The End of Adani, The End of November

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Kenyan Wall Street
November 25, 2024

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What's Inside

President Ruto Cancels All Adani Deals

Late last week, President William Ruto cancelled all Adani deals, shortly after the indictment of entrepreneur Gautam Adani and seven other of the Indian conglomerate’s executives in New York on bribery charges.

  • In October, the billionaire’s power transmission unit, Adani Energy Solutions signed an agreement with the Kenya Electricity Transmission Company Limited (KETRACO) to develop, finance, and maintain key power infrastructure in Kenya.

  • Another proposed deal which was cancelled by Kenya’s high court in September would have seen Adani Group lease the country’s main airport (Jomo Kenyatta International Airport) for 30 years in exchange for expanding it.

  • The order to cancel all the Adani deals was met with jubilation in the House with both Senators and Members of Parliament immediately chanting the slogans of ‘Adani Must Go’ temporarily interupting the President’s State of the Nation address.

Stay updated on this and other stories on The Kenyan Wall Street.

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“If all the economists were laid end to end, they’d never reach a conclusion.”

-George Bernard Shaw

Every Kenyan ‘Owes’ KSh 201,439.71

The country is currently in debt KSh 10.5 trillion, meaning that every Kenyan would need to pay over KSh 201,439.71.

kenyanwallstreet.com/every-kenyan-owes-ksh-201439-71

The End of November

This is the last week of November 2024. It’s been a long year, not just in Kenya, but globally. With multiple interlocking economic shocks, political transitions that have tested global markets in multiple ways.

Here are some of our major stories from just the last week to get you all caught up:

Lobby Group Asks Government to Tax the Rich

The National Taxpayers Association (NTA) has called upon the Treasury to design a ‘Wealth Tax’ that could net over KSh 100 billion annually, unburdening low-income earners.  “Implementing an annual wealth […]

kenyanwallstreet.com/lobbyists-propose-wealth-tax-for-high-net-worth-individuals

NCBA Bank Takes Over Unga Group’s KSh 860mn Loan from Absa

NCBA Bank Kenya has taken over a KSh 860 million loan from Absa Bank Kenya to Unga Group, which was due in June 2024.

kenyanwallstreet.com/ncba-bank-takes-over-unga-groups-ksh-860mn-loan-from-absa

Kenya Lobbies Regional Peers to Adopt Digital Service Tax in Revenue Chase

Kenya is committed to introducing the Significant Economic Presence (SEP) tax which will target the digital marketplace

kenyanwallstreet.com/kenya-lobbies-regional-peers-to-adopt-digital-service-tax-in-revenue-chase

Abdirahman Irro Wins Somaliland Elections, defeats incumbent president

Wadani Party Candidate, Abdirahman Irro, has defeated his opponent from the Kulmiye Party, Muse Bihi, in the just concluded Somaliland Elections. Somaliland has a population of about six million people. […]

kenyanwallstreet.com/abdirahman-irro-wins-somaliland-elections-defeats-incumbent-president

Why Kenyans Must Pay More Attention to the Central Bank

Yet, one critical institution has remained largely untouched by citizen scrutiny: the Central Bank of Kenya (CBK).

kenyanwallstreet.com/why-kenyans-must-pay-more-attention-to-the-central-bank

Kenya Bankers Association Report Unearths Gaps Banks Must Seal to Create Sustainable Future

The Kenyan banking industry still has homework to do in improving transparency, addressing greenwashing, facilitating capital mobilisation.

kenyanwallstreet.com/kenya-bankers-association-report-unearths-gaps-banks-must-seal-to-create-sustainable-future

Mobile Money Transactions Dip by 14.5%

The number of mobile money transactions declined by 7% in Sr, according to the latest data from the Kenya National Bureau of Statistics. 

kenyanwallstreet.com/mobile-money-trappings-dip-by-14-5-as-govt-plans-to-trace-transactions

Interview of the Week

Have a great week!