Twelve “powerful’ families have been put in the spotlight for allegedly owning a ranch in Usangu that is blocking the Ihefu Valley, consequently limiting water supply to the Great Ruaha River.
This was revealed by Tanzania Editors Forum (TEF) chairman, Deodatus Balile, at a conference to address the rising environmental degradation in the country held in Iringa on December 19.
During his speech, Balile said in front of the Vice President, Philip Mpango, that he knows there’s a cartel of 12 powerful families, including government officials, ministers, and judges, who own a ranch that is blocking the water ecosystem.
“People who work close to you might be afraid to speak out, but I’m not. I can give you the names of the 12 families that own the ranch that’s destroying the environment,” Balile told the Vice President.
The Vice President, Dr Philip Mpango, acknowledged that there are leaders in the government who own businesses that destroy the environment.
He said some leaders, for personal gains, engage in activities that are detrimental to the natural ecosystem and destroy water sources such as rivers.
The VP was speaking at a conference to address the rising environmental degradation in Tanzania and the increasing climate change threat.
Vice President, Dr Philip Mpango, thanked the Tanzania Editors Forum (TEF) chairman, Deodatus Balile, for being bold enough to speak up about an underground cartel of 12 families that run a business that’s destroying the environment.
The VP also questioned why it took a journalist to reveal the illegal business. He wondered why the government has failed to reveal their identities, yet it’s the government that hands out business licenses.
“How can one own several business properties and not be identified?” the vice president asked.
He ordered various government ministries and parastatals to get to the bottom of the challenges and issue a report.
Tanzania’s Great Ruaha River has been deprived of water, causing devastation in supply of electricity and wildlife wellbeing.
The Great Ruaha River has not seen a drop of water in 130 days and counting.
Increased human activities in Tanzania’s major natural resource areas, such as valleys, have led to the blockage of water to the Great Ruaha River.
The Great Ruaha River is located in south-central Tanzania. It flows through the Usangu wetlands and the Ruaha National Park east into the Rufiji River. It traverses and marks the borders between the Iringa, Dodoma, and Morogoro regions.
It is one of Tanzania’s most important water sources for generating electricity and also sustaining wildlife.
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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.
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