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112 employees retrenched by National Bank

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National Bank of Kenya (NBK) retrenched 112 employees who took up a voluntary early retirement offer last year in an exercise that cost the lender Sh541.2 million.

The Nairobi Securities Exchange-listed firm is among a group of publicly-traded companies that spent hundreds of millions of shillings to reduce their workforce in the year ended December 2018.

“During the year, the group implemented a voluntary early retirement scheme incurring a one-off restructuring cost of Sh541.2 million. A total of 112 employees participated in the voluntary early retirement scheme,” NBK says in its latest annual report.

The retrenchments implemented last year affected management ranks the most, with their number dropping to 721 from 791 in 2017. The number of clerical workers also declined to 432 from 494 while contract employees shrank to 203 from 214.

NBK’s overall workforce dropped by 143 to close the year at 1,356.

The lender added that the restructuring exercise was meant to boost efficiency and productivity going forward.

The bank, which has had one of the highest expenses in the industry, saw its cost-to-income rise to 74 per cent in the review period from 67 per cent the year before.

NBK is expected to undergo further restructuring once its proposed acquisition by KCB Group is completed. KCB says it expects NBK to run independently for about two years, after which it will be fully merged into the country’s biggest bank.

KCB and NBK have branches close to each other in multiple locations and this is one of the reviews of operations to be done as the institutions merge.

Increased retrenchment in corporate Kenya in recent times has been driven by a mix of automation and a tough business environment featuring heightened competition and tighter credit markets.

Other companies that implemented similar schemes include Britam Holdings, Barclays Bank of Kenya and Standard Chartered Bank (Kenya).

Britam spent Sh664 million to lay off 110 staff last year while a similar move at StanChart saw the exit of 54 employees that cost the lender Sh611 million.

Barclays also spent Sh479 million to let go of 78 employees.

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Business

VIDEO: Own Spacious 3-bedroom ensuite bungalows in Ruiru only 3km from Thika Super Highway

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BY BMJ MURIITHI

The best things in life come in small packages, so goes a popular English saying. However, Mahiga Homes Real Estate and property development Company seems keen to deliberately change the word “small” to “spacious.”

As the company celebrates two years of its existence, its directors are offering a special deal to customers.

Rock Gardens II Ruiru Estate will take your breath away not just because of the size of the beautiful bungalows but also the proximity.

They sit on 50×100 plots along Ruiru-Githunguri Road and are perhaps the most spacious houses ever built by Mahiga Homes Ltd.

Kikuyu Diaspora Media CEO Jeremy Damaris just visited the site and spoke to Directors Ruhiu and Muchoki who are appealing to Kenyans in the Diaspora to hurry up before all the units are bought.

“I am glad that you haven’t let me down,” says Jeremy who has been using his media platform to advertise the company’s various projects.

For more details: Contact Mahiga Homes on +254 721 466 536/ +254 721 784 691 or visit www.mahigahomes.co.ke

WATCH:

ROCK GARDENS II RUIRU ESTATE

5 minutes drive off Thika superhighway and 25 minutes from Nairobi CBD.

Own today a 3-Br All Ensuite Bungalow in a serene environment, easily accessible from the tarmacked Ruiru-Githunguri road.

BUNGALOW FEATURES:

 

    1.   115 square metres

 

      1.   ALL Ensuite bedrooms

 

        1.   Modern open plan kitchen

 

          1.   Gypsum ceiling and tiled rooms

 

            1.   Large windows for natural lighting

 

              1.   Inbuilt MDF wardrobes

 

                1.   Cabro paved driveways

 

                  1.   Car park for 2 cars

 

                    1.   Green area

 

                      1.   Available borehole water for the estate

 

                        1.   Commercial Area

 

                        1.   Perimeter wall all round the estate

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Business

Form Four leaver discovers goldmine in rearing earthworms

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Every year, thousands of fresh graduates join the already flooded job market with expectations of securing a job to help them meet their daily expenses and mould a better future.

George Muturi Waigunyo, a 25-year-old Form Four leaver faced similar challenges until the day he decided to take a road less travelled, he chose earthworm rearing over job-hunting.

Form Four discovers goldmine in rearing earthworms to overcome unemploymentMuturi displays part of earthworms which he rears at his home in Lari, Kiambu county.Photo: Enock Ndayala/ Tuko.co.ke
Source: Original

Muturi, an alumnus of Kimuri High School in Kinangop said he never imagined vermiculture (rearing of earthworms) would be turn out to be a profitable venture when he began investing in it.

