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East Africa

Turkish security services admit to abducting member of influential Gulen family in Kenya

Salahuddin Gulen has turned up in Turkey after his abduction in May.



Nairobi-based businessman Salahuddin Gulen after his forced abduction and removal to Turkey.

A Nairobi-based Turkish businessman and member of the prominent Gulen family has turned up in Turkey after his abduction on May 3. Turkey’s security services have admitted to kidnapping Salahuddin Gulen and flying him back to the country, reported.

Turkey’s National Intelligence Organization (MIT) stated through the Anadolu state news agency that it captured the fugitive businessman, who is wanted on domestic charges.

“The Turkish intelligence captured a member of FETO (ed. Fethullahist Terrorist Organization) abroad and brought him back to Turkey,” MIT stated. “Mr. Selahaddin Gulen, who is a relative of FETO’s ringleader Fetullah Gulen, fled abroad with the help of the group’s covert structure.” 

Salahuddin was battling extradition through a lawsuit filed with the Kiambu Law Courts. The Turkish government sought his extradition over child molestation charges following a crackdown on the Gulen family.

“It is suspected that my uncle may have supported the coup,” Salahuddin wrote in a court filing. “Turkish authorities began a crackdown on all the people who were directly or indirectly related to Fetullah Gulen. His relatives in Turkey were arrested on fictitious criminal charges and are serving long prison sentences.”

Barely a week after his abduction, the Kiambu High Court summoned three top Kenyan officials and asked them to account for his disappearance. They included Interior County Secretary Fred Matiang’i, Director of the Directorate of Criminal Investigations George Kinoti and Police Inspector General Hillary Mutyambai.

Salahuddin is a member of the wealthy Gulen family. The family owns six academic institutions in Kenya called the Light Academy schools and many more worldwide. 

He is a nephew of U.S.-based Fethullah Gulen, an authoritative mainstream Turkish Muslim scholar, thinker, author, poet, opinion leader and founder of the Gulen movement. The movement was officially classified as a terrorist organization by the Turkish government in 2016. His uncle was accused of orchestrating a failed military coup in Turkey in 2016 that claimed 251 lives and injured more than 2,000 citizens. 

The Gulen movement

The Gulen movement is a religiously inspired network engaged in business, media, arts, charities and education, with its own schools functioning worldwide. 

The movement drifted from a nationally-based organization in the 1970s to an international network with a presence in more than 110 countries. Education is at the center of the Gulen project, as the founder believes a lack of religious education creates atheism. In Kenya, the movement has built six schools four in Nairobi and two in Mombasa.

Estimates vary drastically, yet some media have claimed the Gulen family is worth upwards of $20 billion.

East Africa

Kenyan banking exec Andrew Ndegwa gains $1.5 million in 43 days from investment in NCBA Group

Ndegwa, an executive director of First Chartered Securities Limited, owns 4.3 percent of NCBA Group.



Andrew Ndegwa.

After losing a sizable portion of its market capitalization in the first half of 2022, NCBA Group has seen its share price soar above its opening price at the start of this year.

NCBA Group is a financial services conglomerate based in Kenya.

Due to the recent gains in the company’s share price, Kenyan banking tycoon Andrew Ndegwa has seen the market value of his stake in the conglomerate increase by more than $1.5 million over the past 43 days.

As of press time on Aug. 12, shares in NCBA Group were trading at Ksh26.2 ($0.22), 4.73-percent less than their opening price this morning as wary investors took advantage of the high price to sell off some of their positions in the bank.

Since June 30, shares in the Nairobi-based financial services provider have risen by 11 percent, from Ksh23.6 ($0.198) per share to Ksh26.2 ($0.22) per share, driven by a resurgence in buying interest among market participants.

Ndegwa, an executive director of First Chartered Securities Limited, owns 4.3 percent of NCBA Group. He has seen the market value of his stake rise from Ksh1.67 billion ($14.02 million) on June 30 to Ksh1.86 billion ($15.57 million) due to the recent bullish sentiment on the NSE floor.

