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Prof Magoha: I’m worth Sh250 million

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George Magoha: I’m worth Sh250 million

 George Magoha
Prof George Magoha during his vetting by MPs on March 14, 2019. PHOTO | EVANS HABIL | NMG 

Education Cabinet Secretary designate George Magoha’s net worth is Sh250 million, a parliamentary report has revealed.

Prof Magoha was nominated by President Uhuru Kenyatta to replace Amina Mohamed in the Education docket said his annual income is derived from Treasury bills, fixed cash deposit, rent, income from a Safaricom #ticker:SCOM mast and royalties from sale of his autobiography.

If approved, he will join a Cabinet comprising multi-millionaires, including Water minister Simon Chelugui who early last year was worth Sh796 million, Ukur Yatani (Sh295 million), Peter Munya (Sh264 million) and Farida Karoney (Sh200 million).

“He estimated his financial net worth at Sh250 million,” the committee on appointments chaired by Speaker Justin Muturi said in its report on Prof Magoha.

“His sources of income during the calendar year preceding his nomination and the current calendar year comprise of continuous annual income from Treasury bills, fixed cash deposit, rent, income from Safaricom mast and royalties from continual sale of his autobiography”

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The report, which was tabled by Leader of Minority John Mbadi, recommends the appointment of Prof Magoha to the Education docket.

The committee said no memoranda were presented to the committee contesting the suitability or otherwise of the nominee for appointment as CS for Education.

However, Prof Magoha told the committee that he participated in the irregular recognition of Dr Sumira Soni as an ophthalmologist, when he served as the chairperson of the Kenya Medical Practioners and Dentist Board.

“He also accepted responsibility on behalf of the Board, regarding the matter. He acknowledged that proper due diligence was not undertaken but reiterated that a review process is ongoing to determine and finalise on the matter including the reassessment of the said doctor,” Mr Muturi said in the report.

The MPs found out that Prof Magoha, a professor of surgery at the University of Nairobi with more than 31 years experience, has a suitable academic and professional record to manage the Education docket.

The MPs noted that Prof Magoha has not been dismissed or otherwise removed from office for contravening the provisions of Article 75 of the Constitution.

“He has also not been adversely associated with practices that depict bias, favouritism or nepotism in the discharge of public duties,” said the report.

“He has fully complied with the tax obligations to the State for the financial year immediately preceding his nomination for the appointment.”

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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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