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Collapsed Dubai Bank put under receivership

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The Central Bank of Kenya (CBK) has placed Dubai Bank Kenya under a receiver for a year in response to “serious cash-flow problems”. In a statement released this afternoon, CBK said it has appointed the Kenya Deposit Insurance Corporation (KDIC) as a receiver to protect the interest of depositors, creditors and the public.

CBK said Dubai Bank Kenya has been experiencing liquidity and capital issues which raised concerns that it will most likely not be able to meet its financial obligations as and when they fall due. 

“CBK has closely monitored Dubai Bank’s daily cash reserve ratio from July 14, 2015 when the bank began breaching its daily cash reserve ratio requirements,” the statement says. “(We have) also been in contact with Dubai Bank to attempt to redress the situation, but there has been no compliance by the bank.”

The non-compliance has to date attracted a penalty of Ksh5.4 million. “Owing to the deteriorating cash reserve ratio position and Dubai Bank’s failure to honour financial obligations, including Ksh48 million due to Bank of Africa Kenya, the CBK is of the opinion that the bank will most likely fail to meet its financial obligations in the normal course of business.”

The bank has been engulfed in drama in recent years, with some of its troubles including a managing director who fled the country to avoid CBK questions on his role in a dodgy deal; a chairman arrested and accused of obtaining his citizenship through fraud; claims it hosted a secret bank account used to loot Ksh1bn from Mumias Sugar Company and court battles with Kwanza Estates and Erdemann Properties, among others.

NEXT READ: NATION RESHUFFLES STAFF TO IMPROVE EDITORIAL QUALITY

Business Today is the leading independent online business website in Kenya. Started in 2012 by a veteran business journalist, it has a huge following both in Kenya and abroad. It covers various business and related issues. Email editor at: [email protected]

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Politics

Babu Owino arrested over Uhuru slur

The first time MP is being grilled at Mazingira House, the DCI headquarters, over his weekend remarks in Dagoretti, Nairobi

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Embakasi East Member of Parliament Babu Owino has been arrested and taken to the Directorate of Criminal Investigation (DCI) headquarters for using disparaging remarks against President Uhuru Kenyatta and threats to force him out of office.

His remarks on Sunday during a campaign tour of Dagoretti in Nairobi, during which he referred to the President as “mtoto wa mbwa” ( son of a dog) set social media ablaze with Jubilee supporters demanding his arrest as those supporting Raila comparing him with Gatundu South MP Moses Kuria.

His arrest came as protesters took to the streets of Kiambu and Ruiru towns to express their distaste to Owino’s remarks, demanding his arrest and an apology from him. Business and transport operations have been paralysed along Kiambu Road and at Ruiru on the Thika Superhighway.

The MP, however, refused to apologise, saying that his remarks were not directed to President Uhuru, and that he owes no one apology.

“I will not apologize to anyone because I called nobody’s name during my yesterday’s address. We have so many presidents in Kenya, from the President of Sonu to all presidents of students union in Kenya, President of the Supreme Court, President of Youth senate and many more. However I will stick to objective politics and will never abuse anybody,” wrote Owino.

Women Representative of Nairobi Esther Passaris, who was present, has distanced herself and the Nasa Coalition from Babu’s words and conduct, and apologised to former First Lady Mama Ngina and the Kenyatta family for the insults.

Kiambu-Town-demo-576x1024 Babu Owino arrested over Uhuru slur

Residents of Kiambu town protest remarks made by Embakasi East MP Babu Owino. He has since been arrested.

“I would like to condemn in the strongest terms possible the utterances made by my fellow MP Babu Owino during our campaign rally in Westlands and Dagoretti North yesterday. As a mother, I sincerely apologize to the former First Lady, Her Excellency Mama Ngina Kenyatta, and her family over the insult and disrespect meted on her, which neither depicts nor reflects the character or direction envisaged by our Party leader the Rt Hon. Raila Odinga and the NASA principals,” Passaris said in a statement posted on Twitter.

“Freedom of speech comes with responsibility, and I beg my fellow politicians and Kenyans on both sides of the divide not to abuse this freedom whether on social media or otherwise,” she said.

ALSO SEE: Babu Owino: Radical who will spice up Parliament

According to Passaris,  no matter how big political differences are, there is a line that should not be crossed.

This is not the first time the MP is finding himself in trouble over derogatory remarks since he was elected into Parliament a month ago.

