“67 Companies Bit the Dust in Kenya as Registrar of Companies Joyce Koech Takes the Ax!”
In a shocking move, President William Ruto’s government announced the closure of 67 private and public limited companies on Friday, February 3. Joyce Koech, the Registrar of Companies, made the announcement in a Gazette Notice dated January 31, 2023.
“The end is near for 67 companies as they go down the drain!” said Koech. “Pursuant to Section 897 (4) of the Companies Act, it’s official – these companies are dissolved and their names have been erased from the Register of Companies.”
The companies that fell like dominoes included Advanced Industrial Automation Limited, Anime Creations Limited, Black Diamond Logistics Limited, and Valentine and Company Limited, to name a few. The ripple effects of the closure caused many employees to lose their jobs, leading to a rise in the unemployment rate in Kenya.
Graduates were left scrambling to find work and many turned to online jobs with international companies or took to the streets with placards begging for employment.
The Kenya Kwanza government promised to establish a National Start-up Fund to help create self-employment opportunities for the youth, and President William Ruto pledged to build a 100,000-kilometre digital super highway to spur economic growth in the country.
So, let’s raise a glass to the 67 companies that have been dissolved, and to the future that holds new opportunities for Kenya’s unemployed youth!