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Barclays Bank closes accounts of flashy city businessman Paul Kobia

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Barclays Bank has closed accounts owned by controversial businessman Paul Kobia, a move he now claims is related to new regulations requiring individuals to reveal the source of any money flowing into their accounts.

The lender cut ties with Mr Kobia on January 14, a month after notifying him of the move.

The notification letter stated that the decision was made “following a review of our business”.

In the letter, Barclays states that it has also ceased offering Mr Kobia investment services.

The letter is attached as evidence in a suit Mr Kobia has filed seeking to declare the new regulations illegal, claiming that they will hinder investment from abroad and violate the privacy of clients.

Mr Kobia has sued the Central Bank of Kenya and Attorney General Paul Kihara Kariuki claiming that Barclays’ decision was made following new rules that require individuals and institutions to reveal the source of money coming in or going out of their bank accounts.

“Any funds received in your favour after the closure will be returned to the remitter. We cannot, however, guarantee that such funds will be resent to you by the remitter,” the banks states.

“After we have closed your accounts, any additional funds remaining will be repaid.”

READ ALSO:   ODM Politician among those arrested over Ksh2 Billion Fake Cash at Bank

source:nairobinews.co.ke

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Business

PHOTO: What is happening in Amani Ridge the Place of Peace.

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Today 11.08.2020

Welcome to Amani Ridge and take a tour to our green spaces, home to 546 different types of fruit trees!

You will also meet a dedicated team on the ground doing the final closure of the perimeter wall.

Join Optiven family today and get an opportunity to to build your home in a serene,scenic and natural environment.

Call us now:
0790300300 or 0723400500
Website: www.optiven.co.ke

Experience the difference

READ ALSO:   Flying squad discover billions in fake currency at Barclays Bank branch
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Business

OPTIVEN: All our projects have you in mind

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We think of accessibility to social amenities, education needs for your children, all social, recreational and economic needs as well.

Living in the Garden of Joy gives you access to all the above and more!

Enjoy all the benefits of living in this wonderful gated community which is just a 7 minute drive from Koma Town.

Invest today in quality living for your family
Call us on 0723 400 500 or visit https://bit.ly/30K8Vwi

READ ALSO:   Now fake gold boxes found at Barclays Bank
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Business

How Covid-19 lifted my Sh1,000 business

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Covid-19 has hit the working class hard. President Uhuru Kenyatta during one of his recent statements warned of 500,000 job losses in six months should Covid-19 persist.

And women bear the brunt of the pandemic as most of them work in the informal sector, the hardest hit by the job cuts.

For Purity Namalwa Nasilwa, however, losing her job was a blessing in disguise.  Instead of drowning in sorrow and self-pity, she used the chance to make a financial comeback.

The 22-year-old sat for her KCSE in 2018, attained a B (Minus) grade, earning her admission to Kenyatta University but lack of school fees did her in.

ACCEPTED FATE

“I had accepted that my life and fate had entered into a coalition to mess me up…Poverty had been hanging around my neck like a guillotine and I had accepted that God’s grace was sufficient for me to enable me live a day at a time,” she says.

Her dream to pursue a course in hospitality went up in smoke when her parents could not afford her campus fees. Countless visits to her Kiharu MP’s office in search of help bore no fruit.

She immersed herself into casual labour in food joints in Murang’a town.

“For one and a half years, she eked a living in Mitura (African sausage) and soup joints, earning between Sh100 and Sh200 as daily wages,” she says.

READ ALSO:   Now fake gold boxes found at Barclays Bank

In the course of toiling to make ends meet, she got pregnant.

PREGNANT AGAIN

“It did not come as a surprise to me. When life seems harsh to you, you get psyched that misfortunes are part of life. I found myself looking forward to giving birth and even expecting to get pregnant again. I cared not a damn…Little did I know I was sinking slowly into depression,” she says.

Then Covid-19 arrived into the country, all food joints in Murang’a were closed and she was jobless!
“Even when Governor Mwangi wa Iria revised the trade sanctions a month later, the damage had already been done since many small businesses had ran out of capital to pay rent and sustain profitability margins,” she says.

With house rent arrears of Sh5, 000 and hunger staring down at her and her baby, Ms Nasilwa knew her life was nearing unbearable limits.

Purity Nasilwa at her business premise in Murang’a County, preparing the immune boosting juice. PHOTO | MWANGI MUIRURI | NATION MEDIA GROUP

She sought help from her mum.

RENT ARREARS

“She gave me Sh1,000. It was a sacrifice since she was also experiencing the vagaries of Covid-19-induced financial hardships. My first instinct was to go shopping for food reserves. But wait; and afterwards? The rent arrears were accumulating,” she got thinking.

READ ALSO:   Flying squad discover billions in fake currency at Barclays Bank branch

She had read, in the Bible, about the mustard seed and how it multiplied to generate wealth. The more she thought along that line, the more she got inspired to devise a way of making that Sh1,000 grow.

“I cracked my head for a strategy. An inspiration from nowhere struck my head and opened my horizons far and wide. I became aware that there was a market craze that was building about natural fruits touted to be immunity boosters against Coronavirus,” she says, adding that “that was my Eureka moment.”

She bought food reserves worth Sh300. She used the balance, Sh700 to buy Sh40 avocadoes, Sh50 pineapple, Sh50 bananas, Sh80 beetroots, Sh100 garlic, Sh50 sugarcane and Sh30 tomatoes.

JUICE BLENDING

“With Sh300 in hand now, I bought some plastic cups and jugs worth Sh200 and the balance of Sh100 became my cash in hand,” she says.

The next stop was at a neighbour’s house who gave her a juice blending machine.
She then approached a friend who runs a cybercafé along Biashara Street of Murang’a town for a space to display her new enterprise on a small wooden table.

“It must have been God’s favour since, from my starting stock, I made about 3,000ml of assorted juices, all of which were bought at Sh1,500 equivalent to a net profit of Sh900!” she says.

READ ALSO:   ODM Politician among those arrested over Ksh2 Billion Fake Cash at Bank

While many companies hurt during the coronavirus pandemic, some small businesses like Ms Nasilwa’s are seeing more and more customers by the day.

RELIEF FOOD

“It was too sweet to be true because my sales kept on growing by the day. I have expanded my start-up to include immunity booster uji (porridge) made of organic tuber flour, smooth and fresh juices, detoxes, puddings and salads, “ she says noting that on a bad day, “ I’m guaranteed at least Sh600 as profit.”

She does not require ‘Kazi Mtaani’ or relief food to earn a livelihood since she is self-reliant.

Ms Nasilwa is now more positive about life and says her future is premised on two hopes —either she gets sponsors to see her pursue university education that poverty denied her despite being qualified, or get a breakthrough in her business.

“My greatest lesson in life out of this Covid-19 experience is that not all calamities are bad…Covid-19 pandemic to me was a blessing in disguise. Again, I have come to realise that there is no small money in the hands of a determined mind to multiply it,” she says.

By nation.co.ke

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