Mulembe Business Journal

Everything mang'ondo. Navigate your local economy. Track mapesa as it moves the markets. Business news for Western Kenya investor. From @mulembe_news

[Mulembe Business Journal @MulembeBusiness]

Agenda

1. Data
2. Blue Economy

[Kenyans.co.ke @Kenyans]

I was looking at the headlines in one of the newspapers, “Oh, Ruto is travelling again” - President Ruto

[Mulembe Business Journal @MulembeBusiness]

You and I can bet who will be in the driving seat when this industrial revolution hits the global South

[Bull Theory @BullTheoryio]

BREAKING: China is spending $295 billion to replace Nvidia with Huawei across its entire AI infrastructure.

China announced today it will build a nationwide AI data center network over the next 5 years operated by state firms China Mobile and China Telecom.

At least 80% of all AI chips must come from domestic suppliers, primarily Huawei. Nvidia and AMD are locked out by design.

Jensen Huang confirmed this last month. "We've largely conceded that market to them," he told CNBC. China once accounted for at least 20% of Nvidia's entire data center revenue. That market is now gone.

Huawei's new Ascend 950PR chip already outperforms the only Nvidia chip Washington allows China to buy, the H20 by 2.8 times.

ByteDance has committed $5.6 billion to Huawei chips in 2026 alone. Alibaba and Tencent have placed significant orders on top of that.

The $295 billion is just the government portion. Private spending by Alibaba, Tencent, and ByteDance is separate. When power grid integration is included, total projected investment reaches at least $800 billion by 2030.

For context, the US committed $725 billion to AI this year alone. China is building its entire AI infrastructure without a single Nvidia chip.

[Canada in Ethiopia @CanadaEthiopia]

Ambassador Nicolas Simard was delighted to participate in the official launch of the Canadian Chamber of Commerce in Ethiopia on Parliament Hill in Ottawa on June 4. Together we will help create new pathways for mutually beneficial trade and investment. #EconomicDiplomacy #Canada

[Mulembe Business Journal @MulembeBusiness]

One of our own 🇰🇪♥️

[African Business @AfricanBizMag]

“People drive culture.”

Jeremy Awori shares how Ecobank’s values-driven culture underpins its transformation strategy, with a focus on accountability, commitment and long-term execution.

🔗 Read the full interview: https://t.co/cWmweYjVJh

[Amb. Alfred K’Ombudo, CBS @AlfredKOmbudo]

149 Ambassadors, Deputy Ambassadors, and Trade Attaches strategize to advance Kenya’s services exports.

Kenya’s new export powerhouse is the services sector. Services trade is not only outpacing goods trade globally but is also driving Kenya’s export performance, with exports worth over $5 billion in 2024 and consistent annual growth.

Trade exports estimate that Kenya has the potential to triple this performance to over $15 billion a year with increased planning and execution of services export plans within Kenya’s missions abroad.

Led by the State Department for Foreign Affairs and the Foreign Services Academy, Kenya’s Heads of Missions, Deputy Heads of Mission, and Trade Attaches met for a virtual training and planning session to advance export strategies for various services sectors.

The session was supported by the World Bank Group and the Center for Trade and Development, which prepared and led interactive sessions on "The Role of Heads of Mission in Accelerating Services Exports" and "Demand Analysis for Services Exports."

Kenya’s services export sector is powered by air and sea transport, financial services, pensions and insurance, ICT and computer-related services, and professional services. In addition to contributing to the export sector, services are a strong magnet for technology, investment, and jobs, making it a key instrument for advancing Kenya’s economic development vision.

[Lake Basin Development Authority @LBDAgov]

𝐒𝐮𝐧𝐟𝐥𝐨𝐰𝐞𝐫 𝐕𝐚𝐥𝐮𝐞 𝐂𝐡𝐚𝐢𝐧 𝐋𝐚𝐮𝐧𝐜𝐡 | 𝐋𝐚𝐤𝐞 𝐁𝐚𝐬𝐢𝐧 𝐑𝐞𝐠𝐢𝐨𝐧
Today at 𝐌𝐮𝐡𝐨𝐫𝐨𝐧𝐢 𝐈𝐓𝐓𝐂. @LBDAgov under the representation of the Managing Director, by the Director of Engineering Services and Infrastructure Development, Eng. Jacob Akuno officially unveiled the Sunflower Value Chain Initiative �� a structured public-private partnership between the Authority, GreenTec Hub Limited, @Syngenta_Kenya, @eni and @AdvantaSeeds—ensuring farmers have support from planting all the way to market.
For the communities of the Lake Basin, this translates to 𝐪𝐮𝐚𝐥𝐢𝐭𝐲 𝐢𝐧𝐩𝐮𝐭𝐬, 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐜𝐜𝐞𝐬𝐬, 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐦𝐚𝐫𝐤𝐞𝐭𝐬, 𝐬𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐣𝐨𝐛𝐬, 𝐚𝐧𝐝 𝐬𝐭𝐫𝐨𝐧𝐠𝐞𝐫 𝐟𝐨𝐨𝐝 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 and the Authority is proud to anchor this initiative as part of its mandate to drive sustainable economic development across the region.

