Nairobi CBD businesses book losses on new street protests

Businesses in the Nairobi Central Business District (CBD) remained closed for most of Thursday afternoon as protests rocked the capital in outrage over the death of teacher and online activist Albert Ojwang’ in police custody last weekend.

Multiple establishments, including banks, retail outlets, restaurants and supermarkets, remained closed from around 2 pm as protesters clashed with police until late evening.

Ojwang’ was picked up by Directorate of Criminal Investigations (DCI) officers from his parents’ home in Homa Bay County before being driven to Nairobi where he was killed. 

The demonstrations, which coincided with the presentation of the national budget by Treasury Cabinet Secretary John Mbadi in the National Assembly, rekindled memories of the bloody anti-Finance Bill riots that the country witnessed a year ago.

Read: Inside Ruto, Raila first Sh4.29 trillion budget - highlights

A Business Daily spot check showed boutique outlets, as well as businesses trading in jewellery, fashion products and mobile phone accessories, among others, remained shut in the afternoon over safety concerns as the city morphed into disorder.

Roadside sellers and hawkers of fast-moving consumer goods such as food and clothes, were nowhere to be seen on the streets either.

The disruption, which also affected public transport, saw businesses forgo substantial sales in the country's capital. Tensions in the city centre were further escalated by goons deployed against protesters and opportunistic thieves.

Property of unknown value was also vandalised during the demonstrations, including two cars that were torched around the Nairobi Cinema.

Businesses that were affected include those along Ronald Ngala Street, Kenyatta Avenue, Parliament Road, City Hall Way, Koinange Street, Tom Mboya Street, Muindi Mbingu Street as well as Haile Selassie Avenue.

The protests, dubbed 'Justice for Albert Ojwang', were geared towards pressuring for speedy investigations and eventual prosecution of individuals responsible for Ojwang’s death.

The crowds also called for the resignation of Deputy Inspector General of Police Eliud Lagat, who was the complainant in the case that led to Ojwang’s arrest.

Besides private businesses, the Nairobi County Government also stood as a prime loser in the protests through destroyed infrastructure and loss of revenue for services like motor vehicle parking.

The sleek black bins, installed by the county just last month, were torn down and the pieces were strewn across the city's roads.

As the protests unfolded on the streets, shares of companies listed on the Nairobi Securities Exchange gained by Sh54.5 billion to close the day at Sh2.32 trillion as investors bought heavily into Safaricom and other firms.

Safaricom alone added Sh154.2 billion to its market capitalisation between Monday and Thursday, when its share price closed at a new 52-week high of Sh24.9. Other major gainers Thursday include Absa Bank Kenya, NCBA Group, Co-operative Bank of Kenya, CIC Insurance and power producer KenGen.  

- Additional reporting by Kevin Cheruiyot.

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