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HomeDaily NewsTuesday, July 22, 2025Economic Developments and Business Transactions
Breaking News & Top Stories2 stories from 2 sources

Economic Developments and Business Transactions

Tullow sells businesses in Kenya for Ksh15.6 billion; millions lost as Nairobi Water fails to disconnect nonpaying users.

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Tuesday 1:54 PMKenyansFirst

Tullow Sells Entire Business in Kenya for Ksh15.6 Billion

Tullow Sells Entire Business in Kenya for Ksh15.6 Billion

Tullow Oil has agreed to sell its entire business interests in Kenya for Ksh15.6 billion (USD 120 million), officially marking its exit from the Kenyan market after more than a decade.

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Key Highlights

Tullow Oil has agreed to sell its entire business interests in Kenya for Ksh15.6 billion (USD 120 million), officially marking its exit from the Kenyan market after more than a decade.

  • The deal involves the sale of assets to Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd.
  • Madhan Srinivasan, Managing Director of Tullow Kenya, stated that proceeds will go towards reducing debt.
  • The agreement includes future royalties from oil production and a potential 30% re-entry option for Tullow depending on future developments.
Tuesday 3:33 PMCapital News

Millions lost as Nairobi Water fails to disconnect nonpaying users

Millions lost as Nairobi Water fails to disconnect nonpaying users

An audit has revealed that the Nairobi City Water and Sewerage Company (NCWSC) failed to disconnect non-paying customers, resulting in a loss of over Sh344 million across 23,384 accounts in 2024.

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Key Highlights

An audit has revealed that the Nairobi City Water and Sewerage Company (NCWSC) failed to disconnect non-paying customers, resulting in a loss of over Sh344 million across 23,384 accounts in 2024.

  • Sh344 million billed without payments or disconnections
  • Senator Godfrey Osotsi criticized the utility's practices as a breach of public trust
  • The audit exposed an additional Sh547 million dispute with Kiambu-based water service providers
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