The Hidden Cost of Doing Business in Africa: The “Perception Tax”

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March 23, 2026

By Peter John

Many companies operating in Africa unknowingly incur a costly burden that never appears on financial statements: the “Perception Tax.” This refers to the penalty businesses pay when they rely on assumptions rather than accurate, market-specific intelligence.

According to APO Group, this tax stems from the persistent tendency to treat Africa as a single, high-risk market.

In reality, the continent consists of 54 diverse countries, each with distinct economic and regulatory environments. Oversimplifying this complexity often leads investors to inflate risk, delay decisions, or withdraw entirely.

However, data tells a different story.

Research by the African Development Bank and Moody’s Analytics shows Africa has the lowest infrastructure investment loss rate globally at just 1.7%. Despite this, capital costs remain disproportionately high, revealing a gap between perception and reality.

Investors like Tony Elumelu highlight that Africa consistently delivers strong returns for those who understand its markets.

Firms such as Helios Investment Partners have capitalised on this by investing where others hesitate.

Ultimately, the perception tax rewards informed players while penalising the uninformed.

As opportunities expand under the African Continental Free Trade Area, success will depend on insight, not assumption.

DTB Delivers Strong 2025 Performance with Profit Growth and Higher Dividend

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Editor

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March 23, 2026

By Peter John

Diamond Trust Bank (DTB) has reported a strong set of financial results for the year ended December 31, 2025, marked by significant profit growth, an expanding customer base, and improved asset quality, reinforcing its position as a leading financial institution in the region.

The bank’s pre-tax profit rose by 26%, while profit after tax increased by 21% to KShs 10.7 billion.

This growth was supported by a 14% rise in revenues and a 15% expansion in total assets, reflecting sustained business momentum.

At the same time, DTB maintained strict cost discipline, limiting the growth in operating expenses to just 7%, a move that contributed to enhanced operational efficiency.

Customer deposits crossed a major milestone during the year, surpassing KShs 500 billion to reach KShs 509 billion, representing a 14% increase.

Net loans also grew by 14% to KShs 324 billion, indicating steady demand for credit and the bank’s continued support for businesses and households across East Africa.

A notable driver of this performance has been DTB’s rapidly expanding customer base, which grew to 4.5 million in 2025 from 3.1 million the previous year.

This growth has been fueled by the bank’s expanding branch network and its focus on ecosystem banking, particularly targeting SMEs, retail customers, and mid-market segments.

The bank also reported an improvement in asset quality, with its non-performing loan (NPL) ratio declining to 10.8% from 12.3% in 2024.

Its specific coverage ratio rose to 51.1%, signaling stronger provisioning against potential loan defaults. DTB aims to further reduce its NPL ratio to single digits by the end of 2026.

In line with its strong performance, the Board of Directors has proposed an increased dividend of KShs 9 per share, underlining the bank’s commitment to delivering value to shareholders while sustaining growth.

Commenting on the results, Group CEO Nasim Devji said the performance reflects the strength of the bank’s strategy and its resilient business model.

She noted that continued investment in digital innovation has enabled DTB to enhance customer experience and expand access to financial services across its markets.

DTB Kenya CEO Murali Natarajan emphasized that the bank’s success goes beyond financial returns, highlighting its role in supporting communities, promoting financial inclusion, and contributing to environmental sustainability.

This commitment is reflected in DTB’s social impact initiatives.

By the end of 2025, the bank had planted over one million trees through its environmental programs, reached more than 30,000 girls with menstrual health and education support, and trained over 10,000 individuals and small businesses in financial literacy and enterprise development.

As it looks ahead, DTB remains focused on driving growth, deepening digital transformation, and advancing its sustainability agenda.

With a strong capital base, improved asset quality, and a clear strategic direction, the bank is well positioned to sustain its upward trajectory while creating long-term value for its stakeholders.

Seven New Commissioners Take Oath Of Office As Members of the National Land Commission

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Editor

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March 23, 2026

Dr. Abdilahi Sagaaf Alawi and six other commissioners officially assumed office as members of the National Land Commission on Monday morning, following a swearing-in ceremony held at the Supreme Court of Kenya and administered by Chief Justice Hon. Martha Koome.

Speaking after the swearing-in, the new Chairperson acknowledged the First and Second Commissions, noting that they played a historic role in operationalizing the Commission.

He stated that the immediate priority would be to review the implementation of the Commission’s Strategic Plan (2021–2026), as it approaches its conclusion.

