VenturesNow

Kenyan trader loses $2.6 million company to Rwandan investor

Published

12 months ago

December 28, 2023

A fierce legal battle in Kenya over ownership of an online company valued at Ksh400 million ($2.6 million), in which a Rwandan investor had been duped by a Kenyan trader, culminated in a historic ruling on Wednesday.

In a ruling that observers claim will bring back and win over investors who have concerns over corporate governance in Kenya as well as other unscrupulous business practices, Desire Muhinyuza has been granted back control over Stay Online Limited (SOL).

Justice Alfred Mabeya, who heads the Commercial Division of the High Court, ruled, “I find and hold that Mr. Muhinyuza is the beneficial owner of Stay On-Line (SOL). Kirimi Koome committed fraud by not filling out the Form of Beneficial Ownership Property at the time of incorporation of the company.”

Koome was also ordered to return all of the SOL shares to Muhinyuza. Additionally, Mr. Koome was mandated to pay Mr. Muhinyuza interest on the $2.6 million at the court rate until the entire amount was paid. Officers from the Directorate of Criminal Investigations (DCI) froze the millions after Mr. Muhinyuza reported that Mr. Koome had defrauded the company.

The judge also ordered Mr. Koome to return the $100,000 in tax money that he had taken from Mr. Muhinyuza and converted to his use.

Muhinyuza, through his lawyer, Danstan Omari, shortly after the verdict, applauded the judiciary and stressed that “this High Court judgement has restored the confidence of investors who have been defrauded of their property by Kenyans who are hell-bent.”

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

5 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

6 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”