As a result, the banking tycoon has gained a total of Ksh184.36 million ($1.54 million) over the past 43 days, solidifying his status once more as one of the wealthiest investors on the NSE.

Meanwhile, James Ndegwa, his brother and the former head of Kenya’s capital markets authority, has seen his 4.23-percent stake in NCBA Group increase by $1.47 million over this same period.

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East Africa

Malagasy tycoon Hassanein Hiridjee says Africa needs to invest in clean energy transition

Hiridjee is one of Madagascar’s wealthiest and most powerful business leaders.



Malagasy tycoon Hassanein Hiridjee.

Malagasy multimillionaire businessman and AXIAN Group CEO Hassanein Hiridjee has stated that Africa must invest in a clean energy transition to bolster the continent’s renewable energy capacity.

“We must double our commitment within Africa to increase investments to shape our own energy destiny in order to meet long-term goals,” Hiridjee said.

Millions of Africans could be lifted out of energy poverty with the right strategy and investment in clean energy transition projects stimulated by collective action from the private and public sectors, he said.

His statement comes after U.S. billionaire Michael Bloomberg pledged $242 million to assist developing countries, including African nations, in transitioning away from non-renewables.

Hiridjee explained that such funding is needed to combat Africa’s continuing energy crisis, in which hundreds of millions lack access to basic electricity.

He added that the lack of access to basic electricity is only worsening as a result of the war in Ukraine and COVID-19, with 25 million more Africans living without electricity than before the pandemic.

Infinity Group, a leading renewable energy company led by Egyptian billionaire Mohamed Mansour, recently partnered with the Africa Finance Corporation to acquire Lekela Power, making Infinity the continent’s largest renewable energy company.

Hiridjee, one of Madagascar’s wealthiest and most powerful business leaders, has also played a formative role in developing commercially viable energy solutions that provide Africans with efficient, long-term access to energy resources.

Earlier this year, Axian Group completed the expansion of the Ambatolampy solar power plant in Madagascar, from 20 to 40 MWp.

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East Africa

Ugandan tycoon Charles Mbire to pocket $1.15-million interim dividend from MTN Uganda

Mbire owns a significant 3.98-percent stake in the Ugandan telecom outfit.



Charles Mbire.

Ugandan multimillionaire businessman Charles Mbire is on track to receive an interim dividend of Ush4.48 billion ($1.155 million) from his stake in MTN Uganda after the telecom group reported a double-digit percent increase in earnings in the first half of 2022.

MTN Uganda is Uganda’s leading telecom service operator.

Mbire, the chairman of MTN Uganda and one of Uganda’s wealthiest businessmen, owns a significant 3.98-percent stake in the Ugandan telecom outfit, which operates as the fourth operating subsidiary of the South African multinational mobile telecom company, MTN Group.

The interim dividend will be paid electronically into his bank account at a later date from the group’s retained earnings of Ush902 billion ($232.4 million) at the end of its 2022 fiscal year. It is his first dividend from the telecom company since its shares were listed more than eight months ago.

The dividend payment follows a significant rise in the group’s earnings in the first half of 2022 despite a 4.9-percent decline in voice revenue, as it looks set to replicate its stellar performance in 2021.

As a result of the company’s strong financial performance, the board of directors approved the payment of an interim dividend of Ush5 ($0.00128) per share for the six months ending June 30, totaling Ush11.95 billion ($28.9 million), which is subject to withholding taxes.

According to data retrieved from the company’s earnings report for the first six months of 2022, its profit increased by 48.1 percent to Ush193.6 billion ($50.2 million) in the first half of 2022, compared to Ush130.7 billion ($33.7 million) in the first half of 2021.

The double-digit increase in profit can be attributed to a 10-percent surge in the company’s service revenue, which was driven by a significant increase in data and fintech revenue, which were more than sufficient to offset the 4.9-percent decline in voice revenue.

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