During his swearing in ceremony, Owino was forced to repeat his oath allegiance after pledging loyalty to Raila referring to him as the President of Kenya.

He, however, got away with utterance of the ‘Tibiim’ slogan at the end of the swearing in.

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Education

Cholera outbreak at Daystar University

Vice Chancellor Dr Timothy Wachira says the situation is under close supervision by the administration and an awareness campaign had been mounted to curb its spread

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Daystar University Athi River campus.

Five students at Daystar University Athi River who were admitted yesterday due to cholera attack in the school from both on and off the campus.

One of the victims,  who spoke to Business Today, said she started to diarrhea yesterday and went to a clinic near the campus for a checkup and was later rushed to the Nairobi Women’s Hospital after she was declared to have cholera-like symptoms.

Vice Chancellor Dr Timothy Wachira, through corporate affairs department, confirmed a cholera outbreak had been confirmed but assured students that the situation is under close supervision by the administration.

Related: Fear grips school after 200 students fall ill
READ: Women eat crickets to get special protein

““The University service department is working with public health to disinfect all public places. The department of public health is also mounting a public information and awareness campaign,” read the VC’s statement in part.

He added those who were in contact with the victims will be treated with prophylaxis.

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Person of Interest

President Uhuru’s son who can’t speak Swahili

President Uhuru Kenyatta’s son had accompanied DP William Ruto for a campaign tour of Nandi but viewers were taken aback when he had to reach short speech from his smartphone (SCROLL DOWN FOR STORY)

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Kenyans, including Jubilee supporters, have taken to social media to critic Muhoho Kenyatta, President Uhuru Kenyatta’s son, for being unable to proficiently speak Swahili.

Muhoho, who had accompanied Deputy President William Ruto in Nandi County for a campaign tour at the weekend, read a 30-second speech from his smart phone, amid cheers from the gathered crowd. Kenyans were dismayed, calling him unpatriotic for not being able to deliver a simple message in the native language.

The second born son of the president, who is the last born in the family of three, has not gone through the Kenyan education system. It is alleged that Muhoho had gone through the IGCSE system of education abroad, the reason he is unable to speak Swahili.

This is the first time Muhoho is speaking publicly at a political function, days after First Lady Margaret Kenyatta appeared in a political rally at Uhuru park. It has thus been seen as an act of testing waters in preparation for 2022 politics where his father will be exiting the political stage, which could mark the end of Kenyatta family in Kenyan politics.

If so, Muhoho will have a long way to familiarise himself with Kiswahili, Kenya’s national language that is the most spoken and widely accepted language in Kenya. Common knowledge in politics states that for any political mileage you have to associate yourself with the voters, and in this sense the language.

READ: Untold story of Uhuru Kenyatta’s rural life in Gatundu

Here are some comments from Kenyans about Muhoho’s inability to speak Swahili:

“If Muhoho asks for my vote as future President, I might not give him,” said Chepkorir Vera Moraa, a former student leader at Moi University, an ardent Jubilee supporter.

“Let’s be clear, his knowledge of Swahili absolutely matters. Anyone who knows politics 101 will tell you that the people have to feel you are one of them. If you don’t look like them or talk like them it creates distance and loses votes. This is why his own father dabs and speaks Kiswahili…to look and sound more like the people he is seeking votes from,” said Imungu Kalevera, a social media user.

“Yes, I feel some sense of lack of patriotism in him, but you cant blame him altogether. He has been brought up in abroad. With time he’ll learn . A few years back, Gedion Moi could not speak Swahili, you can even today realise he struggles,” explained John Ngigi.

ALSO SEE: Margaret Kenyatta goes Beyond Zero in politics

“This young man. At his age, he was unable to speak in Kiswahili. He was sent a text message to read and even in the process of reading he wasn’t sure of what he was reading. What if someone would have sent him a pathetic text bordering on insults???? Can he sing the nation anthem, Swahili version?” wondered Mwero Mwangale.

However, Muhoho Kenyatta, a designer by profession, is not alone. When he first emerged politically, former President Moi’s favourite son, Gideon, could not perfectly construct a sentence in Swahili leave alone his native Kalenjin language. However, he has beaten the odds and is presently the Baringo Senator with designs on the presidency and speaks both languages.

SEE: Meet President Uhuru’s fashion designer 

Muhoho runs his own clothing line in various major African cities. In November 2014, he won the Showcase Designer of the Year award in the Emerging Designer category at the Nairobi Expo. His engagement in public events includes a Christmas Day visit to Kenyatta National Hospital Children’s Cancer Ward and Maternity Wing in 2015 during which he donated an assortment of equipment and Ksh1 million for needy kids.

