Category Archives: Uganda

Twitter Week: Top 10 November 26

Twitter is a micro-blogging tool that is really nifty for doing mini-posts, forwards and other remarks that (are on any subject) and are maybe not worthy of a full blog post. Here’s a summary of my week on Twitter in a Dave Letterman top 10 format :

10. Uganda Talks
– r/t @UgInsomniac Uganda Government gives ousted Thai Premier Thaksin Shinawatra, a new UG passport- http://bit.ly/7xfU8t/ (Kenya sold him wildlife)
– R/t @UgInsomniac MapSwitch Uganda boldly going where no banks have gone? http://mapinternational.net/. #ugandalug

9 Visa Place burns
– What’s that fire in upper hill area?
– @rookieke was visa place on fire, poor chicken
– @jwesonga shebeen great place, good staff. And in Kenya style, it will be packed tonight, if it survives neighbour fire

8. G4S (in) Security Jokes
– A g4s truck parked by road side in kile-any missing cash today?
– Poor #G4S Kenya, after the weekend cash loss, they may have to sweep key staff and revert to old name securicor
– @coldtusker @mwirigi #G4S not to blame, customers move $ for evasion, business & commodity payments etc to bypass currency restrictions
– @mwirigi looks like real world inside job-at either G4S, seller, buyer or bank. Off to watch reel-world #heat movie this aft
– Embattled security firm #G4S hires Gina Din Comm. to spruce up image (via Nairobi star)

7 Kenyan Banks
– #stanchart bank loan hawks out on Nairobi streets again. Also KCB and family bank
Kenya MFI Faulu acquires insurance broker http://www.faulukenya.com
– Will check out family bank offer of free Wi-fi for customers’ next week @jwesonga

6 Zain Kenya
– Seems Zain Kenya turned on their 3G network this weekend, super net speeds (Via @kahenya)
– Zain Q3 ‘Kenya is a highly competitive market with very low ARPU’ 2.1M customers (down 14%) revenue of $118m, loss of $28m (much improved)

5. World Cup 2010 business
– @AirFranceUS promoting World Cup fares (from Paris) to South Africa. Book early and save! http://ow.ly/FjUk
– r/t @cnbcafrica 2nite on Business 2010 exclusive license deal between FIFA & Nederberg Wine Estate to produce a 2010 FIFA World Cup wine range

4. Africa Aviation
– Delta Air has Ghana Nigeria Liberia Senegal Egypt but no Kenya plan http://airlineroute.net/200… (Via @airlineroute)
– Ethiopian Air CEO talks aircraft choice A350, B787 B777 operating from high altitude Addis http://tinyurl.com/yffkkpc (via @flightblogger)
– Kenya airways offering diploma in airline passenger services at a cost of $1950.
– R/t @aschonland delta passes half connectivity mark- 51% of aircraft fleet now have wi-fi

3. Safaricom Modem discount
– #Safaricom deal data push discount – modems now redeemed at just 2,000 bonga points, used to be 10,000 before @kafainbi @antoneosoul
– @Kafainbi website and posters say 10,000 but modems are now 2,000 bonga points – try Moi ave. or I&M for stocks

2. Kenyan Corporates on Twitter
– can the real Kenya airways please stand up!!.. @kenyaairways and @kenya_airways on twitter, is one a squatter or both? (Via @jwesonga)
– Following @samtwit and @coldTusker as they sort out which is the genuine #kenyaairways twitter account. They could both be fake or fans
– @samtwit confirmation should come from a twitter link at the #kenyaairways site. A smart aviation buff can fake a corporate twitter ac
– @KenyaAirways is the official #kenyaairways twitter account. (@coldtusker, @rafikikenya – via semi-official source)
– Finally an indigenous Kenyan bank on twitter @familybankkenya

1 Tusker brewed in Ireland
– Tusker now sold in 500ml cans, cost 85/= at uchumi. @archermishale get well, and catch up with @inexes

– The Tusker 500ml can is brewed in Ireland! EABL #Fail #godblessthierryhenry

Centum seeks Carbacid

and other Bank Twits

Twitter is a micro-blogging tool that is really nifty for doing mini-posts, forwards and other remarks that (are on any subject) and are maybe not worthy of a full blog post. Here’s a summary of my week on Twitter:

