Monthly Archives: February 2005

Local Authorities (City Council) Development Initiatives

Local authorities with outstanding debts will not be awarded disbursements from the Local Authorities Transfer Fund (LATF). This is to stop them from diverting funds meant for development projects into salaries and other debts, says the Minister for Local Government, Musikari Kombo.

According to local authorities transfer fund requirements, a town council must prepare service delivery plan (LASDAP) before it can receive funds. Nairobi, has its 2005/2006 LASDAP posted randomly on walls as follows:

+ A1 Total allocation LATF 692 million
+ A2 Fuel levy (for roads) 300 million
+ B- Poverty reduction grant 25 million
B Estimated 2005/06 revenue 4.1 billion
– C debt resolution 380 million
– D1 est. 2005/06 salary 2.5 billion
– D2 est. councillor costs 81 million
– A2 fuel levy (for roads) 300 million
– D3 est. operations/maintenance costs 05/06 1.6 billion
– D4 poverty reduction grant 25 million
Money available for service delivery action plan 198 m (poverty reduction grant 25m)
= (Total envelope 223 million)

That notice invited Nairobians to submit their comments to the Town Clerk, and not surprisingly, a lot of them expressed a desire to see actual specifics of projects to be undertaken.

Replying in a paid advertisement in the newspapers of Feb 22, the Town Clerk listed some 62 projects now completed amounting to about 140 million shillings, to allay fears that the money is being misappropriated. The projects include purchase of computers (1m), construction of ngundu bridge embakasi (1m), construction ruai health centre (4.5m) water supply to utawala embakasi (3.9m), street lighting in California and biafra estates (1.9m), construction of matatu terminus @ kariokor market (5m), construction perimeter wall at pumwani dispensary (1.7m), rehabilitation of city market (5m), and construction of a public toilet @ riruta market (1.4m). Of the 62 projects listed, 9 have been to rehabilitate social halls, 7 to rehabilitate health centres, and 6 to rehabilitate roads and bridges.

Banking News

Postbank Modernises:  Postbank has earmarked 230 million shillings for expansion including an online payment and ATM network. They are also seeking to amend the KPOSB Act 493 of 1978 that set up and governs the Bank. The Bank, which was set up to encourage Kenyans to save, is not allowed to give loans, and they would like to offer micro-finance and consumer loans at their 47 branches nationwide.

Bank to auction land:  Bank of Baroda will auction off the 8,300-acre farm that used to be Chemelil Sisal Estate in South Nandi at a cost of 78 million shillings. This stems from 3 loans the directors of the company took between 1971 and 1988, that were never paid and accrued huge interest arrears. The farm has 2,000 squatters who are demanding the right to buy sections of the farm, as they have lived there for many years.

Privatisation in Kenya: (The People Feb 21) The government is considering selling its stake in three banks which it controls. National Bank, which is valued at 4 billion shillings, has attracted offers from several investors, the highest being only 500 million. This is mainly because the Bank has non-performing loans of 17 billion, 11 of which is owed by the government. Other Banks on the list are Consolidated Bank and Industrial Development Bank. The newspaper urges the government not to sell these Banks below their value, despite their various problems.

Privatisation in Tanzania:  After a review of technical and financial bids, three banks – Radobank Nederland, Standard Bank (SA) and Akiba Commercial Bank – have been short-listed to bid for a 49% stake in the National Micro Finance Bank of Tanzania. (East African Feb 21)

More SMS: Prime Bank is the latest bank to offer SMS banking to its customers.

Other Business Briefs

Safaricom Sale
The Government will sell 11% of Safaricom to raise funds to restruture Telkom Kenya. It (through Telkom) owns 60% of Safaricom, with Vodaphone (UK) owning the other 40%. (Nation Feb 22)

LSK Lunch
The Law Society of Kenya (LSK) will have its quarterly luncheon on February 24th at the Stanley Hotel. The Chief Guest will be Hon. Justice Aaron Ringera, who will speak on “Milestones in the Fight Against Corruption in Kenya.”

Bank/Finance Jobs

Micro Finance Officers
CARE Kenya (to be based in Dadaab, Garissa)
Must have business, commerce or economics degree and 3 years experience at a credit institution. CPA, ACCA or CIMA qualification would be an advantage. Apply by Feb 28th to The Human Resource & Development Manager, CARE International in Kenya, P. O. Box 43864-00100

Commercial Officer
French Economic Department
Must be university graduate, fluent is French, English and Swahili, with 5 years experience and aged 28 – 35. Complete CV in French language and apply by 1st March to French Economic Department in Kenya, P. O. Box 30374-00100 or e-mail nairobi@missioneco.org

Assistant Secretary General (admin & finance)
Common Market for Eastern & Southern Africa (COMESA)
Must have postgraduate business, management, finance or economics degree, 12 years executive management experience at a large institution, and be fluent in English & French. Apply by Feb 25 to the Permanent Secretary, Ministry of Trade & Industry, P. O. Box 30430-00100, Nairobi.

Chief Financial Officer/Financial Controller
At an award winning manufacturer and exporter of jams and juices
Should have 10 years in food processing industry, CPA, CA or ACCA qualification, and must be presently heading a finance & accounts department. Apply to The Advertiser, P. O. Box 1165-00606, or e-mail manguru@manguruplus.com / afrisuccess@yahoo.com by Feb 28th

Sports Stadia Management Board
Apply by March 2 to The Chief Executive, Sports Stadia Management Board, Private Bag – Kasarani, Nairobi for the following two positions:
(i) Deputy Director – Finance, Human Resources & Administration (Ref: DD/F&A/037/SB2)
Must have MBA, CPA and 8 years senior management experience.
(ii) Assistant Director – Business Development (Ref: AD/BD/038/SB3)
Must have business degree (marketing option), 5 years experience and good knowledge of IT

Graduate Management Trainees
Postal Corporation of Kenya
Must be fresh university graduates, and aged below 26 years. Will train in various departments for up to 2 years, after which they will be appointed to management jobs. Apply by March 19th, to The Postmaster General, General Management Training Program, Postal Corporation Of Kenya, P. O. Box 34567-00100 Nairobi

Graduate Management Trainees
At a multinational corporation
Must be fresh graduates aged below 30 years. Apply by March 5th, to The Advertiser, P. O. Box 45242-00100, Nairobi

Open your own Kengeles

Kengeles is inviting investors to apply to open new restaurants. You are required to have the capability of investing 9 – 14 million shillings, as well as 4 million in liquid capital.

Kengeles will assist you with site selection, leasing agreements, personnel development, advertising and quality control etc. – and in exchange you get to launch a restaurant/bar with an established brand and a ready market & customer base, at low risk to yourself.

Apply to Kengeles Management Group at kmg@kengeles.com or 572314/4349311.