As President Samia Suluhu Hassan yesterday officiated the launch of a committee to look into the criminal justice system she expressed her dissatisfaction with rogue elements in the government who have been violating people’s rights.
These officials, some of whom are responsible for dispensing justice, have tended to exploit loopholes in the system itself as they ‘deal squarely’ with government critics.
In doing so, as was the case with the abused plea bargaining arrangement, they have robbed innocent ‘suspects’ of their money and property. That is why the cash collected through plea bargaining has not yet been put to use because there is no law guiding its expenditure. Worst still, some of it can’t be traced. This is not the first time for President Samia to speak about the abuse of the justice system in the country.
She has repeatedly criticized the unprofessional, illegal conduct of some police officers, the second-rate efficiency of government prosecutors that results in overflown remand prisons, and the uncreative correctional system that hardens rather than fixing criminal behavior of inmates.
We are deeply relieved that concerns over the broken criminal justice system now come from the very top of the government.
We are aware that the Controller and Auditor General has launched an investigation and that his report is expected to be made public next month.
With all the information that is now public over the abuse of plea bargaining, it is time to take action. Criminal investigation should be launched against all those involved. They could be part of a powerful and wide network of rogue officials within and without the government.
But President Hassan must act swiftly to prevent these ‘culprits’ from manipulating the system and tampering with evidence. Taking them to book will send a message that those who are responsible with dispensing justice are not above the law.
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Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
