Hello, Jason here. Welcome to today’s edition of The Business Roundup, where we bring you the latest international and local economic updates from the business world. This edition covers news on the Teachers Service Commission (TSC) releasing an updated salary and allowance structure for Kenyan teachers.
The salaries are under the newly signed 2025–2029 Collective Bargaining Agreement (CBA).
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New TSC salaries
The teachers’ agreement, valued at Ksh33.75 billion over four years, was signed in collaboration with officials from the Kenya National Union of Teachers (KNUT), the Kenya Union of Special Needs Education Teachers (KUSNET), and the Kenya Union of Post-Primary Education Teachers (KUPPET).
According to TSC, the first phase of the new CBA will take effect on July 1, 2025, with an estimated cost of Ksh8.4 billion in salaries and allowances.
Out of the total amount, over Ksh1.2 billion will be allocated to the employer’s contributions to the Teachers’ Pension Scheme and other statutory deductions.
In response to long-standing concerns raised by teachers and their unions, and following extensive negotiations, TSC has awarded a salary increment of up to 29.5% across various job groups.
“The salary review is designed to bridge the wage gap between the highest- and lowest-paid teachers in the public education sector, a move welcomed by the unions as a significant step toward fairness and equity,” noted TSC.
Primary Teacher II (Grade B5) will now earn between Ksh28,600 and Ksh37,100, while senior roles like Chief Principals (Grade D5) will take home between Ksh135,300 and Ksh167,400.
Mid-level teachers such as Senior Teacher I & Secondary Teacher I (Grade C3) will earn Ksh49,800 to Ksh66,200, up by as much as Ksh7,149.
Teachers in Grade C1 (Primary Teacher I & Secondary Teacher III) will earn between Ksh35,300 and Ksh47,300, marking increases of up to Ksh10,027.
Meanwhile, Deputy Principals II & Senior Master I (Grade D2) will see their pay range from Ksh95,300 to Ksh116,000, with raises of up to Ksh3,379.
See the full list for the new TSC salaries and allowances for Kenyan teachers by job groups.
Tullow Oil to sell all Kenyan assets
Switching gears, British oil and gas company Tullow Oil Plc is moving closer to exiting its Kenyan operations following the signing of a sales and purchase agreement (SPA) with Gulf Energy Limited.
In a press release on Monday, July 21, Tullow Oil announced that its wholly owned subsidiary, Tullow Overseas Holdings BV, has signed an SPA with Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd.
Gulf Energy Ltd will act as guarantor for the purchaser for the sale and purchase of 100% of the shares in Tullow Kenya BV, which holds Tullow’s entire working interests in Kenya, for a minimum cash consideration of $120 million (Ksh15.5 billion), subject to customary adjustments.
The consideration will be split into a $40 million payment due on completion, $40 million payable at the earlier of Field Development Plan (FDP) approval or 30 June 2026, and $40 million payable over five years from the third quarter of 2028 onwards.
In addition, Tullow will be entitled to royalty payments subject to certain conditions.
The company also retains a back-in right for a 30% participation in potential future development phases at no historic cost.
This right can be exercised if a third-party investor participates in future development phases, whether through a sale or farm-down of the purchaser’s interest in the assets.
What Richard Miller, Tullow Chief Financial Officer and Interim Chief Executive Officer, said:
“We are pleased to announce the signing of the Kenyan SPA, marking another step closer to completion of the Transaction with Gulf Energy. For a total consideration of at least $120 million, the Transaction supports our strategic priority to strengthen the balance sheet, with the first two payments totalling $80 million expected before the end of the year. Furthermore, we are pleased to retain a potentially material zero cost value option to participate in future development phases.”
Hemingways acquires Maasai Mara’s River Camp
Shifting to the hospitality sector, luxury hotels company Hemingways Group announced the acquisition of Richard’s River Camp, a well-known high-end safari camp located in the Mara North Conservancy, Maasai Mara.