– @louizah Zain Vuka has ended? Please confirm
– @NTV showing IFC-funded docu on women entrepreneurs – meaning manu-arsenal will be on tape delay – WHY? next @NTV ditched a static-filled channel & skipped their ‘half time’ piece to present second half live, on a much clearer signal! Kudos
– Sports journo era over? Player asks for trade on blog team obliges on Twitter player thanks fans on Facebook http://tinyurl.com/d967eu
– blog post Why Safaricom should spin-off MPesa http://bit.ly/gYZ86
– The Central Bank of Kenya reports have become incomprehensible B.S
– Upgraded Safaricom Investor relations page has media and CEO briefings http://bit.ly/VBZ2f
– Tanzania will now recognize Kenya manufacturers mark of quality http://bit.ly/USZHg
– Delta Air round-trip intro fares from Nairobi include (ex-tax) $650-NY/DC, $975-ATL/Chi/ Dallas, $1124-LA/SF and $1440-Detroit
– @kahenya @jamesmurua likes Riviera, which has good crowd and facilities, but beer is pricey and the place is a fire-trap
– So Joe Biden met Nairobi Mayor Majiwa in Chicago. There, that’s the end of the joke
– Safaricom CEO says M-Pesa not yet profitable http://bit.ly/TDV8D
– @leofaya says Kenyan promoters are killing Facebook http://bit.ly/zBHXB
– Today’s pavement uprooting is sponsored by Access Kenya – as the fibre optic railway is laid around Nairobi
– @Archermishale sports conspiracy goes that where a sport wants to sway a big game, they put in a low-quality ref, but didn’t happen on Wednesday
– Safaricom partners with Kenya’s largest bank KCB http://bit.ly/J4l92
– Kenya budget saga ($115 million) blamed on a typo – Quote ODB “N___ please!” http://tinyurl.com/p5hoyo
– blog post: two bank shareholder meetings same day same building same time http://bit.ly/86lNq
– @pinkm so you can only use debit, but not credit card to buy amazon books from KE? Interesting
– Ethiopian Air applies to fly from Nairobi to Amsterdam and Nairobi –Liege (Belgium)
– Land spin: Could there be a link between Migingo Island and the Kampala land Kenya got from the Uganda military?
– If MTN buy Yu or Access Kenya, they will have to negotiate with MTN matatu society for use of the name.
– blog post Its Our Turn to Eat (is credit card worthy) http://bit.ly/YnriQ
– NMG 2008 report gives prominent mention of new digital division, Making-Nation DVD and Zuqka portal http://tinyurl.com/qkcphc
– Centum applies to the CMA to buy Kshs. 350M of Carbacid shares and be the largest shareholder of the Nairobi listed (but suspended) company
– Senator cards advise customers to only upload to https, not http sites. It’s rare to find credit company giving card advice
– From Mars Group: Parliament’s Report on the Kenya Budget inconsistencies http://blog.marsgroupkenya….

Sleeping giants may never wake (or reform)

labour on Labour Day
Sometimes I wonder if we are ever going to reform & develop, or if by being profitable and making money we see no need for some reforms – corporate, land, ICT, political or other.

Rwanda is on the fast path to being an ICT powerhouse. They may get there, but we have the beach, undersea cable etc. – all we have to do is wait to benefit from them. Uganda and Sudan have oil – but so what? It will have to pass through here.

Stanbic Uganda [Pre tax profit of 69 billion ($41 million) [up 37%] and a dividend of Ug. 6.64 shillings per share (up 10%)] is able to e-mail to shareholders their annual reports, AGM notices, and proxies; meanwhile many Kenyan companies talk about it, have amended their by-laws to enable it, but I’m yet to see it done (any examples? – but maybe having 1 million expensive shareholders will entice them to take the next step forward).

In Uganda, empty plots display their legal numbers and have some sequential order by street; here in Kenya L.R. no’s (the official designation of parcels of land) only appear in court documents/mentioned in scandals and are only understood by estate agents.

In Uganda the Central Bank publishes all bank charges in the newspapers for customers to compare; here they give them to some private agency (FSD Kenya) to interpret for customers.

While the Kenyan audit bodies (FIRE, ICPAK) fault our companies for not disclosing the director compensation which they ask their shareholders to dutifully approve at each AGM, Stanbic Uganda shareholder can see that their chairman earns $10,400 and what each board member earns ($1,700 to $4,250) for them to approve.

Lastly, I don’t know any Ugandan stockbrokers but I’m sure it’s easier to ascertain their performance (and avoid rogue brokers) than it is here.