#SmartSustainableDevelopment

[Dr. Raymond Omollo — CBS @ray_omollo]

Infrastructure that connects people also connects dreams, and the ongoing construction of the Lichota Passenger Terminal at the Lichota Airstrip, Migori County, underscores the importance of modern transport infrastructure as Kenya advances into a globally competitive economy, opening up counties to faster movement of people, trade, investment and opportunity beyond geographical limitations.

Managed by the Kenya Airports Authority (@KenyaAirports), the modernization project is transforming the facility from older shed-like waiting areas into a modern Class B international standard terminal designed to handle up to 500,000 passengers annually.

The project also introduces Customs and Immigration facilities for direct regional connectivity to neighbouring countries, separate domestic and international passenger processing zones and integration with the expanded 2-kilometre runway capable of accommodating larger commercial aircraft.

It is also expected to stimulate local commerce, attract investment, strengthen cross-border trade and unlock tourism potential within Migori County and the wider region.

The State Department for Internal Security and National Administration continues to play a critical role in the implementation and eventual management coordination of the facility, particularly in strengthening the security of entry and exit points, supporting border control operations and ensuring safe and efficient movement of passengers and goods.

[Kenya Investment Authority (InvestKenya) @InvestKenya_]

The South Africa–Kenya Business Forum culminated in a high-level Presidential Session with President Cyril Ramaphosa and President William Ruto, underscoring the strategic importance both nations place on deepening bilateral economic ties.

Their participation reaffirmed a shared commitment to advancing investment, trade, industrial cooperation, and private-sector collaboration. Both leaders emphasized that Africa’s future depends on stronger partnerships, deeper integration, and practical action to unlock investment, scale intra-African trade, and build competitive regional value chains.

[Mulembe Business Journal @MulembeBusiness]

🇿🇦🤝🏿🇿🇦

[the dtic @the_dtic]

[IN PICTURES]: South Africa - Kenya Business Forum #KenyaInSA #BetterAfricaBetterWorld

[Mulembe Business Journal @MulembeBusiness]

Goldenberg 3.0

[Bull Theory @BullTheoryio]

🚨 INDIA MAY HAVE JUST WITNESSED ONE OF ITS BIGGEST ACCOUNTING FRAUDS EVER.

SEBI alleges that Rajesh Exports, one of India's most well known gold companies and a Fortune Global 500 firm, faked $158 billion in revenue, 99.8% of everything it ever claimed to earn over the last 5 years.

Rajesh Exports owns a Swiss gold refiner called Valcambi SA through overseas subsidiaries.

The parent company booked the full value of refined gold as its own revenue, even though it never owned the gold. It only held it temporarily for refining on behalf of customers.

Valcambi's own audited financials show it generated less than 0.5% of what Rajesh Exports was claiming as group revenue.

When SEBI asked for subsidiary financial records, Rajesh Exports repeatedly refused, citing Swiss privacy laws. SEBI is legally authorised under those same laws to request the records.

SEBI also found $1.3 billion in recorded transactions with a firm called Affluence Shares and Stocks.

Affluence told SEBI directly that Rajesh Exports was never its client, no agreement existed, and no trades were ever executed.

SEBI alleged those entries were fabricated to match gold derivative trades the owner was running through his personal account using company funds transferred without board approval.

Owner Rajesh Mehta has been banned from all securities market activity and a forensic audit has been ordered.

LIC, India's largest state insurer, owns 10.8% of the company.

The company has denied all charges and plans to contest the order.

[Abuga Makori EGH, MBE @abuga_makori]

Mamboleo-Miwani-Chemilil-Muhoroni-Kipsitet Road (122KM). A major sugar belt Road that connects Kisumu, Kericho and Nandi. Heavy commercial vehicles creating traffic menace in Ahero will also use this road. @ray_omollo

[Taita Ngetich @taitangetich]

The next bag of Kenyan rice you buy may have been dried in a solar dryer, not on a roadside. 🌾

We just completed our largest smart solar dryer yet in Kisumu, drying 8–10 tonnes per cycle for 700 rice farmers, rain or shine. Run a co-op or buy grain? Let's talk. 🇰🇪

[Hon Wycliffe A. Oparanya, EGH @DrOparanya]

𝐈𝐌𝐏��𝐑𝐓𝐀𝐍𝐓 𝐔𝐏𝐃𝐀𝐓𝐄 𝐎𝐍 𝐒𝐀𝐂𝐂𝐎 𝐑𝐄𝐆𝐈𝐒𝐓𝐑𝐀𝐓𝐈𝐎𝐍

I am pleased to announce that the Ministry of Co-operatives and MSMEs Development, through the Commissioner for Co-operatives, has lifted the suspension on the registration of new SACCO societies with immediate effect.

