No Hiding Place from Kenyan Justice...

Good evening! It's Brian from The Kenyan Wall Street. Here are the business stories we have compiled for you today…

Tech & Regulation

No Hiding Place from Kenyan Justice : Meta Faces Legal Storm

In a landmark ruling, Kenya’s High Court has declared that Meta can be sued locally for allegedly amplifying hate speech that fueled Ethiopia’s ethnic violence. The lawsuit, led by Ethiopian researchers and a Kenyan rights group, demands a staggering $2.4 billion in restitution. Meta had tried to dodge the case, arguing Kenya lacked jurisdiction—turns out, the court had other plans.

Human rights activists are hailing the decision as a long-overdue check on big tech’s unchecked power, with Amnesty International calling it a win for accountability. The ruling also adds pressure on Meta to boost content moderation—because apparently, stopping violence online isn't just a "nice-to-have" feature.

This marks Meta’s third legal battle in Kenya, including a separate case by content moderators over poor working conditions. No official response from Meta yet, but if history is any indicator, their PR team is probably drafting a "we take this seriously" statement right now. Read more in this article»»»»»

Today's Poll

Agriculture  

The Floriculture Shake-up!

Foreign flower companies are shifting operations from Ethiopia to Kenya and Uganda due to security concerns in the Amhara region.

Selecta Group, a major horticulture firm, is among those making the move, citing logistical challenges and employee safety. Kenya, already a global leader with a 16% market share in floriculture, is poised to benefit significantly. Uganda, with its stable environment, is also likely to attract investment.

The industry is highly sensitive as one wrong condition, everything wilts. As Ethiopia struggles, Kenya and Uganda are seizing the opportunity, strengthening their positions in the global flower market. More details»»»»»

Economy

Kenyan Private Sector : New Deals but Stagnant Hire 

Kenya’s private sector ended Q1 on a positive note, with new business deals rising significantly in March, according to the latest Stanbic Bank Kenya PMI survey. The PMI rose to a 10-month high of 51.7, reflecting strong demand, particularly in services, wholesale, and retail, though manufacturing lagged.

Pricing pressures eased, with only slight increases in input and staff costs, while purchasing activity and inventories grew. Despite this, employment growth remained mild, with 98% of businesses reporting no change in staffing levels. Looking ahead, businesses remain cautious about future output expectations amid mixed demand conditions. Read more here»»»»»

Capital Markets

♦️ The global financial markets are reeling from the impact of steep and sweeping tariffs imposed by U.S. President Donald Trump on April 2nd, sparking a widespread sell-off in equities. Despite the global downturn, Kenya’s stock market displayed resilience on Thursday, April 3, 2025. The benchmark NSE 20 Index rose by 0.35% to close at 2,233.39 as foreign investors assumed a net buying position, accounting for 76.84% of total purchases, signaling confidence in Kenyan equities. More details here»»»»»

♦️As of April 2025, an impressive 79% of all shares traded on the Nairobi Securities Exchange (NSE) have been immobilized in electronic form—a staggering increase from just 50% in January 2024. What does this mean for Investors…

♦️Jubilee Holdings has announced a historic Profit Before Tax (PBT) of KSh 6.2 billion for 2024, a significant increase from KSh 2.8 billion in 2023. The listed Insurance firm recorded 34% growth in Gross Written Premiums (KSh 53B) cementing its market leadership across East Africa. Here is how their yearly performance looks like…

Markets at a Glance…

Companies  

♦️ In a historic shift, KCB Group has surpassed Safaricom to become Kenya’s most profitable corporate entity in group terms, posting a Profit After Tax (PAT) of KSh 61.8 billion in 2024. Here is the analysis»»»»»

♦️PricewaterhouseCoopers (PwC) has announced the separation of its member firms in nine African countries, marking a significant shift in its regional strategy. The move comes as other global accounting firms—Ernst & Young(EY), KPMG, and Deloitte—reassess their operations in emerging markets. Here are the details»»»»»

♦️Across Africa, National Oil Companies are exploring joint ventures, privatisation, divestment, resource-backed loans, and development finance mainly for upstream projects. Recently, National Oil Corporation of Kenya (NOC) signed a non-equity investment partnership with Rubis energy. Here is why such transactions are on»»»»»

On your watchlist

Yesterday's Poll Results

Do you think Donald Trump's tariffs are justified?

🟩🟩🟩🟩🟩🟩 Yes (50%)

🟩🟩🟩🟩🟩🟩 No (50%)