• About
  • Advertise
  • Privacy & Policy
  • Contact
Kenyan Business Feed
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home News

Tanzania drops Kenyan firm in $180m cashew deal

Kenyan Business Feed by Kenyan Business Feed
Share on FacebookShare on Twitter

[ad_1]

THE CITIZEN

By THE CITIZEN
More by this Author

A Kenyan company that signed a deal to buy $180.2 million cashew nuts in Tanzania will not be allowed to do so after it failed to fully honour an agreement, the Tanzanian government has said.

Little-known Kenyan company Indo Power Solutions signed an agreement with the Tanzanian government on January 30 to buy 100,000 tonnes of cashew nuts. But it did not implement provisions of the contract on time, Tanzanian Industry and Trade minister Joseph Kakunda told The Citizen on Monday.

Indo Power signed the agreement with the Cereals and Other Produce Board of Tanzania.

During the signing ceremony, Indo Power chief executive Brian Mutembei said the company would directly pay the Bank of Tanzania for the raw cashew nuts, adding that shipment to Kenya would begin on the first week of February.

But Mr Kakunda said the company had failed to finalise important legal procedures. He added that the government had now signed agreements with six other firms.

“Forget about the company that signed a contract with us in Arusha (Indo Power) because it failed to honour the agreement. We have signed contracts with six other firms, which are now in the process of fulfilling provisions of the agreements. Those that will make payments first are the ones that will collect the merchandise,” he said.

Mr Kakunda declined to name the six companies, only saying that two of them are local while the rest are foreign-owned.

“Last week, representatives of two foreign companies visited the country to inspect infrastructure, including roads and ports, before sending feedback to their respective countries. Generally, they expressed satisfaction,” he said.

Earlier, there has been concerns on whether Indo Power would have the capacity to fulfil the deal, with some pundits pointing out that the Kenyan firm may have merely acted as a broker for a third party.

Following the announcement of the deal, The EastAfrican newspaper in an article in February reported that Indo Power was “virtually unknown”, which raised questions regarding the company’s registration and capacity, and the authenticity of the officials behind the lucrative deal.

[ad_2]

Source link


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
Kenyan Business Feed

Kenyan Business Feed

Recommended.

New platform to help companies manage their power systems

New platform to help companies manage their power systems

June 6, 2019

County projects stall due to governments disagreement between county and national

May 16, 2019

Subscribe.

Trending.

Tourism CS Rebecca Miano on Tuesday convened coastal public-private stakeholders in Mombasa to accelerate Kenya’s MICE sector growth, announcing progress on re-establishing the Kenya National Convention Bureau and urging youth-led innovation in tourism.

Kenya Ramps Up MICE Sector Reforms as CS Miano Confirms Convention Bureau Revival

July 1, 2025
Safaricom’s SIG Forum empowers SMEs with branding insights from 3Verse Kenya, showcasing award-winning campaigns and inclusive business support.

Safaricom’s SIG Forum Empowers SMEs as 3Verse Kenya Shares Award-Winning Branding Strategies

June 23, 2025
PLP and Safaricom Graduate 300 Youth in Push for Digital Talent Development Across Kenya

PLP and Safaricom Graduate 300 Youth to Boost Kenya’s Digital Talent Pipeline

June 23, 2025
Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya

Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya

June 23, 2025
Safaricom launches new credit solutions, Fuliza Biashara, Taasi Till, and Taasi Pochi—to expand MSME access to financing and boost financial inclusion.

Safaricom Unveils New Credit Solutions to Boost MSME Financing in Kenya

June 23, 2025
Kenyan Business Feed

We focus on news, analysis, and reports about Kenyan business, covering sectors like agriculture, finance, tourism, and technology.

Categories

  • African
  • Agribusiness
  • Courts
  • Education
  • Health
  • Hospitality
  • Manufacturing
  • NetWorths
  • News
  • Reports & Analysis
  • World Business

Popular News

  • First look at the prison where El Chapo may live for the rest of his life

    First look at the prison where El Chapo may live for the rest of his life

    2157 shares
    Share 1040 Tweet 466
  • Sameer Africa CEO Sacked

    1803 shares
    Share 749 Tweet 439

Recent News

Kenya elected to the UN Tourism Executive Council for the 2025–2029 term, marking a diplomatic breakthrough that elevates its role in shaping global travel governance and sustainable tourism policy.

Nairobi Ascends to UN Tourism Executive Council After Strategic Bid Poised to Shape Global Industry Agenda

July 1, 2025
Tourism CS Rebecca Miano on Tuesday convened coastal public-private stakeholders in Mombasa to accelerate Kenya’s MICE sector growth, announcing progress on re-establishing the Kenya National Convention Bureau and urging youth-led innovation in tourism.

Kenya Ramps Up MICE Sector Reforms as CS Miano Confirms Convention Bureau Revival

July 1, 2025
  • Home
  • African
  • News
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF

No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF