: Former Kenya Power MD Ben Chumo became entangled in a Kajiado land dispute after purchasing a KSh 40 million Kitengela property, now at the centre of a high-profile divorce battle between businessman Philip Kiptum and his estranged wife, Edna Jeptoo.

By Charles Wachira

Former Kenya Power Managing Director, Ben Chumo, has become embroiled in a high-profile divorce dispute between Philip Kiptum, a prominent businessman, and his estranged wife, Edna Jeptoo. The case revolves around a prime piece of land in Kitengela, Kajiado County, which Kiptum sold to Chumo for KSh 40 million in 2020. However, Jeptoo claims the land, valued at KSh 50 million, was part of their matrimonial estate and was sold without her consent in an effort to hide assets ahead of their divorce settlement.

The Contested Land and Transaction

The disputed Kitengela property became a focal point of the legal battle when it emerged that Kiptum had sold it to Chumo during the couple’s ongoing divorce proceedings. Jeptoo’s legal team accused Kiptum of intentionally orchestrating the sale to diminish her rightful share of the couple’s joint assets. She insisted that the land was part of their matrimonial estate, a claim that complicated the transaction and eventually led to a court battle.

Kiptum, a businessman with significant investments in real estate development and commercial farming, defended the sale, arguing that the land was not intended to be part of the matrimonial assets. He maintained that the sale to Chumo was a legitimate business transaction conducted within his normal business operations.

Ben Chumo’s Involvement

Ben Chumo, who had made the land purchase as a business investment, found himself drawn into the legal dispute when Jeptoo challenged the sale. Represented by lawyer Mutula Kilonzo Jr., Chumo argued that he had entered the deal in good faith, unaware of any ongoing matrimonial dispute over the property. His legal team asserted that the transaction followed all legal protocols and was handled through proper channels.

“My client, Mr. Chumo, was approached by Mr. Kiptum as an investor interested in acquiring the Kitengela property. The purchase was made following legal procedures, and he had no knowledge of any matrimonial claims related to the land,” Kilonzo Jr. told the court during proceedings.

Jeptoo’s Claims and Court Proceedings

Jeptoo, however, presented a different narrative. She claimed that the sale was a deliberate attempt by Kiptum to hide matrimonial assets and deprive her of her rightful share. In her court filings, she accused Kiptum of undervaluing the property by selling it for KSh 40 million, despite its actual value being KSh 50 million. Jeptoo argued that the land was part of their joint investments and that her husband had sold it without her knowledge or consent.

Her legal team urged the court to void the sale, arguing that it was conducted in bad faith and without full disclosure. They sought to have the land included in the matrimonial estate and subject to division as part of the couple’s divorce settlement.

Court Ruling and Ownership Status

After months of legal proceedings, Justice Maureen Odero delivered her ruling in late 2023. The court found that the Kitengela land was indeed part of the matrimonial estate and that Kiptum had sold the property without proper consultation or disclosure to Jeptoo. Justice Odero nullified the sale to Chumo, ruling that the property should be returned to the matrimonial estate for equitable division between Kiptum and Jeptoo.

However, the court recognized that Chumo had acted in good faith, unaware of the ongoing dispute. As a result, he was awarded KSh 40 million in compensation for the canceled transaction, to be paid by Kiptum. Additionally, Kiptum was ordered to cover Chumo’s legal costs resulting from the dispute.

Current Ownership of the Land

Following the court’s ruling, the Kitengela property is now part of the matrimonial estate of Philip Kiptum and Edna Jeptoo. While the land remains in joint ownership for the time being, its eventual division is expected as part of the ongoing divorce settlement. Both parties will have to reach an agreement or await further court orders regarding any future sale or development of the property.

Business Background of Philip Kiptum

Kiptum is a well-known businessman with a portfolio of investments in real estate and agriculture. His real estate ventures focus on acquiring and developing properties in fast-growing areas such as Kitengela. He is also involved in commercial farming, supplying agricultural products both locally and internationally. The sale of the Kitengela land to Chumo was part of his real estate dealings, which have come under scrutiny due to the legal battle with Jeptoo.

Public Reaction and Implications

The ruling has sent ripples through Kenya’s real estate and business communities, highlighting the risks associated with property deals that involve matrimonial disputes. While Chumo has been exonerated, his involvement in the high-profile case has brought attention to the importance of due diligence in property transactions, especially when disputes over ownership are present.

For Kiptum, the ruling has dealt a blow to his public image, with the court finding that he attempted to conceal assets from his wife. Jeptoo, on the other hand, has been vindicated in her claim, with the court affirming her right to a share of the contested property.

As the Kitengela land returns to the marital estate, the next phase of the divorce case will focus on dividing the remaining assets. Still, the controversy surrounding the property has left a lasting mark on the proceedings.

Keywords: Ben Chumo land dispute: Kitengela property battle: KSh 40 million land sale: Philip Kiptum divorce case: Kajiado County real estate 

: JPMorgan Chase has been granted a license by the Central Bank of Kenya to establish a representative office in Nairobi, marking the U.S. banking giant’s strategic expansion into East Africa. This move strengthens Kenya’s position as a financial hub and opens doors for increased foreign investment and partnerships in the region

By Charles Wachira

In a major development for Kenya’s financial sector, the Central Bank of Kenya (CBK) on October 14, 2024, granted a license to JPMorgan Chase, one of the largest banking institutions globally, with assets totaling over $4.1 trillion. The bank has been authorized to open a representative office in Nairobi, marking a significant step in its long-anticipated entry into East Africa’s biggest economy.

The establishment of the JPMorgan Chase N.A. Representative Office Kenya comes just ahead of a scheduled visit by JPMorgan CEO Jamie Dimon, who is set to tour Kenya, Nigeria, South Africa, and Côte d’Ivoire as part of the bank’s strategy to expand its footprint across the African continent.

“The Central Bank of Kenya (CBK) announces the granting of authority to JPMorgan Chase Bank N.A. of the United States to establish a representative office in Kenya by the name JPMorgan Chase N.A. Representative Office Kenya. This authority is granted pursuant to Section 43 of the Banking Act and follows the fulfillment by JPMorgan of the stipulated requirements,” CBK said in its official statement.

What a Representative Office Means for Kenya

Under Kenyan law, foreign banks’ representative offices serve as marketing and liaison branches but are not allowed to conduct direct banking transactions, such as accepting deposits or offering loans. Instead, they focus on marketing their services and signing deals on behalf of their parent banks. The JPMorgan office in Nairobi will follow this model, seeking to market its banking services while capitalizing on large-scale transactions that local banks may not be well-equipped to handle.

This move ends a decade-long wait for JPMorgan, which initially expressed interest in entering the Kenyan market back in 2012. With this development, JPMorgan becomes the second U.S. bank with a presence in Nairobi, joining CitiBank in targeting multinationals and sovereign debt deals in East Africa.

CBK noted that JPMorgan’s entry into Kenya will not only diversify the country’s financial sector but also catalyze trade and investment across the region.

 “The JPMorgan Chase Bank N.A Representative Office Kenya will contribute to the diversity of Kenya’s financial sector and catalyze trade and investments. Additionally, the authorization of the representative office affirms Kenya’s standing as a premier financial services hub,” the CBK said in a statement.

A Global Giant Eyes East Africa

JPMorgan Chase, already a significant player in Africa with offices in Nigeria and South Africa, is now targeting Kenya as its East African hub. The bank’s operations on the continent largely revolve around asset management, commercial banking, and investment services, particularly for multinational corporations and sovereign debt transactions. This expansion into Kenya aligns with the bank’s strategy of tapping into emerging markets for growth.

CEO Jamie Dimon’s upcoming visit to Kenya is expected to reinforce the bank’s long-term commitment to the region. Dimon has been vocal about JPMorgan’s interest in expanding across Africa, having hired a team in 2018 to explore opportunities in Kenya and Ghana. Now, with Kenya officially on board, JPMorgan is looking to increase its involvement in major corporate and sovereign debt deals across the continent.

Why Now?

The timing of JPMorgan’s entry is particularly significant as it comes at a time when global financial institutions are increasingly eyeing Africa for investment opportunities. In 2023, Kenya selected JPMorgan, alongside CitiBank and Standard Chartered Bank, as lead arrangers for its Eurobond, underscoring the bank’s growing involvement in the region’s financial activities.

The new office in Nairobi positions JPMorgan to capture a larger share of East Africa’s growing market, with a particular focus on serving U.S. multinationals, wealth funds, and institutional investors operating in the region. Dimon’s visit is also expected to include discussions on expanding operations to other emerging financial hubs like Côte d’Ivoire, which could further cement the bank’s presence on the continent.

Economic Impact and Opportunities

JPMorgan’s entry into Kenya is a win for the country’s ambition to become the premier financial services hub in East Africa. With the bank’s arrival, Kenya stands to gain from increased foreign direct investment, job creation, and access to global financial expertise. For local businesses, particularly those dealing with large-scale investments, JPMorgan’s presence offers new opportunities for growth and partnership.

This move is also symbolic of Kenya’s growing integration into global financial markets. As the country continues to develop infrastructure and deepen financial reforms under its Vision 2030 agenda, attracting global financial giants like JPMorgan reaffirms its standing as a key player in Africa’s economic transformation.

Looking Ahead

As JPMorgan Chase begins its operations in Nairobi, Kenya is likely to see further inflows of foreign capital and interest from other global financial institutions looking to tap into the East African market. The move sets a precedent, positioning Kenya not just as a regional leader, but as a gateway to Africa for global financial services.

In the words of CBK Governor Kamau Thugge, “JPMorgan’s decision to establish a representative office in Kenya affirms the confidence that global financial institutions have in our economy. It is a strong signal that Kenya is a key player in the financial architecture of Africa, and we look forward to welcoming more international investments.”

JPMorgan’s Nairobi office will serve as a cornerstone in the bank’s African expansion strategy, reinforcing Kenya’s role as a financial hub and accelerating its economic development goals. As the country welcomes this new chapter, the future of Kenya’s financial sector looks poised for unprecedented growth.