“We shall undertake a comprehensive assessment of achievements, challenges, and lessons learned,” said the Chairperson.

He added that the outcome of the review would guide the development of a new Strategic Plan that reflects emerging priorities in land governance and aligns with national development objectives, including the Government’s BETA Agenda.

NLC CEO Ms. Kabale Tache Arero, who spoke during a luncheon at Sarova Panafric on behalf of the Secretariat, welcomed the new commissioners. She assured them of the Secretariat’s full support, noting that the team has previously worked with the First and Second Commissions and is well prepared to support the Third Commission, given the sensitivity of the mandate.

“We have no doubt that, with your leadership and expertise joining our ranks, the National Land Commission will be significantly strengthened to deliver on its crucial constitutional mandate,” she said.

“The NLC has a competent Secretariat that will greatly support you in delivering our mandate,” the CEO added.

The other six commissioners who took the oath of office are FCPA Susan Oyatsi, MBS; Mr. Daniel Murithi Muriungi; CHRP Kigen Vincent Cheruiyot; Hon. Dr. CS. Julie Ouma Oseko; Hon. Mohamed Abdi Mohamed; and Hon. Mary Yiane Seneta.

Also in attendance at the ceremony were Deputy Head of Public Service Amos Gathecha, Lands Principal Secretary Nixon Korir, immediate former NLC Chairperson Gershom Otachi, and several NLC Directors.

By Anthony Solly

Ahero Bridge Flood Chaos: River Nyando Halts Traffic on Kisumu-Nairobi Highway

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John Mutiso

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March 23, 2026

The Government has issued a public notice following the overflow of River Nyando at Ahero Bridge along the Kericho–Awasi–Kisumu Road.

The river has burst its banks and flooded the roadway, with water levels continuing to rise and posing a serious risk to motorists and other road users.

Following an advisory from the Nyanza Region Traffic Commandant, Dr Fredrick Ochieng’, all road users along this route are urged to use alternative roads.

“The water levels continue to rise and may be dangerous to cross, especially as darkness falls. The overflow has already caused a major traffic snarl-up on both sides of the road,” said Ochieng’.

He added that authorities had issued the warning to caution motorists against using the road, particularly as night approaches.

Motorists travelling to and from Kisumu have been advised to divert at Timboroa through Lesos to Kapsabet–Chavakali–Kisumu until the situation stabilises. Those heading in the opposite direction are advised to use the Nairobi-bound route.

Ochieng’ said the advisory is especially critical at night, when it becomes difficult to accurately assess the depth and strength of the flowing water.

“There is a possibility that the river’s volume may increase further overnight, which could result in vehicles and other road users being swept away while attempting to cross,” the Traffic Commandant warned.

The Government has assured the public that it is closely monitoring the situation and will provide updates as necessary. Road users are urged to exercise caution and fully comply with the directive.

Injured Chiesa dropped by Italy before World Cup qualifying play-offs

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John Mutiso

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March 23, 2026

Federico Chiesa has been dropped by Italy after being found not fit to play in the Azzurri’s 2026 World Cup qualifying play-off with Northern Ireland, the country’s football federation (FIGC) said on Monday.

Liverpool forward Chiesa “was not considered available for the coming two matches”, said the FIGC, referring to Thursday’s semi-final with Northern Ireland and a potential final against Wales or Bosnia-Hercegovina next week.

Italy face Northern Ireland in Bergamo desperately trying to get through the play-offs and not miss out on a third consecutive World Cup finals.

The FIGC did not specify the 28-year-old’s injury, the latest in a long list which has hampered the career of one of Italy’s brightest talents.

Chiesa, a back-up player at Liverpool, was a star of Italy’s Euro 2020 triumph but he has not played for his country since the dismal defence of their European title in 2024.

Bologna’s Nicolo Cambiaghi has been called up to replace Chiesa, while Inter Milan defender Alessandro Bastoni and Atalanta striker Gianluca Scamacca are both trying to shake off knocks ahead of Thursday’s match.

CS Murkomen: Raphael Tuju Staged Own Abduction to Gain Sympathy, He was Sleeping at Home

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John Mutiso

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March 23, 2026

Interior Cabinet Secretary Kipchumba Murkomen has accused former Cabinet Secretary Raphael Tuju of staging his own disappearance “to gain sympathy”, as police said forensic findings showed he never left his Karen home.

Speaking after Tuju resurfaced, Murkomen claimed investigators established that the former CS was at home during the period his family said he was missing, saying the government had information that he was in his residence “sleeping”.

