Kenya Insights

Tag: revenue

  • How Millennial-Favorite CITAM Made Ksh 2.4B Income, Ksh 598M Surplus in 2024

    How Millennial-Favorite CITAM Made Ksh 2.4B Income, Ksh 598M Surplus in 2024

    Christ is the Answer Ministries (CITAM) church has caused  ripples online after its financial results for the year ending December 31, 2024 showed a healthy balance sheet.

    The church with 31 assemblies recently made a total of Ksh 2.4 billion with CITAM Valley Road which is the main church raising Ksh 404 million during that period; the highest of the collective assemblies.

    CITAM in overall had an 11 per cent increment year on year improvement income comparable to 2023.

    The Church which is popular with millenials also had its Nairobi satellite branches collecting a total of KSh 1.324 billion after overheads.

    According to the report breakdown courtesy of church financials and Independent analyst Pesa Wall, the final figures indicate that Ksh 2,411,925.479 was listed as Assemblies Income for the 12  accounted months in 2024.

    This figure included tithes, offerings, donations, rent, interests and ministries collection. The amount was up from Ksh 2,311,691.617 million raised in 2023.

    At the same time, the report shows that in manning and running the assembly costs, CITAM used expenses amounting to Ksh 1,813,549.869 which was up from Ksh 1,564,227.690 million the previous year.

    The expenses  included administrative costs, ministries costs and staff costs.

    There was an additional Ksh 598,375,610 surplus before projects and capital expenditure.

    This figure indicated showed that a total Ksh 74,422,684 was listed as Projects net deficit with special outreach activities net deficit accounting for Ksh 136,914,862.00.

    The total actual expense under this category was Ksh 211,337,546 million.

    The surplus cash before capital expenditure was Ksh 387,038,064 million against the actual capital expenditure of Ksh 271,702,086.

    The surplus amount in hand for the year before tax was Ksh  115,335,978 million.

    In the report, captured was a Total Asset base of Ksh 16,594,442 ,129 billion which was a dip from the previous year (Ksh 16,675,084.616).

    Of the assets structure labeled as non-current assets and current assets, Ksh 15,097,427.253 under Non-current assets catered for; Property & Equipment (Ksh 7,608,908,269), Rights of Assets (Ksh 6,790,055,281) & Investment Property (Ksh 487,700,000) amongst others.

    In the current assets breakdown; Inventories was Ksh 786,630,418 with Short term fixed deposits amounting to Ksh 351,616,570 with trade receivables, deposits & repayments amounting to Ksh 223,772,072.

    In the same period, under Funds & Liabilities category, stood at Ksh 15,368,184.104 comparable to Ksh 15,373,879,387 in 2023.

    Under this category, Capital Funds amounted to Ksh 14,344,446,805 as compared to Ksh 14,670,073,168 in 2023.

    General Fund accounted for KSh 250,365,619 with Reserve Fund accounting for Ksh 96,437,219.

    Under Designated Fund, Ksh 676,935,162 was indicated.

    Meanwhile, in the non-current liabilities, borrowings accounted for Ksh 482,623,786 while Lease liabilities was Ksh 28,192,841 bringing the total to Ksh 510,816,627.

    This was a decrease from the previous year 2023 whereby under the same  category, Ksh 566,601,214 was utilised.

    In the year ended December 31, 2024, the current liabilities stood at Ksh 715,440,698 against Ksh 734,604,015 last year.

    The total funds and liabilities accounted for Ksh 16,594,442,129 against Ksh 16,675,084,616 in 2023.

    The church runs Hope FM, Hope TV,10 schools and Pan Africa Christian (PAC) University in what is a masterful diversification plan for the seven-decade long institution.

  • Questions Linger Over Sh12.5 Billion Revenue: Nairobi County Auditors Denied Access to NRS Records

    Questions Linger Over Sh12.5 Billion Revenue: Nairobi County Auditors Denied Access to NRS Records

    Auditors raise red flags as transparency concerns mount over Nairobi County’s financial reporting.

    Concerns have been raised over the accuracy of revenue collected by the Nairobi City County Government after external auditors revealed they have been denied access to the revenue collection system since Governor Johnson Sakaja assumed office.

    Appearing before the Justice and Legal Affairs Committee (JLAC) last week, the external auditors disclosed that they have been locked out of the Nairobi Revenue System (NRS), rendering them unable to conduct a comprehensive audit.

    The auditors expressed frustration over budget cuts by the executive, which they described as a deliberate effort to hinder their work. They also cited a poor working environment as an additional challenge.

    According to the auditors, they have been unable to verify the accuracy of the revenue figures announced by the county. They informed the committee that they had reached out to Governor Sakaja regarding the issue, but their efforts have yielded no response.

    “As auditors, we can only confirm the revenue declared by the county if we gain access to the system and use our expertise to evaluate it. We do not know the source of the revenue performance reports being issued by the county,” said Ndirangu Ngunjiri, an external auditor for the Nairobi City County Government.

    “We have sought the governor’s attention, but our attempts have been unsuccessful,” he added.

    The situation has led to a mass exodus of auditors, leaving the audit committee understaffed. Currently, there are only 23 auditors, far fewer than the required 47, making it impossible for the committee to fulfill its mandate.

    Boroughs and Administration County Executive Committee Member Stephen Gathuita Mwangi assured the committee that Governor Sakaja is committed to addressing the grievances of the external auditors.

    “We are committed to supporting the auditors and ensuring accountability. These matters can only be resolved if addressed by the governor,” Mwangi stated.

    The auditors’ revelations have cast doubt on the accuracy of the Sh12.5 billion reportedly collected by the county government in the last financial year.

    JLAC Chairman and Mugumoini MCA Jared Akama questioned how the county could declare revenue figures without allowing auditors access to the revenue collection system.

    “How can we confirm the accuracy of the figures declared by the county government? The auditors tasked with evaluating the system and providing an opinion cannot access the NRS and are being intimidated,” Akama said.

    The NRS remains shrouded in mystery for both Members of the County Assembly (MCAs) and city residents.

    In 2023, the Nairobi City County Assembly established a 13-member ad hoc committee to investigate alleged revenue losses at City Hall. Among the issues probed by the committee, led by Makongeni MCA and Majority Leader Peter Imwatok, was the ownership and operation of the Nairobi Revenue System (NRS).

    Despite spending millions of shillings on over 20 sittings in Nairobi, Mombasa, Naivasha, and even outside the country, the committee has yet to table its report. A year and a half later, its findings remain unknown to both Nairobians and the County Assembly.

    The report was expected to highlight weaknesses in the revenue collection system and recommend improvements, but its delay has only deepened concerns over transparency and accountability in City Hall.