The Supreme Court has ended an 18-year legal battle over a failed Sh100 million investment, rejecting investor John Kiarie Kungu’s final attempt to revive his claim against Dyer & Blair Investment Bank and CFC Stanbic Bank. The judges ruled that the dispute raised no issue of general public importance and could not be reopened after the statutory deadline had expired. The decision brings a definitive close to one of the longest-running capital markets disputes over investment management liability and the recovery of losses. Mr Kungu wanted the court to review its October 2023 decision refusing him permission to appeal against…
Author: NexbitKE
The High Court has ordered Disney Insurance Brokers to pay Monarch Insurance Sh49.3 million in unremitted insurance premiums collected from clients between 2014 and 2020. Justice Freda Mugambi ruled that the broker failed to prove several insurance policies had been validly cancelled after customers defaulted on premium payments or that Monarch had been notified of the cancellations. The dispute centred on the authenticity of cancellation notices, with both parties presenting forensic document examiners to analyse receipt stamps appearing on the disputed documents. Monarch’s expert, Anthony Ngige of Stealth Africa, testified that the stamp impressions differed from the insurer’s genuine office…
For more than two decades, close to 200 bank customers believed the courts would one day order banks to refund millions of shillings they say were unlawfully charged on their loans. Many had taken mortgages and business loans years earlier, only to watch their debts balloon after banks increased interest rates and other charges. They insisted that the increases were illegal because they had not received the Minister for Finance’s approval, as required by the Banking Act then in force. Some lost property. Others spent years repaying loans they believed had been inflated by unlawful charges. Together, they turned to…
NAIROBI, Kenya, July 22 – Sparetech Trading Company Limited has been placed under receivership after Imperial Bank Limited (In Liquidation) appointed a receiver and manager to take control of the company’s affairs as part of efforts to recover assets linked to the collapsed lender. A notice issued under the Insolvency Act, 2015, shows that Kamal Anantroy Bhatt of Anant Bhatt LLP was appointed Receiver and Manager on April 17, 2026, with authority over the company’s business, assets and undertakings. The appointment transfers control of the company from its directors to the receiver, who will oversee its operations and preserve assets…
Nairobi County has been locked out of the latest round of disbursements of World Bank-funded Sh5.7 billion conditional grants to all the devolved units, after it fell short of meeting reform targets tied to the financing. Documents from the State Department of Devolution, seen by the Business Daily, revealed that the Nairobi County administration failed to meet a series of reform targets on settling pending bills, improving Own-Source Revenue (OSR) collection, and auditing its payroll system. The Sh5.7 billion in grant disbursements to counties fall under the Second Kenya Devolution Support Programme (KSDP II) – a performance-based reform initiative implemented by…
The just-ended 2026 FIFA World Cup became the most searched tournament in Google’s history in Kenya as fans looked beyond match results to football technology, fan culture and the sport’s biggest personalities. Google search data shows interest extended beyond scores and fixtures, with fans searching for public viewing venues, the science behind the official match ball and football traditions. Argentina’s dramatic stoppage-time winner against Egypt in the Round of 16 triggered Google’s highest-ever search traffic globally, setting a new record for queries per second. “Throughout the tournament, Kenyans turned to Google Search to follow the biggest matches, and to explore…
A transport company seeking Sh1.5 billion in damages from Absa Bank Kenya over an alleged data breach has told the court it has engaged an independent auditor to quantify the financial losses it claims to have suffered following the alleged unlawful disclosure of its confidential banking records to a third party. New Mega Africa, which is suing the bank over the alleged breach, sought more time to present the auditor’s expert report, telling the court that the auditor is currently undertaking field assignments outside the country. At the same time, one of the bank’s intended witness has withdrawn from the…
The number of banks cutting Pesalink fees has nearly doubled to 19, as lenders roll out free transfers of up to Sh1,000 and a flat charge of Sh20 on larger transactions to attract retail payment flows. The move, which represents a discount from the charges of up to Sh250 that customers have been paying for Pesalink transfers, aims at capturing a bigger share of person-to-person payments. The discounted price applies to any transaction from a participating financial institution to another. The number of banks and microfinance banks who have agreed to the discounted tariff has risen from 10 in under…
NAIROBI, Kenya, July 20 – Kenyan startups raised Sh16.3 billion in the first half of 2026, slightly lower than the Sh17 billion raised during the same period last year, according to Africa: The Big Deal. The report shows Kenya ranked third in Africa for startup funding, behind Egypt, which attracted Sh42.3 billion, and Nigeria, which raised Sh32.8 billion. Looking only at equity funding, Nigeria led with $214 million, followed by Egypt with $183 million, while South Africa raised $66 million and Kenya $46 million. “If we focus purely on equity, Nigeria actually came on top ($214m) with Egypt second ($183m),…
NAIROBI, Kenya, July 20 – The Competition Authority of Kenya (CAK) is investigating Naivas Supermarket following a complaint that a customer was charged more for a product than the price advertised. The customer alleged that he bought a bottle of Hunter’s Choice at Naivas’ Thindigua branch for Sh1,120, despite the supermarket advertising the product on its Instagram page at Sh899. The investigation comes as the authority steps up enforcement against misleading pricing and other unfair trade practices. Under the Competition Act, companies found guilty of anti-competitive conduct, including price manipulation, can be fined up to 10 percent of their annual…
NAIROBI, Kenya, July 20 – Lufthansa Airlines refunded a Kenyan passenger Sh63,798 after he was denied boarding on a flight to Canada despite claiming he had all the required travel documents. According to the Competition Authority of Kenya (CAK) Annual Report and Financial Statements for the 2024/25 financial year, Mathews Keinamma had booked a return ticket worth Sh424,830 from Nairobi to Canada via Frankfurt through Expertriate Travel Agency. “The complainant alleged that he purchased a return air ticket worth KES 424,830 from Nairobi to Canada via Frankfurt via Lufthansa Airlines through Expertriate Travel Agency,” the report states. Keinamma said he…
NAIROBI, Kenya, July 21 – Kenya is seeking investment in artificial intelligence (AI) infrastructure to reduce reliance on foreign technologies and strengthen its digital economy. The government plans to expand AI infrastructure, including cloud computing, data centres, research facilities and local talent, to support innovation and economic growth. The strategy was unveiled during the launch of the Africa Technology Leadership Conference (ATLC) 2026, where officials said Kenya should invest in developing its own AI capabilities. Principal Secretary for the State Department for Science, Research and Innovation Shaukat Abdulrazak said Africa must invest more in research and innovation. “Africa cannot remain…
NAIROBI, Kenya, July 21 – The Senate has annulled regulations that would have introduced mandatory annual inspections for private vehicles more than four years old, dealing a blow to the National Transport and Safety Authority’s (NTSA) planned overhaul of vehicle inspections. The decision overturns the Traffic (Motor Vehicle Inspection) Rules, 2026 (Legal Notice No. 13), which sought to require annual inspections for privately owned vehicles older than four years. The move comes weeks after the High Court suspended implementation of the rules pending the hearing of a petition challenging their constitutionality. Before the court’s intervention, private vehicles were largely exempt…
The High Court has declined to strike out pleadings filed by a local contractor’s lawyer who practised without a valid practising certificate in litigation linked to British multinational Diageo’s planned Sh303 billion sale of its entire 65 percent stake in East African Breweries Plc (EABL). At the same time, the court rejected contractor Jilk Construction Ltd’s bid to disqualify its former advocate, Mohammed Muigai LLP, from representing EABL over alleged conflict of interest in the dispute. In separate rulings that left both legal teams intact in the ongoing corporate dispute, the court held that advocates should only be barred where…