“Raphael Tuju abducted himself. He was in his bedroom. His family refused to open the gate for police officers and instead reported that he had been abducted,” Murkomen stated.

Murkomen said he was travelling from London when he was informed Tuju had disappeared, but claimed preliminary investigations indicated he was at home.

He alleged Tuju switched off his phone and that investigators traced his last location to a bedroom, adding that police had been instructed to verify whether he was indeed inside the house.

The CS further claimed Tuju’s family reported the matter but initially denied officers access to the Karen residence.

Murkomen said that after the Inspector General directed police to go to the home, Tuju allegedly contacted the media and re-emerged, claiming he had been hiding.

“These theatrics must come to a stop,” Murkomen said, calling on the Judiciary to deal firmly with what he termed a growing culture of “faking abductions”.

His remarks came hours after DCI Director Amin Mohamed said forensic analysis contradicted Tuju’s account and established he remained inside his home throughout the reported disappearance.

Amin said Tuju was reported missing on Saturday, prompting investigators to deploy an operation team of uniformed officers and plain-clothes detectives to secure the premises as they pursued a court search warrant.

He said suspicion grew after Tuju’s family denied some officers access to the Karen home.

The DCI boss said investigators tracked Tuju’s movements and established he was in his house even after his phone was switched off at 6.16pm. “When confronted with the reality that police were closing in on the truth and that his deception could no longer be sustained, Mr Tuju chose to resurface,” Amin said.

Amin said Tuju had been arrested and booked at Karen Police Station to record a statement, adding that giving false information is a serious offence.

He said detectives also wanted details of the reports filed by the family and the “good Samaritans” Tuju claimed hosted him in Kiambu.

Tuju, however, said he went into hiding after he believed he was being trailed by suspicious people. He claimed he branched into Nandi Road and lost the alleged vehicle before abandoning his car along Miotoni Lane in Karen.

Supplement maker Huel bought by Danone

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Editor

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March 23, 2026

By Peter John

The British meal supplement maker Huel is being bought by Danone for a reported €1bn (£864m).

Founded in Buckinghamshire in 2014, Huel is best known for its smoothie powder, which it says is a nutritionally complete replacement for a regular meal. Its investors include actor Idris Elba and broadcaster Jonathan Ross.

It has since expanded its range to include ready meals, nutrition bars, and health drinks, all of which are plant based.

The company has previously gotten into hot water with the UK advertising watchdog, which has banned adverts for its making “misleading” claims.

One such advert made misleading claims about the cost savings associated with replacing a normal diet with meal replacement shakes, the watchdog said.

Huel (a portmanteau of ‘human’ and ‘fuel’) products are currently sold direct to consumer, but the Danone deal will allow it to expand into new markets.

The market for so-called complete nutrition products, aimed at time-poor, health-conscious consumers, is thought to be worth $5.9bn (£4.4bn).

Some experts have questioned the effectiveness, however, of replacing meals with nutritionally rich drinks.

The value of the deal has not been made public, but the Financial Times reported that it is worth around €1bn. It is subject to closing conditions including regulatory approval.

Danone noted that Huel already has a “fan base” in the UK, Europe and the US.

“Huel’s mission to make nutritionally complete, convenient, sustainable food, aligns closely with Danone’s purpose of bringing health through food to as many people as possible,” the company said.

Danone chief executive Antoine de Saint-Affrique said the British company had “best in class digital capabilities”.

James McMaster, Huel’s chief executive, said: “Most people don’t get enough protein, fibre, or the right nutrients. That’s the problem Huel exists to solve.

“With Danone, we will now have the infrastructure, distribution and R&D capability to go further, into new markets and to more people.”

Danone is best known for its yoghurt drinks – in addition to its Danone-branded drinks, it also owns Actimel, Activia and Alpro.

Earlier this year, Danone recalled 14 batches of its baby formula and follow-on milk, from the Aptamil and Cow and Gate brands, over fears they were contaminated with toxins.

Its other brands include Cow and Gate baby formula, Evian and Volvic.

Junet Responds to Orengo’s Criticism of Ruto’s ‘Sunroof’ Politics

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John Mutiso

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March 23, 2026

Suna East Member of Parliament Junet Mohamed, on Monday, March 23, called out Siaya Governor James Orengo over his questioning of President William Ruto’s trips across the country.

Speaking in Uriri, Junet lashed out at Orengo, who accused President Ruto of gallivanting on vehicle sunroofs instead of sitting in his office and working for Kenyans.

