NAIROBI, KENYA: Education Cabinet Secretary nominee George Magoha is worth Sh250 million according to documents presented before a parliamentary committee last week.
The documents shared with the National Assembly’s Committee on Appointments shows that Magoha has various sources of income, which includes rental, investments in treasury bills and income from his profession, fixed cash deposit and a Safaricom mast.
Magoha’s career began in 1988 when he was employed as a lecturer in the Department of Surgery, at the University of Nairobi. In1989 he was promoted to a Senior Lecturer in the same department and in 1995 was again promoted to Associate Professor, a position he served until 2000.
He was vetted by MPs on Thursday after President Uhuru Kenyatta forwarded his name to Parliament on March 6 for approval.
In a 2018 parliamentary report disclosing net worth of each cabinet secretary, it emerged that only CS of foreign affairs and international trade Monica Juma did not list real estate as the source of her millions.
Monica Juma’s net worth is estimated at Sh50 million, money derived from salary and income from farming.
According to the report, Simon Kiprono Chelugui, the CS for Water and Sanitation is probably the richest cabinet secretary at Sh796 million while Rashid Echesa (ex-sports Cabinet Secretary) was last with a net worth estimated at Sh40 million.
Cabinet Secretaries’ net worth
Below is a breakdown of the Cabinet Secretaries’ net worth and source of income:
Farida Chepchumba Karoney, CS Lands and Physical Planning
She informed the Committee that her net worth is approximately Sh200 million comprising investments in shares, farming, and real estate.
Peter Munya, CS Industrialisation
He estimated his total net worth at Sh 264,100,000.00 comprising of investments in the real state, agriculture, and land.
Keriako Tobiko Cabinet Secretary Ministry of the environment.
Tobiko informed the Committee that his net worth is approximately Sh360 million comprising of investment in real estate, agriculture, and livestock.
Simon Kiprono Chelugui- Water and Sanitation
Chelugui informed the Committee, in his response to the questionnaire, that his net worth is approximately Sh796 million comprising investments in real estate, movable assets, and farming.
Ukur Yatani- Labour and Social Protection
Yatani informed the Committee that his net worth amounts to approximately Sh295 million comprising investments in transport, movable assets, real estate and livestock.
Rashid Echesa Mohamed–Ex-Sports and Heritage CS
Echesa informed the Committee that he has a net worth of Sh40 million comprising of investments in movable assets, real estate, and construction.
John Munyes –CS Petroleum and Mining
He stated that his net worth is Sh50 million and includes investments in real estate, transport sector, salary, and allowances.
Margaret Kobia- CS Public Service, Youth and Gender Affairs
She informed the Committee that her net worth is approximately Sh165 million comprising expected future benefits from service gratuity and investments in real estate.
World Bank pushes G-20 to extend debt relief to 2021
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.
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.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
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.
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.
Scope Markets Kenya customers to have instant access to global financial markets
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.
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.