The move comes shortly after Hemingway’s expansion into Rwanda with the acquisition of Heaven Holdings in Kigali, which includes The Retreat, Heaven Restaurant, and Fusion.
The acquisitions are part of the Group’s regional expansion strategy.
Founded in Kenya in 1988, Hemingways has grown into a leading luxury brand through its Hemingways Collection, which includes boutique hotels and safari properties in Kenya and, most recently, Rwanda.
The group is known for its personalized service, conservation, and community-based tourism.
In a statement, Hemingway’s CEO Ross Evans said the company is honoured to take over the operations of Richard’s River Camp from its founders, Richard Roberts and Liz Fusco.
Also big this Week
- Destination Lifestyle Mall strategically located along Thika Superhighway in Juja Town, set for auction on Tuesday, August 5, 2025.
- The construction of the Talanta Sports City is set to accelerate following the official bell-ringing ceremony at the Nairobi Securities Exchange (NSE), to celebrate the listing of the Linzi 003 Infrastructure Asset-Backed Security which raised Ksh44.791 billion which will directly fund the development of the 60,000-seater stadium.
- Nairobi Governor Johnson Sakaja announced that the Nairobi City County Government will be hiring 2,452 workers under permanent and pensionable positions within the County.
- The Insurance Regulatory Authority (IRA) deregistered 20 insurance brokers effective June 30, 2025.
- Former Standard Group CEO Marion Gathoga Mwangi has been announced as the Managing Director of Inchcape Kenya, nearly a month after leaving the Mombasa Road-based media house.
- Safaricom has introduced direct PayPal withdrawals through its M-PESA application.
- The National Treasury will soon require all Public Interest Entities (PIEs)/companies operating in Kenya to disclose financial information and list at least 20% of their equity on NSE.
- A recent audit by Kenya’s Auditor General, Nancy Gathungu, has revealed that Ksh44.8 billion collected through the eCitizen digital payments platform during the 2023/2024 financial year is unaccounted for.
Other big stories
- DStv, owned by Africa’s leading entertainment platform, MultiChoice, spoke on introducing a dedicated sports-only package as the cost of premium content rises and major events like the football season and World Athletics Championships draw near.
- 10,000 Kenyans are set to benefit from a world-class entrepreneurship program following a new partnership between Equity Bank Kenya, Equity Group Foundation (EGF), the International Finance Corporation (IFC), and Goldman Sachs.
- Roads and Transport Cabinet Secretary Davis Chirchir has explained why Kenya’s new-generation smart driving licenses do not display the date when the holder first obtained the license.
- Why capitation for secondary and primary schools has been reduced.
- Ministry of Health Cabinet Secretary Aden Duale suspended the Chief Executive Officer of the Nursing Council of Kenya (NCK), Dr. Lister Onsongo.
- The government launched a national subsidy initiative that will see registered Kenyan farmers receive insurance coverage worth Ksh7,000.
- The Kenya Revenue Authority (KRA) announced a major recruitment drive targeting 15 senior leadership positions, including three Commissioners and 12 Deputy Commissioners.
- Australian company RareX Limited has secured over Ksh168 million (A$2 million) from global investors. Some of the funds are earmarked for advancing a rare earth and niobium project at Mrima Hill in Kenya.
Currency Trends
According to the latest Central Bank of Kenya (CBK) data, the Kenyan Shilling exchanged at Ksh129.2592 per US dollar on July 24, 2025.
Against other major currencies, the Shilling traded at:
- Sterling Pound – Ksh175.5534
- Euro – Ksh152.2479
- South African Rand – 7.3779
- Japanese Yen (100 units) – Ksh88.5155
Against regional currencies, the Shilling exchanged at:
- Ugandan Shilling – Ksh27.7737
- Tanzanian Shilling – Ksh20.1533
- Rwandan Franc – Ksh11.1608
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