The Battle of the Antivenom

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May 30, 2025

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The weekend is here! I am Brian from The Kenyan Wall Street and these are our day's business stories:

Researchers Petition Senate In Antivenom Battle

Antivenom

Three Machakos-based researchers have petitioned the Senate, claiming state sabotage and extortion attempts as they push to commercialize a groundbreaking, non-animal plasma antivenom. Backed by Senator Okiya Omtatah, the trio alleges unethical demands, patent obstruction, and smear campaigns led by shadowy actors within public health institutions. Their locally developed "New Generation Muthea Antivenom" boasts a flawless track record in rural treatment — but institutional red tape and imported, often ineffective treatments threaten its future. As Kenya readies a billion-shilling antivenom plant, the battle over who controls the cure intensifies. Read more »»»»»

Court Freezes SHA Hiring Process

Social Health Authority (SHA)

Kenya’s Employment and Labour Relations Court has halted the Social Health Authority’s hiring spree, ruling that its exclusionary recruitment process was unconstitutional and unfair. The SHA had limited top job openings to former NHIF staff — despite the NHIF’s dissolution for corruption — sparking legal action by citizen Said Omar Abdile. Justice Byram Ongaya declared that the new agency must recruit openly, affirming merit-based hiring as a constitutional obligation, not a formality. Read here »»»»»

AfDB’s Mixed Economic Forecast

East Africa defies the continental trend as the African Development Bank revises its 2025 economic growth forecast for the region upward to 5.9%, buoyed by diversification and robust intra-regional trade. Meanwhile, Africa-wide projections are dimmed by global tariff wars and weakened international demand, with GDP growth now expected at just 3.9% in 2025. Despite this, economic bright spots remain, with countries like Rwanda, Ethiopia, and Senegal set to surge past 7% growth. Read here »»»»»

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Markets Update

🏦 Equity Group seeks shareholder approval at its AGM on 25 June 2025 to establish a United Arab Emirate[UAE] representative office, subject to regulatory approvals. The Board will oversee all setup steps, marking the Group’s first move into the Middle East.

📈 At its 59th AGM, HF Group approved a new employee share plan to replace the 2008 version, allowing the Board to issue up to 94.27 million shares at KSh 5 each (worth KSh 471.37M) over five years, with staff able to own up to 5% of the company, get discounts (not below par value), and with the plan running until 28 May 2030; all other resolutions, including on directors, accounts, a rights issue, and auditors, were also approved.