He claimed that the Head of State’s trips across the country allowed him to be in touch with the people and understand their needs.

The MP claimed that presidents who were domiciled in State House lacked an understanding of their people and sensationally claimed that the late Mwai Kibaki struggled to be re-elected because of that.

“He claimed that Kibaki sat in office and worked. It is true, but he did not meet the people to let them know about the work he had done, and that is why he had to rig the 2007 election at the expense of Kenyans,” he stated.

A file image of Suna East MP Junet Mohamed during a political rally.

The lawmaker also took a swipe at retired President Uhuru Kenyatta, whom he accused of being numb to the issues affecting Kenyans.

Junet downplayed claims by former Deputy President, Rigathi Gachagua, that the votes from the Nyanza region were not enough to guarantee Ruto’s re-election.

“I heard him claiming that Nyanza votes cannot make anyone the President of Kenya. Shetani Ahindwe! In 2027, he will understand that the Luo vote can make anyone the Head of State,” he stated.

Meanwhile, President Ruto continued his attacks on the United Opposition, sensationally rebranding it to ‘Useless Opposition’ and ‘Alternative Nothing’.

He reiterated that Gachagua and his cohort should not be allowed anywhere close to public office.

Ruto is on a four-day tour of the Nyanza region. He was in Migori County, where he commissioned the Piny Owacho Hospital and laid the foundation stone of Mabera Modern Market.

Raphael Tuju Found After Disappearance, Held at Karen Police Station

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Editor

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March 23, 2026

By Peter John

Former Cabinet Secretary Raphael Tuju has been located after a dramatic 36-hour disappearance, with authorities confirming he is currently being held at Karen Police Station in Nairobi.

Tuju went missing on March 21 after reportedly noticing a suspicious white Toyota Land Cruiser trailing his vehicle. According to accounts, his car was later found abandoned on Miotoni Lane with the keys left in the ignition and hazard lights still flashing, raising alarm among associates and the public.

He resurfaced on Monday, explaining that he had intentionally abandoned the vehicle on Nandi Road in an attempt to evade the individuals he believed were following him. Tuju said he then went into hiding alongside his driver, Steve Mwanga, at a private residence near the Nairobi–Kiambu border.

Following his reappearance, Tuju was taken to Karen Police Station, where he is reportedly receiving medical attention. Claims have since emerged that he may have been manhandled, although details surrounding his condition and the circumstances of his detention remain unclear.

The incident comes against the backdrop of Tuju’s ongoing legal and financial dispute with the East African Development Bank over a Sh1.9 billion loan, adding a layer of complexity to the situation.

His disappearance and subsequent detention have sparked political reactions, with prominent figures including David Maraga and Kalonzo Musyoka expressing concern. Both leaders criticized what they described as a worrying pattern of abductions and potential state overreach.

As questions mount, authorities have yet to provide a full account of the events leading to Tuju’s disappearance and detention, leaving the public awaiting further clarification on a case that has quickly drawn national attention.

Kilifi County Dismisses Claims of Damage to Mnarani Bridge

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John Mutiso

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March 23, 2026

The Kilifi County Government on Monday, March 23, assured residents that the Mnarani Bridge was safe for use amid photos showing cracks on the bridge going viral.

In a statement to the media, the County government denied the reports as false and misleading.

A joint team together with the County Security and Intelligence Committee team deployed to the bridge confirmed that the structure was sound.

“The team conducted a thorough inspection of the bridge. The assessment has confirmed that the bridge is intact, safe, and fully operational, with no such cracks as claimed,” the statement read in part.

Consequently, Kilifi County called for its residents to always verify news on social media, stating that some Kenyans were out to cause public anxiety.

“We urge members of the public to disregard the false information and avoid sharing unverified content that may cause unnecessary panic,” the statement continued.

The County reaffirmed its commitment to ensure the safety of all infrastructure and will continue to work closely with relevant authorities to monitor and safeguard public assets.

The fake photo was initially shared by a social media user who called on the Kenya National Highway Authority (KeNHA) to address the matter.

Members of the public suspected that the bridge could have been damaged following the on set of the heavy rainfall experienced across the country.

They expressed their concerns about using the bridge in the state that it was and whether it was at risk of collapsing.

However, they were divided on which organisation was responsible for the repair of the bridge: KeNHA, the Kenya Urban Roads Authority, or the Kenya Ferry Services jurisdiction.

Mnarani bridge is an elevated highway that connects Kilifi and Mombasa County and stands above the Indian ocean.

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