking industry is seeing an increase in digital banking services.

The new appointments are part of “to lead the bank’s multifaceted business transformation and continue its programme to support recognised potential future leaders,” the announcement stated.

Ezz al-Arab, chairman and managing director since 2002, resigned in October 2020 due to “compliance concerns” from the national bank.

In August 2022, a year before his tenure expired, central bank governor Tarek Amer resigned due to a currency crisis. Ezz al-Arab was requested to rejoin as chairman in December.

VenturesNow

Nigerian inflation falls again, drops to 32.15% in August

Published

1 day ago

September 16, 2024

Ifeoluwa Dada

Nigeria’s August inflation rate declined for a second month to 32.15% from 33.40% in July, the statistics office reported on Monday. This comes after the month of July saw the first decrease in consumer inflation in Africa’s largest country in almost a year.

Analysts predict August’s slowdown may be short-lived after two gas price increases this month enraged citizens facing the worst cost-of-living crisis in a generation.

The removal of a decades-old gasoline subsidy, devaluation of the naira currency, and increase in energy costs by President Bola Tinubu have raised prices.

Reforms attempt to boost economic growth and public finances.

The central bank’s next interest rate decision next week may be influenced by inflation figures. The apex bank has hiked rates four times this year to curb inflation, and economists say July’s hike may be the last.

Further petrol price increases and northern flooding that swept away crops could raise food prices.

“On the whole, disinflation should continue with the headline rate falling below 30% by year-end, but upside risks remain,” Capital Economics Africa analyst David Omojomolo wrote.

He claimed rising petrol prices might “slow the pace of the disinflation process” and that the central bank would not drop rates until early next year.

Food inflation dropped from 39.53% to 37.52% in August. It remained the greatest inflation driver in August.