Summary of The Business Daily Newspaper -July 16,2025
Page 1: Reports that Kenya’s Financial Reporting Centre (FRC) has introduced new anti-money laundering rules for real estate agents, requiring them to report property deals above $45,000 and disclose buyer identities, including beneficial owners. The move aims to curb illicit funds in real estate, alongside updates on Co-op Bank’s share acquisitions and Unreme’s stock decline due to dividend cuts.
Page 2 : Notes that Devki Group’s National Cement lost its preferential tax rate after scrutiny from the Auditor-General and MPs, forcing it to pay the standard levy of Sh255 per tonne and reimburse Sh193.2 million in underpaid taxes from 2020–2022. The decision levels the playing field with competitors like East Africa Portland Cement and Bamburi Cement.
Page 3: Highlights that Kenyan firms are using overpaid taxes to offset future liabilities instead of waiting for refunds, a practice supported by the KRA to ease cash flow challenges. Tax experts say this helps businesses stay compliant and avoid borrowing, with adjustment vouchers proving useful in economic uncertainty.
Page 4: Reveals a discrepancy in pending bills owed to private universities, with the University Fund claiming Sh65.5 billion while private institutions cite Sh48.8 billion, despite an Auditor-General report showing Sh300 million in overfunding. MPs demanded clarity, warning of surcharges if unresolved, as the debt dates back to 2017.
Page 5 : Announces Kenya’s plan to introduce a digital ID system for e-commerce traders, including a national trustmark, to combat fraud and boost consumer trust. The government also proposes an e-commerce innovation fund for small businesses, while a Treasury employee was ordered to refund Sh6 million in illegal allowances.
Page 6: Notes that Co-operative Bank CEO Gideon Muriuki increased his stake by buying 12 million shares worth Sh202.8 million, raising his ownership to 2.19% as the bank reported strong financial performance with a 19.9% rise in net interest income.
Page 7 : Reports Umeme’s stock plunged 23.5% at the NSE after its interim dividend cutoff, reflecting investor uncertainty over its expiring 20-year Uganda power concession. The Ugandan government owes Umeme $118 million, with the firm seeking additional payments amid ongoing negotiations.
Page 8 : Discloses that professional advisers earned Sh646 million in fees from the Talanta Sports City Stadium bond, which raised Sh84.5 billion, with Liaison Financial Services taking Sh639.8 million as lead arranger. The bond funds a 60,000-seat stadium for the 2027 Africa Cup of Nations, though only 5% of construction costs have been paid.
Page 9 : Observes that the Saba Saba 2025 protests saw violence and looting, challenging the stereotype that Mt Kenya residents avoid demonstrations due to property ownership. The 2022 political shift, where politicians switched allegiances against voter mandates, highlights tensions between public sentiment and leadership.
Page 10: Explores how AI is transforming media and advertising through cost-efficient, creative solutions like hyper-realistic generative content, while creating new roles like Prompting Engineers. Industry leaders will discuss these trends at Nairobi’s PAMBO conference.
Page 21: Profiles Sister Immaculate, Kenya’s nun-turned-lawyer, who merges her religious vocation with legal advocacy to champion justice for the marginalized. Her journey from struggling in law school to courtroom success shows how faith and law can coexist powerfully.
Page 22 : Highlights how Nairobi’s traditional taxi drivers thrive on personal trust and long-term client relationships, rejecting ride-hailing apps in favor of consistency, privacy, and fair pricing. Their success proves human connection remains vital in a digital transport market.
Page 24: Discusses the rise of electric tuk-tuks in Kenya as a sustainable transport solution, offering lower costs, reduced emissions, and innovative battery-swapping services. These eco-friendly vehicles also address noise pollution and traffic congestion while proving economically viable.