NSSF: Apples & Oranges

Kenya’s National Social Security Fund finally released their year-end results in the newspapers today after many years of pressure from governance experts and regulators. The scheme hopes to convert into a pension fund and states that it plans to hold an AGM soon

While the statements show improved performance over the last four years (NSSF-K was abused in the 1990’s and forced into bad property investments and lost billions in collapsed banks), how does it compare with NSSF Uganda who released their results last week?

an approximate conversion to US$

Buildings/property/land
NSSFK $434 million (35%)
NSSFU $76 million (13%)

Government Securities
NSSFK $115 million (9%)
NSSFU $289 million (51%)

Equities
NSSF Uganda lists their holdings – as Uganda Clays, Baroda, Nsimbe, DFCU, Stanbic, Serena, HFCU, Victoria properties. The Kenyan one does not list but the portfolio would include Unilever Tea, Nation media group, HFCK (11%) KCB (8%) British American Tobacco (20%) East African Breweries (8%), EAP cement (27%), and National Bank (48%)
NSSFK $618 million
NSSFU $54 million

Current assets
NSSFK $50 million
NSSFU $350 million

Current Liabilities
NSSFK $20 million
NSSFU $11 million

Members Funds
NSSFK $1,240 million
NSSFU $548 million

Totals assets
NSSFK $1,240 million
NSSFU $564 million

Income:
NSSFK $61 million
NSSFU $38 million
However, the Kenyan one include changes in the market value of shares in last year, adding another $80m to bring total income to $141m

Costs
NSSFK $41 million
NSSFU $7 million

Net Gain/Profit
NSSFK $147 million
NSSFU $31 million

Earlier:

  • Under its current format, the ultimate payout will be low from NSSF(K) and the benefits at retirement will not be enough to sustain a majority of retirees.
  • Comparison between Stanbic Kenya and Stanbic Uganda.

Jan 18: From ODM to Icarus

three weeks after the ill-fated elections and three days of mass protests

The disruptions in the workflow have been a nuisance to the country, while the violence is threatening to cut off Central Africa. But how long before President Yoweri Museveni decides to drive eastwards for another road trip  to check out the situation for himself?

If ODM’s goal is to grind the country to a halt, it may take a while. With tax collections significantly down, the pending Safaricom IPO which I thought will be an election winner could turn out to be a (one time) budget lifesaver – expected to yield over 30 billion shillings in Q2 of 2008.

ODM is now specifically targeting companies linked to key government personalities like Citi Hoppa, Brookside and Equity Bank. This sounds far-fetched and could lead to retaliatory attacks (ODM personalities are also business people); it’s also an extension of silent boycotts that people have undertaken on their own. E.g. people who only selling petrol to their kinsmen, while others boycott pubs or have stopped reading the Nation or Standard/KTN because of their perceived political leanings.

While George Bush is trying to revive the US economy through bipartisan tax breaks, but here we have two sides who won’t even sit down with each other. If they don’t, the crisis may soon spin out of control as the race for the presidency assumes historical dimensions

cut & paste: The Central Bank has introduced business continuity guidelines for all banks. However, it seems to be an update of an IT disaster preparedness document that’s a few years old and does not mention any of the words – crowd, riot, security, cash, ATM – and only one mention of ‘police’. In short, it does not address many of the challenges banks have faced.

Insurers with hearts: Some insurance companies like Pan Africa and Heritage (CFC) are making ab exception on a case by case basis to assist business people victimized in the riots. As a rule, insurance companies have no responsibility to cover such acts

Such as Business coping: Ukwala supermarket, which was destroyed in Kisumu, lost all their financial records. They are asking suppliers & partners to provide them with statements, delivery reports, and invoices as at December 31 and not to bank any of their cheques.

But can’t please everyone: like thieves who take advantage of busy police battling rioters, some unscrupulous borrowers are also using the economic shutdown to plead with banks for delayed repayment and favorable revision of loan terms when they haven’t really been affected.

Signal of confidence: On Wednesday, Imara Holdings introduced a new fund targeting the Diaspora willing to invest in east Africa. It’s an open fund with a minimum investment of 6.5 million shillings (~$100,000) and will be sold through Kenya’s ICEA

– Recognize us: Barclays have eaten humble pie for two years, but who would have through that high-street Standard Chartered would open a branch in Eastleigh?

Local Icarus: what happens when you fly too close to the sun

opportunities
– From PSD Blog; nominate a women entrepreneur to the doing business group of the World Bank.

Current open jobs
from the papers this week
– APA Insurance: unit managers, account managers. Apply to recruitement@apainsurance.com
– Safaricom: VAS Propositions Manager, Channel Development Manager, Key Accounts Executive – apply online. But for the position of chief information officer – but apply though PricewaterhouseCoopers executive selection division (ESD).