Keywords:JPMorgan Chase Kenya:Nairobi financial hub:JPMorgan East Africa expansion:Kenya foreign investment::Global banks in Africa

:In a landmark shift, Nairobi Securities Exchange-listed banks, including Equity Bank, KCB Group, and Cooperative Bank, are leading the charge for gender parity by hiring three women for every man in 2023. This deliberate move aligns with Kenya’s broader socio-economic goals and global trends promoting workplace diversity. Regulatory pressures, corporate commitments, and shifts in social attitudes have driven this shift, marking a new era for the financial sector.

By Charles Wachira
In a transformative move toward gender parity, banks listed on the Nairobi Securities Exchange (NSE) reported a striking shift in their hiring practices in 2023, employing three women for every man hired. Data from nine major banks, including top institutions like Equity Bank, KCB Group, and Cooperative Bank, reveals this deliberate shift, reflecting the broader societal trends pushing for greater gender diversity in the workplace.

This change signifies a major development in an industry historically dominated by men, particularly in senior leadership roles. It underscores the banking sector’s response to growing global and local calls for equity and diversity, and marks a new era for Kenya’s financial institutions.

Key Findings and Industry Shifts

Among the banks, Equity Bank emerged as a leader in gender diversity, maintaining a hiring ratio of 3:1 in favor of women. KCB Group reported similar numbers, while Cooperative Bank and others followed close behind. This trend signals a deliberate strategy to reshape the workforce in line with Kenya’s evolving socio-economic landscape. It also reflects broader global movements promoting gender equality as a crucial element in modern corporate governance.

Standard Chartered Bank Kenya has also embraced this trend, bolstering its reputation as a champion of diversity through policies aimed at increasing female leadership and supporting women’s career growth. Globally, the bank has committed to having 30% of its senior leadership roles filled by women by 2025, with similar goals locally. This commitment was highlighted by the appointment of Mrs. Kellen Eileen Kariuki to the board in 2021, reflecting its drive toward gender balance at all levels of the organization.

Why the Gender Shift?

The shift toward hiring more women can be attributed to several key factors:

1. Corporate Commitment to Diversity and Inclusion:
   Banks have recognized the importance of having diverse teams for better decision-making and business outcomes. By setting gender-focused hiring targets, partnering with educational institutions, and launching initiatives like mentorship programs, these banks are not only addressing gender gaps but also attracting top female talent.
2. Regulatory Pressures:
   Kenya’s labor laws and corporate governance guidelines, particularly those from the Capital Markets Authority (CMA), encourage gender diversity. As publicly listed companies, banks must comply with sustainability standards that emphasize diversity, equity, and inclusion (DEI), making the recruitment of women a strategic necessity.
3. Financial Performance Benefits:
   Studies have consistently shown that organizations with diverse workforces perform better financially. In banking, diverse teams are more capable of understanding and responding to the needs of varied customer demographics, thus driving business growth and innovation. A 2020 McKinsey report noted that companies with greater gender diversity were 25% more likely to outperform their peers financially.
4. Shifts in Social Attitudes:
   As more women pursue higher education in finance and business, the pool of qualified female candidates has grown. Organizations like the Kenya Association of Women in Business have further pushed for greater female representation, creating a more inclusive environment for women in banking.
5. Workplace Flexibility:
   Banks have increasingly adopted family-friendly policies like flexible working hours and parental leave, which help retain women in the workforce. This has proven particularly effective in reducing turnover rates, creating a more stable workforce, and fostering long-term career growth for women.
6. Global Trends in Women’s Empowerment:
   International organizations like the United Nations have emphasized women’s economic empowerment as essential for sustainable development. Kenyan banks, especially those with international partnerships or operations, are aligning with these standards, boosting their global competitiveness and enhancing their corporate reputation.
7. Consumer Expectations:
   Today’s customers, particularly younger and female clients, are more likely to engage with companies that reflect their values. Banks that demonstrate a commitment to gender diversity are not only improving internal culture but also resonating better with their customer base.

Challenges and Future Prospects

While significant progress has been made, challenges remain. Despite the increasing number of women hired, there are still barriers to achieving equitable career progression, particularly in securing senior leadership and board positions. Industry stakeholders argue that mentorship, leadership development, and policies supporting work-life balance must continue to evolve to break down these barriers.

Looking ahead, banks are expected to enhance transparency in their gender metrics, which will be crucial in driving further systemic change. As these institutions continue to innovate, diversity and inclusion will remain central to their growth strategies.

Conclusion

The trend of NSE-listed banks hiring three women for every man in 2023 reflects a significant and positive shift in Kenya’s banking sector. With corporate strategies, regulatory support, and changing social attitudes driving this movement, the financial services industry is leading the way in gender equity. By fostering more inclusive workplaces, these banks are positioning themselves for sustained growth, enhanced decision-making, and stronger connections with their customers, all while setting a benchmark for other sectors to follow.

Keywords:Gender diversity, NSE-listed banks, Equity Bank, KCB Group, Kenya