After completing his Form Four studies in 2013, Muturi lacked school fee to enable him further his studies and resorted to farming as a source of income.

He first ventured in poultry and rabbit rearing but later dropped them for vermiculture.

Form Four discovers goldmine in rearing earthworms to overcome unemploymentA heap of earthworms at Muturu’s place in Kiambu county. Photo: Enock Ndayala/TUKO.co.ke.
Source: Original

The ideas of rearing earthworms was sold to him in 2015 by an officer at International Centre for Insect Physiology and Ecology (ICIPE) where he had gone to buy black solder eggs for his chicken.

“The idea looked less expensive but more profitable. I decided to sell all my rabbits and bought five kilos of red earthworm at KSh 2,500 by then. I then constructed a structure at a cost of KSh 5,000,” Muturi said

According to the young farmer, a kilo of earthworms locally retails at KSh 2000 although his main interest is in production of organic manure.

With over 300kg of earthworms, he produces at least three tonnes of compost manure after every three months.

Form Four discovers goldmine in rearing earthworms to overcome unemploymentMuturi illustrating how he feeds and takes care of earthworms which he has been rearing for the last five years. Photo: Enock Ndayala/TUKO.co.ke
Source: Original

A tonne of compost manure goes for as much as KSh 70,000 meaning he raises up to KSh 210,000 within three months.

Unlike other ventures such as poultry which take longer to pay back, earthworms take between two to three months to mature.

In a year has four harvesting seasons and Muturi disclosed he earns up to KSh 600, 0000 where all factors have remained constant.

Form Four discovers goldmine in rearing earthworms to overcome unemploymentA kilo of earthworms locally retails at KSh 2000 although Muturi’s main interest is in production of organic manure who tonne costs KSh 70, 000. Photo: Enock Ndayala/TUKO.co.ke.
Source: Original

One advantage that makes his hustle flourish is that warms are less expensive to maintain since they do not need any vaccination and hardly fall sick compared to other domestic animals.

“Worms do not have diseases. Nonetheless, they can die if we introduce manure which has chemicals in it. The only challenge they face is predators which we repel by making an appropriate structure to scare them,” he said.

Furthermore, the young entrepreneur noted worms feed on locally available feeds including cow dung, rabbit droppings if available, fast decaying leaves, non-citric fruits, the kitchen remains and water.

Currently, he has established market locally and across the East Africa region including neighbouring countries like Uganda and Tanzania.

The market price is currently KSh 2000 per kilo and Muturu observed it will get better going forward since people have started discovering the value of worms.

Form Four discovers goldmine in rearing earthworms to overcome unemploymentMuturi explained to TUKO.co.ke reporter that earthworms take between two to three months to mature and he earns up to KSh 210, 000 after every harvest. Photo: Enock Ndonyi/ TUKO.co.ke.
Source: Facebook

He put the idea into practice some five years ago and has since grown into a company, Agri-Tech organic farm, which he operates as the founder and CEO.

The interesting part is that he has offered employment to one university graduate.

Another factor that makes this venture a goldmine is the fact that earthworms are hermaphrodites, meaning each earthworm has both male and female reproductive organs hence can multiply at a very high rate if well fed.

By Tuko

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The rich also cry: Brookside shuts down milk factory

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Brookside Dairies, a company owned by President Uhuru Kenyatta’s family, has become the latest victim of the poor economic situation that has since multiple companies downsize or shut down.

Brookside Dairies on Thursday announced it would be shutting down its Taita Taveta regional factory, Wumingu Cooling Plant, effective March 1st 2020.

The Ruiru-based company cited losses as the reason for closing down the factory that has in the past decade offered jobs and a livelihoods to hundreds of locals in the area.

Wumingu Cooling Plant, located in Wundanyi town, has a capacity of processing 10,000 litres of milk on a daily basis.

In 2017, Brookside paid Taita Taveta dairy farmers a total of Sh52 million for supply of raw milk at the Wumingu plant.

The company’s exit from the region is expected to cause a setback for dairy farmers as the company has hitherto bought over 45 percent of the entire raw milk in Taita Taveta.

The country has witnessed numerous shutting down or downsizing as the economic situation has deteriorated.

The Jubilee government has been blamed for the tough economic climate that has been attributed to unfriendly government macroeconomic policies.

In 2019, data from the Registrar of Companies, 388 companies had been dissolved between March and August alone with the situation expected to get worse in 2020 – according to Central Bank Governor Patrick Njoroge.

By Pulse

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