He was accompanied by his fiancee, Firyal Nur Al Hossain, a designer and founder of the Nur clothing label. She is related to Foreign Affairs Cabinet Secretary Amina Mohammed. In July 2015, the two were also at the airport to welcome US President Barack Obama.

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Economy

Prolonged campaigns fatigue Kenyans

Henry Wandera, an economics lecturer in Nairobi, noted that elections tend to cause fatigue as they slow down all the other sectors

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A prolonged campaign period following the order by the Supreme Court for fresh a presidential election seems to have tired many Kenyans as the date for the new election got postponed.

Many of the electorate are eager to see the campaign period end so they can move on with their lives, but a political standoff among key parties, the opposition National Super Alliance (Nasa) and the ruling Jubilee is unlikely to end soon.

Kenyan politicians have been on the campaign trail since March, and on August 8, Kenyans went to ballot to choose Members of County Assemblies, senators, woman representatives, governors, MPs and the president.

Many thought the ‘election madness’ was over until the Supreme Court nullified President Uhuru Kenyatta’s victory and ordered for fresh polls.

The electoral commission on Thursday pushed the date for the fresh presidential elections to October 26 from its earlier set date of October 17, citing the need to be fully prepared to deliver free, fair and credible elections.

Previously, Nasa leader Raila Odinga dismissed the idea of holding election on October 17.

“There would be no elections on Oct. 17 until the electoral commission is reformed,” he maintained.

Meanwhile, Kenyatta and his party Jubilee insisted that elections would be held as scheduled on October 17, noting that the country must move on.

Some of his supporters have threatened to swear him into office if polls delay. The talk on the streets, on radio and social media show many citizens are tired with the seemingly unending electioneering period.

“I am tired with the campaigns and I want them to end. Does it mean this politicians have nothing else to do?” posed Classic 105 breakfast show host Maina Kageni.

On the streets, frustrations about the lengthy electioneering period is evident in peoples’ talk and faces.

“I’m exhausted of the elections, I’m completely tired of them that I may never vote even if they come on October 17 or November 1,” said Antony Kioi, a cooking gas seller.

Kioi noted that the country has seemingly been on campaign for the last four years, with the blitz heightening only close to elections.

ALSO SEE: IEBC sets new date for presidential re-run

“Leaders have been holding rallies for many months that one cannot remember when the campaigns started or ended. We can not live politicking, elections must come and go,” he said.

Beatrice Mulundi, an insurance agent, said elections had even derailed her sales, as her many potential clients hoped to wait until the polls are over to consider her products.

“In fact when I hear that the new polls may not be held as scheduled, I get angrier.

“How do I earn a living if political uncertainly hangs over the country?

“For the last two months, people have simply been not taking insurance,” she lamented.

On social media, election talk is prominent but opinion is divided on the lengthy electioneering period, with some noting the country should get it right with elections for the things to go right.

“We better politic for 90 days, reform the electoral commission and elect the right people than have bad leadership for five years,” said one Twitter post under the hashtag ElectionsKenya.

On the other hand, other citizens are complaining of how politics has clouded all the other sectors of life.

“The health sector is literally on its dead bed, politics has taken over nothing is moving.

“This is frustrating,” said Sylvia Nyaboke.

Companies too are feeling the pinch, with many complaining about losses related to the lengthy elections.

“We lost approximately 3.8 million U.S. dollars during the election day last month due to closure of M-pesa businesses,” leading Kenya’s telecom Safaricom CEO Bob Collymore said at the company’s Annual General Meeting recently, adding that uncertainty over the new polls is having huge negative impact on business.

Related: Raila now threatens to prosecute Chebukati, top IEBC officials

Henry Wandera, an economics lecturer in Nairobi, noted that elections tend to cause fatigue as they slow down all the other sectors.

“From education to the economy and sports, nothing moves.

“Even people tend to marry less during electioneering period when tribal hatred rises,” he said.

However, he observed that while citizens may get tired, it is important that the country gets it right in the elections.

“Countries have plunged to war because of polls, so to me there is nothing alarming with what Kenya is facing now.

“The Supreme Court was right in its ruling.

“What Kenya needs to go after the next elections is to enforce electoral laws so that campaigns do not start early as it happened before the August 8 polls.”

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