Kenya Electricity and Generating Company (KenGen) reports a net profit of Sh6.8 billion for the fiscal year ending June 30, 2024, marking a substantial increase largely propelled by geothermal energy revenue. With the growing significance of renewable sources in Kenya, KenGen's profit reflects its strategic focus on geothermal power, marking its emergence as a leading entity in the nation's energy sector.
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Economist Kelvin Emmanuel clarified that the NNPC did not pay cash for the 16.8 million liters of petrol from the Dangote refinery. The NNPC's purchase terms are influenced by global market prices and local pricing constraints, suggesting the refinery might export its petrol if local agreements are unfavorable. The IPMAN has shown willingness to buy petrol from Dangote at any price. This highlights critical negotiations impacting Nigeria's fuel market.
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Tshifhiwa Matodzi, the ex-chair of VBS Mutual Bank, has been sentenced to 15 years in prison. His involvement in fraud and theft led to the bank's collapse. Pleading guilty to 33 charges, this sentence marks a pivotal moment in addressing the scandal.
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