Thirteen workers arrested alongside Mr Waititu’s wife were separately charged with “constructing a building without approval from the urban and physical planning department.”The Koinange Street building housed Jamii Bora Bank, among other businesses. Commercial Bank of Africa (CBA) early this year made a Sh1.4 billion cash offer to buy out Jamii Bora Bank. The Jamii Bora acquisition bid came just weeks after CBA announced a reverse takeover of NIC Group, which is listed on the Nairobi Securities Exchange (NSE). The combined CBA, NIC and Jamii Bora business will rank as Kenya’s third-largest banking entity after KCB and Equity. Jamii Bora Bank said earlier that it wants to raise about Sh5 billion from various sources including strategic investors, a rights issue and convertible debt.

Source: Daily Nation March 01, 2019 07:52 UTC