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THE STANDARD NATIONAL Naushad Merali grew up in Nairobi, where he attended Highway Secondary School. Little is known about his subsequent education. [File, Standard] Businessman Naushad Merali is dead. Merali, 70, died on Saturday morning, July 3, while undergoing treatment at the Nairobi Hospital. According to a statement by Shia Ithna Asheri Jamaat Secretariat, the billionaire died at 5am,  The cause of his death is yet to be communicated. KEEP READING Merali's burial is scheduled for today (Saturday, July 3). Until his demise, Merali chaired Sameer Group, a Kenyan conglomerate active i...

THE STANDARD By Wainaina Wambu | March 16th 2021 at 15:41:06 GMT +0300 Listed battery distributor Eveready East Africa has announced management changes with the exit of managing director Margaret Odhiambo after a three-year stint. The Board appointed Thomas Masaki as acting managing director pending the appointment of a substantive MD. The firm’s Board said that Ms Odhiambo, only one of the seven female CEOs in the NSE, had played an integral part in implementing Phase 1 of the Company’s recovery strategy under its strategic plan 2018-2022. “In her tenure, the company has recorded tre...

Very passionate A decision, however, that had to be made despite dedicating a huge part of their lives and billions of shillings into growing the business.  “Merali was very passionate about it … all of us were,” he told  Financial Standard in an exclusive interview. Subscribe to Our Newsletter “We came here very young, got married and raised families.” Merali entered the tyre business in the late 1980s after acquiring Firestone, which was incorporated in Kenya in 1969. To observers, the closure of the tyre business added to the growing heap of failed ventures by one of Kenya’s...

Spire Bank closes Upperhill branch; moves accounts to its Hurlingham branch Shares Spire Bank has announced it has closed its Upper Hill branch and has subsequently moves those customers accounts to its Hurlingham branch. The decision is in a series of brand re-strategy. The bank announced that it will move all Upper Hill Branch’s accounts to Hurlingham Branch after the Central Bank of Kenya approved its application. In a notice to its customers, Brian Kilonzo, Acting Managing Director said, ” Our strategic plan is driven by digital banking solutions and branch network optimization. Pleas...

Mwalimu Sacco announces full acquisition of Spire Bank Shares Mwalimu National SACCO has announced its full acquisition of Spire Bank from businessman Naushad Merali of Sameer Group, for an undisclosed amount. The bank, formerly known as the Equatorial Commercial Bank (ECB) traded 50% stake to Mwalimu National SACCO for Ksh.500 million. This was following approval by the Competition Authority of Kenya (CAK). On 10th October 2014, Mwalimu National SACCO signed an agreement on to buy the banking and investment arm of ECB. The SACCO then became the majority shareholder in the Bank, having acquir...