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Egerton VC files case to challenge her suspension

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Embattled Egerton University vice-chancellor Professor Rose Mwonya. FILE PHOTO | NMG 

Embattled Egerton University vice-chancellor Professor Rose Mwonya has moved to court to challenge the decision by the university council to send her on a 90 days compulsory leave over corruption allegations.

Prof Mwonya on Thursday filed an application before the Employment and Labor Relations court in Nakuru seeking for a judicial review of the decision by the university council.

The university don was sent on compulsory leave on September 10 via letter dated September 7 by the university council.

Prof Mwonya is alleged to have been involved in procurement malpractices amounting to millions of shillings, and tampering with students’ records as well as irregular award of scholarships.

She is also accused of recalling university academic staffs including the Registrar Academic Affairs Prof Seth Owido and Senior Administrative Assistant Thomas Migwi Maina, who had been suspended without consulting the university council.

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In the application filed under certificate of urgency, Prof Mwonya wants the court to revoke her suspension and be reinstated back to her position saying that her suspension was unlawful and violated the rules of natural justice.

According to the documents before Justice Monica Mbaru, Prof Mwonya argues that the decision to suspend her was done in violation of the law as the council meeting that resolved to eject her was improperly constituted.

She further states that the council acted unprocedurally by conducting the disciplinary meeting after the working hours behind closed doors and also failing to accord her a chance to defend herself.

“The suspension letter was issued in an illegal, unprocedural and irrational manner that frustrated the right to natural justice and procedural fairness,” read part of the document.

She further faulted the action of the council to appoint an acting vice chancellor Prof Alexander Kahi to the capacity, a mandate she claims to belong to the Education Cabinet Secretary.

In the application, Prof Mwonya wants the court to issue orders sending her on compulsory leave pending hearing and determination of the matter.

The court however, directed that the matter be mentioned within 21 days.



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Lami Technologies closes $1.8 million seed funding to accelerate growth of digital insurance in Africa

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NAIROBI, Kenya May 5 – Lami Technologies, a Kenyan insurance technology (insurtech) company that aims to democratize insurance products and services for low-income Kenyans, announced today it has raised $1.8 million in seed funding.

The round was led by Accion Venture Lab’s seed-stage investment initiative that provides capital and extensive support to innovative fintech startups that are improving the reach, quality, and affordability of financial services for the underserved.

Founded by Jihan Abass in 2018, Lami is a digital insurance platform that enables partner businesses – including banks, tech companies, and other entities to easily and seamlessly offer digital insurance products to their users via its API. Lami can also be used by partner businesses to manage their own insurance needs.

Lami connects partner organizations, such as e-commerce platform Jumia, with underwriters and allows them to offer a superior customer journey. Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customize the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time.

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Lami’s services are enabled by its flexible insurance rating engine and direct integration with several parties and insurance companies. Lami co-designs innovative products with its underwriting partners to enable businesses to offer unique insurance products to their underlying customer base, with flexible options that meet their needs and cash flows, such as monthly medical policies for startup employees.

Jihan Abass, CEO, Lami, said: “This funding will allow us to invest in hiring more people, improving our technology, and growing our presence across Africa as we can continue to address the persistent insurance gap. At Lami, our vision is to help improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations. By enabling our business partners to offer customized insurance solutions, we are helping them provide more value to their customers, while enabling large volumes of users to access insurance, often for the first time.”

Africa’s insurance market currently stands at a 3 percent penetration rate, expect for South Africa, and is facing modernization and innovation challenges. Most insurance providers on the continent fail to offer flexible, affordable and tailored insurance coverage that can provide a safety net for the African consumer. Low insurance uptake is partly due to the traditional distribution and administration of policies, which mainly still relies on brick-and-mortar channels where policies are sold and processed.

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safaricom share price declines lowering NSE activity

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Safaricom Plc, the most capitalized at the Nairobi Securities Exchange(NSE), had its share price dip by 0.16%, bring down turnover at the bourse by 50% to KSh 249.4 Million.

Figures from the bourse indicate that Safaricom was the top mover at the bourse with a volume of 4.58 Million shares, followed by KCB( 838,100), Kenya Re(461,300), Centum (255,300) and NSE( 227,700).
Eveready E. A was the top gainer with a 9% gain to KSh 1.09, followed by Sasini, which was up 7.37% to KSh 18.95, Carbacid Plc which gained 5.50% to KSh 11.50, Home Afrika, which gained 5.26% to KSh 0.40 and Housing Finance which appreciated 4.72% to KSh 3.90.

The worst performing counters were led by Centum, followed by I&M, Longhorn, Safaricom and Absa Bank.

Eveready E. A Plc was the top price gainer at the lacklustre Nairobi Securities Exchange(NSE), its share price rising 9% and closing at KSh 1.09.

The listed firm began the year with a share price of KSh 1.20 but has since lost 9.17% off that price valuation, ranking it 50th on the NSE in terms of year-to-date performance.

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Turnover at the NSE dropped to KSh 249.4 Million with a total of 7,540,900 shares in 955 deals traded.

Eveready was followed by Sasini Plc (7.37%), Carbacid Plc(5.5%)and Home Afrika Plc(5.26%).

Compared with the Tuesday, May 4th 2021 trading day, today’s data shows a 47% decline in volume, a 50% decline in turnover, and a 3% decline in deals.

Centum Investment Plc was the worst performer, its share price falling 3.22% to KSh 15.05 per share. Others were I&M Holdings Plc which declined (0.7%), Longhorn Publishers Plc(0.66%) and Safaricom Plc (0.61%).

The benchmark NSE All-Share Index [NASI] declined 0.38 points to close at 169.69. The NSE 20 Share Index gained 16.68 points to close at 1862.07. The NSE 25 Share Index fell 0.23 points to close at 3685.10

The derivatives market had 32 single stock futures contracts valued at KSh 1.58 Million concluded, compared to the 70 SSF contracts valued at KSh 2.76 Million ended during the previous session.

The secondary bond market had bonds worth KSh 2.97 Billion transacted in 61 deals than the KSh 5.42 billion worth of bonds achieved in 137 deals in the preceding session.

ALSO READ: Safaricom’s Bid for Ethiopian Telecom license excites Investors

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Kenya’s Private Sector Activity Drops to Lowest Level in 11 Months

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Kenya’s private sector activity during the month of April dropped to its weakest level in 11 months mainly due to the movement restrictions and extended curfew hours introduced in five counties at the end of March.

The Stanbic Bank Kenya Purchasing Managers Index, which measures the level of private sector activity, plunged to 41.5 from 50.6 in March 2021. The 41.5 reading, the lowest since May 2020, signified a sharp deterioration in the business environment.

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According to the Stanbic report, the government restrictions had a huge impact on the movement of goods and services as well as demand for products. In addition, companies suffered the high cost of operation due to the rise in the price of fuel and supply shortages

The level of output from Kenyan companies fell sharply in April. Additionally, business expressed pessimism about the future. “Outlook for future activity weakened to the lowest level seen since the survey began in 2014,” read the Stanbic Report.

In order to stay afloat, businesses cut employment numbers, reduced their input purchases and others offered discounts to buyers in an effort to improve sales.

Also read: Kenya Business Activity Slows Sharply in March

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