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VIDEO: You wont believe what these Jubilee MPs say about Chinese loans

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A member of parliament on Sunday demanded full disclosure on what the government intends to do with the Sh520 billion loans and grants deal it signed with the European Union last week.

Emgwen MP Alex Kosgey said the public has a right to be told what the funds will be used for, given that the decision has added to the country’s debt burden, which currently stands at Sh5.146 trillion.

FULL DISCLOSURE

“This information is simply not forthcoming. Our attempt to get the information from Treasury has not been successful. There’s need for full disclosure on what the half a trillion shillings will be used for,” he told the Daily Nation.

He further expressed disappointment that in signing the agreement, Treasury did not disclose which proportion is loans and which one grants.

Last week, Treasury Cabinet Secretary Henry Rotich signed the five year €4.5 billion (Sh520 billion) loans and grants deal with the European Union, which was represented by its ambassador to Kenya, Stefano Dejak.

 

The fresh loan deal comes amid growing concerns about the ballooning repayment costs that are hurting economic activities by taking up a large chunk of government revenue.

On Sunday, Mr Kosgey, who has already proposed an amendment Bill to the Public Finance Management Act to cap government borrowing, said it was not right for the government to continue borrowing without divulging repayment plans.

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Kenya plans to spend Sh870.5 billion on debt repayments by June next year, from Sh435.7 billion the year that ended June 2018, against expected taxes of Sh1.76 trillion.

“The amount in question is more than the Sh215 billion Eurobond that was not accounted for. Kenyans need to be told what the cash is for and the repayment plan,” he said.

-Nation.co.ke

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Woman in court for taking Sh15m mortgage with forged signatures

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A senior manager with Mars Wringley’s company who allegedly faked a management consultant’s signature claiming he was her spouse and took out a mortgage for a Sh15 million property in Ngong is facing forgery.

Jane Muthoni Kariuki is accused of forging David Kimeli Mugun’s signature appended on a spousal consent mortgage application document presented to NCBA bank on November 4 last year.

She is accused of forging Mugun’s signature appearing on the document named Mugun as her spouse on November 4 last year with intent to deceive.

Mugun did not sign, and was not aware that Kariuki had listed him as her husband in the document he purportedly signed.

Kariuki was accused of faking Mugun’s signature with intent to deceive.

She is also accused of forging an advocate’s signature appended to the form.

The document is purported to have been signed by lawyer George Bwoyere of Akoto and Akotoa advocates on November 4 last year.

Kariuki is also accused of uttering a false document after she presented the spousal consent form to the bank falsely naming Mugun as her spouse.

She denied the charges before senior resident magistrate Charles Mwaniki of Kibera law courts.

By NN

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Unemployment was a big blessing in disguise

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Bradox Osumo, 27, graduated from Kenyatta University with a degree in Biochemistry four years ago. He would then spend the next two years sending endless job applications in vain.

His story is reminiscent of many a youth’s experience in Kenya; a country where 80 per cent of the unemployed are below age 35.

Frustrated, Osumo gave up the fruitless search and decided to get into fish business. Today, he owns two successful establishments, aptly named The Big Fish, in Nairobi’s Garden Estate.

When the Hustle team visited on a weekend, the place was bustling with activity even with the set social distancing rules in place.

Osumo shares the ups and downs of setting up a business in a crowded industry and what he has had to do to survive the pandemic.

What is the ultimate lesson that your job search and business journey has taught you? Regardless of your education, you have to get down to work without necessarily being too choosy. I was unemployed and penniless and had to try something out, in spite of my education. My sister (who is a Master’s degree holder) also works here. We started this business with her. At the end of the day, you have to work to make a living. So, one should not be hesitant to start something.

One should start from what they have. I would also like to tell them to use the internet well. If one has a business venture, promote it on social media as much as you possibly can. Abstain from posting negative things that may kill your brand in the future.

Avoid posting unnecessary things. Also, post consistently. Consistency in advertising makes people associate with one’s business. They should also consider getting into the food business because in this one, you are always assured of making sales no matter the period.

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Dry fry fish with ugali at the Big Fish restaurant in Garden estate, Nairobi on August 3, 2020. [Elvis Ogina,Standard]

 But why fish?

Why not fish (laughs)? Anyway, my sister, a trained teacher, used to sell fish as a side hustle, often during vacations. It was a small-scale business which she conducted by the roadside.

After a two-year stint of unsuccessful job hunting, I suggested to her that we could expand the fish business. She agreed. And thus Big Fish began.

