Absa bank Q1 profits rise to Kes 6 Bn

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Absa bank Q1 profits rise to Kes 6 Bn

Staff Writer - May 30, 2025

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UBA Kenya has appointed George O. Otieno as the new Chairman of the Board. The announcement follows regulatory approval and comes as the bank marks 15 years of operations in the country. The bank said Mr. Otieno’s appointment is a key step in strengthening its strategic growth in Kenya and the region. “His appointment marks a significant milestone in the bank’s journey,” the bank said in a statement. Mr. Otieno takes the helm at a time when UBA Kenya is pushing to expand its footprint and enhance its presence as a bank of choice for SMEs, corporates, government infrastructure development, and individuals. The bank said Mr. Otieno brings valuable experience in shaping policies and building local and regional partnerships.

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George Otieno appointed chairman of UBA Kenya Board

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The National Oil Corporation of Kenya Ltd (NOC) has entered into a strategic partnership with RUBiS Energy Kenya, marking a significant milestone in the enhancement of Kenya's oil and gas sector. This collaboration follows the successful completion of the Specially Permitted Procurement Procedure (SPPP) for a non-equity strategic partner, in compliance with the Public Procurement and Asset Disposal Act, 2015 (PPADA). During the signing of the agreement, Hon. Opiyo Wandayi, Cabinet Secretary for Energy and Petroleum, expressed enthusiasm about the partnership, stating, "This collaboration marks a transformative step in strengthening the National Oil Corporation of Kenya, enhancing its capacity and creating long-term value for the citizens of this great republic. With this renewed profitability, the Corporation will be well-positioned to generate returns and, in the future, begin paying dividends to its shareholder." Leparan Ole Morintat, CEO & Managing Director of NOC, highlighted the industry's challenges, noting, " “This sector is highly complex and capital-intensive, requiring substantial investment and operational flexibility to stay competitive. Given the significant demand for government resources, securing shareholder capital injection was not feasible. As a result, NOC sought a non-equity strategic partner to provide the financial support and technical expertise needed to revitalize the company and restore profitability. This process, initiated in 2019, has now culminated in the selection of RUBiS Energy Kenya as our non-equity strategic partner.” The partnership is a key component of NOC’s broader turnaround strategy, which aims to scale up its downstream operations and strengthen its position in the petroleum products trading and marketing space. NOC’s turnaround plan is designed to ensure security of petroleum supply, stabilize fuel prices, and reduce the cost of living and doing business in Kenya. The partnership will also aid in clearing legacy debts and improving financial sustainability. As a non-equity strategic partner, RUBiS Energy Kenya will provide financial support, working capital financing, market development initiatives, and capital expenditure (CAPEX) financing for rebranding, rehabilitation, and expansion of NOC’s retail network. The partnership also encompasses training, capacity building, skills transfer for NOC staff, the deployment of a new Enterprise Resource Planning (ERP) system to improve business processes and customer experience, and collaboration in the fuel card business to enhance customer engagement and service delivery. Olivier Sabrié, CEO of RUBiS Energie East Africa and Managing Director of RUBiS Energy Kenya, emphasized the importance of strategic partnerships, stating, “In today’s dynamic market environment, collaborations are key to driving growth and success. By leveraging diverse expertise, resources, and networks, we can create a competitive edge and generate value for all stakeholders involved. RUBiS Energy Kenya is committed to supporting the Corporation through working capital financing, management and branding support, and transferring critical capabilities and skills to the National Oil team.”

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As global carbon markets shift from rule‑setting to real transactions, with Article 6 mechanisms advancing and compliance‑driven demand such as CORSIA coming into sharper focus, attention is turning to where credible supply and policy certainty can be delivered at scale. For Africa, this marks a transition from carbon market readiness to delivery. Against this backdrop, the Carbon Markets Africa Summit (CMAS) 2026 will take place from 13–15 October 2026 in Kigali, Rwanda, bringing together policymakers, investors, buyers, project developers and market enablers at a pivotal moment for global carbon markets. The Summit is delivered with the support of the Ministry of Environment of Rwanda, in partnership with the United Nations Development Programme (UNDP), the African Development Bank (AfDB), the Development Bank of Southern Africa (DBSA) and AUDA‑NEPAD, and with support from private sector partners such as SGS and Anthesis. Rwanda has emerged as one of Africa’s most advanced carbon market jurisdictions, with active engagement under Article 6 of the Paris Agreement and a strong focus on mobilising climate finance. “Rwanda has made a deliberate choice to position carbon markets as a tool for climate action, investment mobilisation and long-term development,” said Dr. Bernadette Arakwiye, Minister of Environment, Rwanda. “Hosting CMAS 2026 reflects our commitment to building credible and investable carbon projects that deliver real value for our economy, communities and climate goals.” At a continental level, carbon markets are increasingly seen as a strategic financing mechanism for development. “The Summit provides a timely platform for African countries to shape the future of carbon markets in line with the continent’s development priorities, and reflects the growing momentum to build credible, high-integrity markets that deliver real value”, said Olufunso Somorin, Regional Principal Officer, Climate Change and Green Growth Programme, African Development Bank. “The Bank remains committed to working with our countries and partners to strengthen the policy, regulatory, and institutional frameworks needed to scale carbon markets, attract investments, and ensure Africa is well-positioned in global carbon markets.” “As Africa transitions to a low‑carbon economy, the mobilisation of private capital is needed at scale to support climate mitigation activities and build climate‑resilient infrastructure,” said Kumesh Naidoo, Carbon Markets Lead at the Development Bank of Southern Africa (DBSA). “As a regional DFI, the DBSA recognises the importance of carbon markets as a climate finance tool and has intentionally stepped forward to support their development through carbon financial instruments, capacitation support and the building of a robust carbon project pipeline. Partnering with CMAS 2026 provides the DBSA with a platform to advance these objectives.” CMAS 2026 is held under the theme: “Africa’s Carbon Markets on the Global Stage: Delivering a Strong Pipeline of Projects, Capital and Transactions at Scale”. As scrutiny on carbon market integrity intensifies, Africa’s carbon assets are increasingly viewed as tools for financing development and strengthening economic sovereignty. “High‑quality carbon markets offer Africa a unique opportunity to translate its vast natural capital into tangible economic value – mobilising finance at scale while empowering countries to pursue development pathways that are both sustainable and sovereign,” said Maxwell Gomera, UNDP Resident Representative in South Africa and Director of the Africa Sustainable Finance Hub. Designed as a market‑enabling platform, CMAS 2026 focuses on alignment between policy, capital and delivery. “We are deliberately shifting the focus from readiness to delivery,” said Emmanuelle Nicholls, Group Director: Green Economy at VUKA Group, the Summit organisers. “CMAS brings policy, capital and projects into the same space to support real transactions and long‑term market credibility.” The programme includes Article 6 and CORSIA workshops, investor and buyer roundtables, curated project presentations, deal rooms and solution‑labs addressing key bottlenecks such as early‑stage finance, MRV capacity and authorisation in practice. Ministerial roundtable and targeted networking formats support coordination and commercial outcomes. Register: https://apo-opa.co/49Kcmpy Get involved: https://apo-opa.co/3R8m6DR

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Staff Writer

Absa bank Q1 profits rise to Kes 6 Bn

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