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I Went Bankrupt While Working at State House – Big Ted

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  • Former State House events and marketing promoter Thomas Kwaka (Big Ted), opened up about going bankrupt in 2017, while still working at the House on the Hill.

    Speaking to comedian Felix Odiwuor (Jalang’o) on his You tube show on Tuesday, January 12, Big Ted stated that his company, Main Events, had incurred a Ksh 15 million debt due to financial mismanagement.

    “In my life, I have been bankrupt twice, the latest being three years ago… I was bankrupt while working at State House,” Big Ted begun.

    Former State House events and marketing promoter Thomas Kwaka (Big Ted)
    Former State House events and marketing promoter Thomas Kwaka (Big Ted)
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    Big Ted, who had run his company for 15 years, stated that he had the opportunity to involve himself in unscrupulous deals, but decided to go clean and honour God.

    “There are two kinds of people, those who believe that they will work and God will honour them, they look very stupid to everybody, and then there are people who look like they are working, but they are not working.

    “I had the opportunity to do wash wash, to do crazy deals even while at State House, but I didn’t,” he stated.

    The entertainment guru would only be saved from his misery when a lady offered to buy his company, including settling the Ksh15 million debt.

    “I will never forget what she told me that day when I left the office. She said, Ted, if we agree today, then nobody you owe money will call you again. I left that place with nothing, but I left free.

    “God gave me another chance,” he added.

    Big Ted’s company majored in marketing, communications and hospitality. The services included; consultancy services in marketing, communication, event management, merchandising, media management and liaison, artist management and production.

    The entertainer played a leading role in mobilising the youth to rally behind President Uhuru Kenyatta and Deputy President William Ruto during their campaigns.

    “I have made mistakes, with my life, family, social and spiritual life. I am great example of mistake making, but I am also a great example of God’s race,” he said.

    President Uhuru Kenyatta
    President Uhuru Kenyatta addresses the nation on Thursday, December 31, 2020
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    Kenya

    Kenya Railways Launches Double Decker Train Service

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  • Kenya Railways on Wednesday, January 27, announced the resumption of a double stack cargo train service from the Mombasa via the Standard Gauge Railway (SGR). 

    In a statement, KR announced that it had started loading and moving double-stack freight trains between the Port of Mombasa and Inland Container Depot (ICD)Nairobi.

    “The move will help improve daily cargo evacuation and efficiency of the Port of Mombasa,” reads an excerpt of their statement.

    In addition, the national rail carrier stated that each train has a capacity of moving a minimum of 154 twenty-foot equivalent units (TEUs).

    The service was initially introduced in 2018 but was shut down after cargo movers avoided moving their goods via the SGR.

    The SGR is the only service in Kenya that has the capacity to ferry double-stacked and was one of the reasons why the modern rail was built at a cost of over Ksh360 billion. Cargo movers have complained of the high cost of moving cargo via the service which is compounded by delays in sorting cargo at the Nairobi ICD.  

    In recent months, traders and importers were facing delays in the delivery of cargo attributable to damaged wagons at the port of Mombasa.

    The damage to the 550 wagons was caused by six giant cranes installed at the facility at a cost of Sh1.2 billion.

    The damage caused a serious shortage of wagons which forced Kenya Railway Corporation (KRC) to cut by more than half the number of SGR freight trains in the past two months.

    This resulted in delays in delivering cargo as well as congestion at the port.

    As of November 2020, more than 3,000 containers had remained uncollected as Kenya Ports Authority (KPA) and KRC worked out on urgent measures to contain the situation.

    A ship docked at the Port of Mombasa.
    A ship docked at the Port of Mombasa.
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    Kirinyaga County Speaks on Passing BBI Bill

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  • Kirinyaga County Assembly has dismissed reports doing rounds on January 27, 2021, purporting that it had endorsed the Constitutional Amendment Bill 2020 on Building Bridges Initiative (BBI).

    In a statement seen by Muhabarishaji.com, the County Assembly Speaker Anthony Waweru them information false, but confirmed that the assembly had received the bill on January 26, but was yet to deliberate on it.

    Waweru stated that Members of the Kirinyaga County Assembly are currently on recess and would resume preliminary seatings on February 8, 2021.

    A photo of Kirinyaga County Assembly MCAs
    Kirinyaga County Assembly MCAs during a retreat in Naivasha in 2017
    File

    “The County Assembly of Kirinyaga has not considered the Constitutional amendment Bill 2020 (BBI),” the statement reads in part.

    Waweru further stated that the assembly would deliberate on the amendment bill extensively and determinations presented to the Senate and National Assembly as stipulated by the law.

    “The County Assembly of Kirinyaga shall in consultation with the people of Kirinyaga and within the confines of the law consider the Constitutional Amendment Bill and submit its decisions to the Speaker of the Senate and the Speaker of the National Assembly as guided by section 257(6) of the constitution of Kenya,” the statement reads.

    Members of County Assemblies have had the spotlight turned on them, as their determinations would make or break the BBI report.

    The Independent Electoral and Boundaries Commission (IEBC) on Monday, January 25, cleared the way for the BBI to move to county assemblies.

    This is after the commission confirmed that 1.4 million votes collected by the BBI secretariat were enough to kickstart the referendum process.

    The amendment bill will then be subjected to a referendum should a majority of the county assemblies pass the bill, whereas it will terminate immediately should it fail to garner the required threshold.

    A signpost infront of Kirinyaga County Assembly building
    A signpost in front of Kirinyaga County Assembly building.
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    Kenyan Home Buyers Refunded Millions

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  • A leading property developer in Kenya on Tuesday, January 26, announced it had refunded Ksh40 million to a section of its homebuyers.

    According to the Chairman of the Ksh5.2 billion, 44-floor apartment building at Upper Hill, the individuals who were granted the refund explained the harsh economic impact they had been going through during the Covid-19 pandemic.

    “We refunded the deposits in full ranging from Ksh5 million to Ksh12 million,” he said.

    The real estate sector has been one of the worst-hit by the pandemic.

    A housing estate under construction.
    A housing estate under construction.
    File

    According to data published by the Kenya National Bureau of Statistics (KNBS) covering the second quarter of 2020, the real estate sector growth slowed to 3.9% compared to 7.2% expansion in a similar period of 2019.

    Covid-19 has caused unprecedented disruption to the Kenyan economy over the past few months. 

    The immediate impact on the sector has been a reduction of the labour force and disruption of supply chains, which is expected to translate to longer development periods.

    Kenya has also witnessed a negative impact on the supply chains as most developers source construction materials from nations such as China. 

    This translated to longer development periods owing to a shortage of resources and ultimately reduced building completions.

    The market is expected to experience a slow recovery post-Covid-19 as uptake will be subdued due to depressed income levels and changed priorities by prospective investors. 

    The government is expected to continue putting in place sound fiscal policies to cushion businesses and people’s disposable incomes.

    The price of properties in Kenya dropped to a great extent in 2020, with many property sellers providing huge discounts.

    Many real estate companies are providing personalized plans so that none of their clients feels any burden on their pocket when making a purchase.

    In terms of rent concession, reductions, and holidays, there has been no single basic formula applied by landlords. Rather, each and every landlord is dealing with their individual tenants on a case-to-case basis.

    Consumer behaviours are clearly being forced to change, which will result in a very different demand profile for property going forward.

    Materials pictured at a construction site.
    Materials pictured at a construction site.
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