The plan was to start an outlet, like a hotel, from where we would serve a larger base of customers. We started with a small place in Garden Estate, next to where we are now.

How much did you invest at the start?

Around Sh100,000. Most of the money actually went into buying furniture, utensils and paying rent. I paid a deposit of Sh20,000 and a two-month advance rent.

I also acquired a freezer from the landlord, paying in instalments. We made individual contributions and collected the rest of the money from our family.

How did you attract customers initially?

I served the locals, especially people working at the garage around my first hotel, and often got more customers courtesy of referrals from satisfied customers. I used to sell The Nile perch, which did not fetch very good returns.

I later introduced tilapia, which, unlike Nile perch which was sold in small pieces, fetched way more money. A full course of Nile perch cost Sh120, but then tilapia goes for Sh200, Sh300, Sh400 and even Sh600 a piece.  Where do you get your fish from?

I am from Muhuru Bay in Migori. I get my fish from the same place in Lake Victoria. We are many fish sellers in the city and share the cost of transportation.

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The truck that ferries them to the city stops at the pick-up point, which is Gikomba. The fish is usually fresh as it is usually stored in ideal, well refrigerated containers within the truck. 

What makes your fish attractive to customers?

We always serve our fish fresh and prepare meals on orders. It takes such a short while for fish to have a stale taste and smell. As such, we only cook when customers order and it thus means customers have to wait for a while before their order is placed on their table. We also do not add spices to the fish. We want customers to have the authentic smell and taste of fish and not of the spices.

 When was your big break?

In December 2019. I posted my business on twitter, and it went viral. There were many retweets that followed. I came from 300 followers to, currently, more than 15,000.

As it stands, I now serve more online customers than locals. Actually due to demand, I had to open this second branch in June this year. Sometimes over the weekends, which are the busiest of days, this place, which has a capacity of over 80, gets so full that some people have to stand outside waiting. We serve over 200 people on such days.

 How many people do you employ?

I have eight employees, that is three chefs and five waiters. Add my two sisters (who are actively involved in the business) and myself, which puts the number at 11.

How is business during the pandemic?

Fortunes have tanked. We are operating at around 50 per cent capacity. Most of the people we are serving now are those asking for deliveries, especially in offices. But I cannot complain. We are able to pay for the overheads and take something home.

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Would you ditch this for formal employment?

No way. This venture employs people who I would leave exposed if I left. Further, this venture gives me satisfaction. It is what I want to build.

What is the biggest challenge you have had in this business?

Handling fish requires a lot of care. To keep the fish fresh at all times is a challenge. Customers sometimes complain when it takes time to place their order on the table, but as I said, we prepare fish on order to ensure we serve only the freshest. So we take time not to compromise on the quality we offer.

What is the greatest lesson you have learnt?

When you start this business, the aim should not be to fetch profits. It should be to serve the customers to their satisfaction and offer the best. A satisfied customer will be loyal to your brand and will always refer other people to your business. Quality should be offered consistently without ever compromising on it. Time and dedication ultimately bring profits.

About financial responsibility?

You have to save in the business account as much as possible. When a business makes a profit of Sh20,000, you should save at least Sh15,000 for the business. Anything could happen any day and the business could need an urgent infusion of cash, which, without proper savings, are impossible to get.  

What is your ultimate dream?

To expand and become a household name, a brand, like Mama Oliech and Ranalo. I want to serve a lot of people and to get to a point where when people mention fish, they mention The Big Fish.

Parting shot?

Breakthroughs only come once you have started something.

by Standard.co.ke

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Business

SOARING LIKE AN EAGLE & UNLEASHING YOUR FULL POTENTIAL

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Soaring like an eagle & unleashing your full potential potential are powerful motivational books authored by Mr. George Wachiuri, the CEO, Optiven Group that will motivate you to pursue your dreams regardless of any obstacles along the way.

What’s more, when you buy a book, 100 percent of all proceeds go to The Optiven Foundation whose vision is to economically & socially empower communities all across our nation.

Get your copy Today for only Ksh 1,000 or USD 10 at Tuskys Supermarkets, Text Book Centre, KU Bookshop, Prestige Bookshop along Mama Ngina Street or from the author at Optiven Limited offices at ABSA Plaza, 14th Floor.

Call us on 0718 776 033 for a copy!
www.optivenfoundation.org

READ ALSO:   Jacque Maribe´s resignation from Citizen TV takes a different twist
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