The Circus at City Hall...

In today’s newsletter: Nairobi juggles 174 secret bank accounts, and Kenya turns east as trade with Africa and the West fades.

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

The Circus at City Hall — Nairobi County on the Budgetary Grill

Nairobi’s finances have more hiding places than a magician’s hat.

By Fred Obura

Nairobi County, not remarkable for its skill to color inside the fiscal lines, has been caught nursing 174 unauthorized bank accounts; each one a quiet rebellion against public finance rules. The city, already groaning under KSh 120 billion in unpaid bills, appears to have built a parallel treasury in the shadows, complete with accounts for everything from vocational centres to “special purposes” no one wants to define.

The law says counties must bank with the Central Bank. Nairobi prefers another route. Meanwhile, it’s toasting a rent collection milestone as if that alone could pay off a decade of debts and mismanagement. The numbers don’t add up, but then again, they’re scattered across too many ledgers to know for sure. Read more about it here >>>>>

Commerce 

💱 Kenya's Trade : East or West, East is the Best

By Brian Nzomo

Kenya’s trade compass is tilting eastward, and fast. In just three months, nearly 70% of the country’s imports came from Asia — led by China’s electronics and the Gulf’s petroleum, while exports to Africa quietly shrank. The once-reliable regional partners like Egypt, Ethiopia, and DRC are buying less, just as Indonesia and Japan step up as Kenya’s new preferred vendors. Europe and America, meanwhile, are fading from the scene. What’s emerging is a trade pattern where Kenya imports more and exports less. Read more here >>>>>

Investment

🔥Burning Through Billions: Safaricom’s High-Stakes Gamble on Circle Gas

By Harry Njuguna

Safaricom is still betting big on Circle Gas, even as the numbers keep bleeding red. The telco has now converted a KSh 2.4 billion loan into equity, doubling down on a loss-making clean energy startup that posted a KSh 6.4 billion loss last year alone. Circle Gas, which sells LPG through smart meters and M-Pesa, is piling on tech and infrastructure, but its equity has sunk to negative KSh 14.17 billion. Revenues are growing but not fast enough to catch runaway costs. Read more »»»»»

Insurance 

🔄 Old Mutual’s Quiet Reshuffle May Shake Up Kenya’s Insurance Industry

In what seems like a mere internal shuffle, Old Mutual is transferring its long-term life assurance business to a sister entity but beneath the surface lies a strategic rethink with ripple effects for customers, staff, and rivals alike. Policyholders are being invited to inspect actuarial reports, while employees brace for subtle shifts in structure and culture. Investors smell efficiency gains, but also seek clarity on legacy baggage. Regulators, meanwhile, are being watched closely as this may set a precedent for future consolidations. As the 60-day consultation window opens, this isn’t just corporate housekeeping — it’s a bellwether for the next phase of Kenya’s insurance evolution. Read the full story »»»»»

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