Mashada Blogs » May 12, 2009

You Missed This: Migingo- Is is a Luo affair?

Sue — Tue, 12 May 2009 20:55:00 -0400

The fight over the small island Migingo is now tribal. It is war between the luos of Kenya and the Uganda. President Museveni in his address over the issue has literally provoked the Luo tribe in kenya.

I think a patriotic Kenyan need to say no to Museveni and remind him that the Migingo land, fish and water are one thing that belong to Kenya and not Luos.Museveni is now becoming arrogant and disrespectful to Kenyans. Kenyan are not under dogs by any standards and we (Kenyans) are willing to resist this kind of aggression.Insulting words against any tribe or person of Kenyan citizen is aimed at Kenya and we are watching the Ugandan president keenly.Kumekucha

Kenyanentrepreneur.com: Eddy Njoroge: Oink, Oink, Oink

kenyanentrepreneur — Tue, 12 May 2009 18:51:01 -0400

Has anyone noticed just how much money and power this fellow Njoroge is accumulating lately? This guy’s name is appearing every. freaking.where. MD of Kengen Shareholder in this shadowy company called Transcentury New chairman of the Nairobi Stock Exchange When I first saw all the responsibilities that this new oinker has on his plate, I wondered how anyone would have [...]

bankelele: Book Review: It’s Our Turn to Eat

Tue, 12 May 2009 09:45:00 -0400

a review of the book without having read the book. Note that I generally don’t like read reviews’. If I want to watch a movie or read a new fiction book, I won’t read any reviews of it till after I watch it; this is because reviews tend to contain too many spoilers and plot giveaways.

During the May Day holiday weekend, I finally finished reading It’s Our Turn to Eat – the bootleg version, one which the author warned was not the real copy. It’s a fairly comprehensive e-mail; I’d wager its close enough to the real thing that and that over 90% of the blog readers here have read the PDF (real or faux) - and please don’t ask me for a copy.

The introduction of the book to Kenya, a biography of former anti-corruption Tsar John Githongo (written by Michela Wrong), had three background factors
- John Githongo is a powerful, polarizing person in Kenya; a patriot & champion to some, a traitor & coward to others. While his accounts of events related to Anglo Leasing has been published in his parliamentary reports; not much has been written about Githongo the person this is his story
- While the Government of Kenya never commented or banned, the book, several Nairobi bookshops shied away from displaying or advertising the book. This was because of previous libel awards that bookshops who were near easy targets got fined for carrying books that powerful leaders (Nicholas Biwott) felt besmirched them
- Also at the same time, a PDF version of the book also circulating and was forwarded and downloaded widely The author Michela Wrong and her publishing house realized that there was a leaked version circulating and:

(i) Alerted her friends and the net community that a faux/earlier/incomplete version was being circulated
(ii) Released a low cost e-book to counter the faux copy.

Having only read the faux copy, I can only comment on what’s in it. I have no doubt it comes close to the real thing. I still intend to get a copy of the real book – either buying one from a friend, or having one delivered from abroad - good enough that I want to read the read the book - and not the E-Copy but the actual book; having a book still convey paper books have functionality, and durability that e-books don’t – I can read the book anywhere (matatu, bank queue, at lunch). Demand for the book is make me want to break a vow and obtain a credit card perhaps to buy it from Amazon (UK) or the publisher.

Michael Wrong’s last book I read was In the Footstep of Mr. Kurtz, about Mobutu Sese Seko and his years as President of Zaire (a.k.a the Democratic Republic of Congo.) It’s the definitive book for anyone new to the Congo or wishing to understand the Congo's post-independence history, economy, diversity, people, problems etc. Likewise the Githongo book - focused on high-level government corruption, raw tribal political leadership, ease of corruption, political interference/weakness of judiciary - will be the definitive book of the Kibaki era (Kenya 2002 to the present) and until other government personalities commission their own biographies, this will be the way that the recent political history of Kenya will be understood. It would be nice to read about Michael Waweru on tax collection strategies, Peter Kenneth and the use of Constituency Development Funds, Esther Koimett at the Privatization process, and Kilemi Mwiria on free primary education etc.

Other local reviews of the book.

KA-INVESTOR: Centum: A Close-up

Tue, 12 May 2009 07:25:00 -0400

Centum Investment just impresses me with their over-optimism (if there is anything like that) when it comes to their dwindling performance and aggressive investment plans. Despite its Full-Year 2008 profits dropping 64% (to Ksh.313.2 million; investment income dropped by 33% to 392 million) and making some unwise investments in Uchumi and RVR (Rift Valley Railways), the investment firm is going forth with an aggressive 5 years plan (2009-2013) and has announced a Ksh.2 billion bond issue.

It has already appointed transaction advisors for the issue set to open in three months time and is seeking regulatory approval for the same. cash raised in the bond issue will be invested in regional securities (both public and private) taking advantage of the investment opportunities created by the global recession that has seen value of securities dropping significantly as foreign divested.

The firm had issued a profit warning earlier in April indicating that it expected its full year profit to fall by up to 80% mainly due to an 84% drop in the value of its holding in RVR. The bear run at the NSE further eroded gains realized by the firm from publicly listed shares. Its current portfolio is valued at about Ksh.6.4 Billion from Ksh.8.67 billion in at its peak in 2006.