This decision follows the successful review of the legislative and regulatory framework governing the co-operative sector by a Committee of Experts appointed by the Ministry.

As we continue strengthening the co-operative movement, the registration of new SACCOs will now be subject to enhanced requirements aimed at promoting sustainability, accountability, and good governance.

To qualify for registration, applicants must:

1. Demonstrate the existence of a fully equipped and accessible physical office with at least one employee.
2. Have a minimum institutional capital of KSh 1.2 million for formation and initial operations, excluding member deposits.
3. Submit a comprehensive three-year business plan and cash flow projections.
4. Demonstrate the capacity to mobilize at least KSh 10 million in deposits within the first year of operation.
5. Comply fully with Sections 4, 5, and 6 of the Co-operative Societies Act and all relevant Regulations.

All applications for registration should be submitted through the respective County Director for Co-operatives.

This marks another important step in building stronger, more resilient, and member-driven SACCOs that contribute meaningfully to Kenya's economic transformation and financial inclusion agenda.

[Ghana Presidency @GhanaPresidency]

President John Dramani Mahama on Wednesday, June 3, 2026, presided over the Market Open ceremony at the London Stock Exchange in Paternoster Square, London, marking the official commencement of trading activities at one of the world’s leading financial hubs.

During the ceremony, the President rang the iconic bell, a symbolic tradition that underscores Ghana’s growing presence in global financial markets and its commitment to deepening international economic partnerships.

#MahamaThePresident #MahamaInUK

[The Kobeissi Letter @KobeissiLetter]

Key Events This Week:

1. May ISM Manufacturing PMI data - Monday

2. April JOLTS Job Openings data - Tuesday

3. May ISM Non-Manufacturing PMI data - Wednesday

4. Initial Jobless Claims data - Thursday

5. May Jobs Report - Friday

6. Total of 7 Fed Speaker Events This Week

This week is all about the labor market.

[Finance Historian @BoardLotSultan]

@MulembeBusiness The NAV/Valuation issue is top in the list of our Questions to the CEO here
https://t.co/koReKsuPL5

[KYK 🇰🇪 @KijanayaKabras]

Desterio Oyatsi is a billionaire lawyer and Deputy Group Chair of NCBA, where he holds 21.7 million shares worth about Ksh 1.8 billion. With over 40 years of experience, he is an advocate of the High Court and managing partner at Shapley Barret & Co. Advocates, one of Kenya’s oldest law firms.

He studied law at Oxford University and later at the Kenya School of Law, and has handled high-profile cases including representing former President Uhuru Kenyatta at The Hague.

Oyatsi has built his wealth through diverse corporate interests, having served as a director at the Capital Markets Authority, Telkom Kenya, and commissioner at the Kenya Law Reform Commission between 1998 and 2002.

He was also on the Kenol Kobil board and chaired the Commercial Bank of Africa from 2012 to 2020. Currently, he chairs Base Titanium Limited, Kenya’s largest mining project, where he played a key role in initial negotiations and community resettlement.

He also has a stake in hospitality through Musiara Limited under Wilderness Holdings, which runs high-end safari properties.

A lawyer and businessman with many hats, Oyatsi’s career reflects a sharp blend of legal expertise and business acumen.

[Mulembe Business Journal @MulembeBusiness]

I have heard of NAV being used rationalize the share price terming it massively discounted with some estimates have the stock in the 90-120 range.

[Finance Historian @BoardLotSultan]

Folks, There is a line in in Centum Financials, [balance sheet], called "Other Liabilities" standing at Kes. 20billion.
Am analyzing that tomorrow. This line holds that entire NAV narrative. A total joke!!

[Finance Historian @BoardLotSultan]

@MulembeBusiness Ukianza hiyo bro utanyamba!!
Inamaanisha value of assets (or overvaluation thereof)

Nakunywa mùkòberò kabla nifike hapo. Bookmark this 🥲🥲🥲

[Mulembe Business Journal @MulembeBusiness]

@BoardLotSultan Kazi safi na hiyo ngori Yao ya loans. Iko number investors wa hiyo stock humention Kila saa: NAV. Hiyo inasema aje?