Francis Waithaka 🇰🇪 (@waithash) header
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Optimistic about AI’s potential to benefit humanity. Travel adventurer, data analyst, and a champion for affordable business financing.

The Internet
Joined April 2009
Photo by Francis Waithaka 🇰🇪 (@waithash)Photo by Francis Waithaka 🇰🇪 (@waithash)Photo by Francis Waithaka 🇰🇪 (@waithash)Photo by Francis Waithaka 🇰🇪 (@waithash)Photo by Francis Waithaka 🇰🇪 (@waithash)Photo by Francis Waithaka 🇰🇪 (@waithash)Photo by Francis Waithaka 🇰🇪 (@waithash)Photo by Francis Waithaka 🇰🇪 (@waithash)Photo by Francis Waithaka 🇰🇪 (@waithash)Photo by Francis Waithaka 🇰🇪 (@waithash)
Francis Waithaka 🇰🇪 retweeted
Securitisation Reading through the Offering Memorandum (OM) for the Linzi 003 Infrastructure Asset-Backed Securities (IABS) Programme—which facilitated a landmark KES 44.79 billion structured debt transaction to finance the construction of the Talanta Sports Complex ahead of the AFCON 2027 tournament—I am not surprised the IMF is insisting that funds raised through securitisation deals be fully disclosed in our national debt book. Here is a direct quote from the OM: "Upon the winding up of the Fund, and subject to approval by Parliament, the National Government, through the National Exchequer Account, shall assume and discharge all outstanding amounts under the Notes." Several other points are worth noting: Commercial Finance vs. Public Ring-Fencing: While celebrated in capital markets as a pioneering 15-year, tax-exempt asset-backed listing yielding 15.04% per annum, a closer examination of the underlying legal framework reveals a structure that relies on ring-fencing public funds rather than traditional, commercial project finance. Asset-Backed in Name Only: Despite being branded as an Infrastructure Asset-Backed Security, the notes are not backed by revenues generated from the Talanta Sports Complex itself (such as ticket sales, broadcasting rights, or corporate sponsorships). Instead, the debt is collateralised by the Sports, Arts and Social Development Fund (SASDF)—a statutory fund fed by public betting taxes and exchequer allocations. Fiscal Implications: The transaction encumbers a major public development fund for 15 years, maturing in 2040. Incoming betting tax revenues will be diverted to pay private noteholders, starving grassroots sports, healthcare initiatives, and cultural programs of vital funding. The Illusion of Limited Recourse: Page 1 of the OM explicitly labels the notes as "limited recourse instruments," asserting that noteholders have no claim beyond the Trust’s assets. Yet, while private investors and arrangement syndicates enjoy a high, tax-free yield of 15.04%, the ultimate credit risk is quietly transferred back to the Kenyan taxpayer should the Sports Fund default or undergo statutory restructuring. Off-Balance-Sheet Financing: By routing the transaction through an unincorporated private trust (Linzi FinCo 003 Trust) and assigning receivables via Sports Kenya, the KES 44.79 billion liability is kept off the central government’s primary balance sheet. An Emerging Pattern: Similar to the OAK SPV Road Maintenance Levy Fund securitisation (KES 156.97 billion), the National Treasury is increasingly turning to off-balance-sheet Special Purpose Vehicles (SPVs) to fund national infrastructure. This pattern locks up future state revenues without adding to official sovereign debt tallies or undergoing standard parliamentary debt-cap oversight
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Francis Waithaka 🇰🇪 retweeted
2M young Kenyans between 18 and 24 are not registered voters. Tomorrow we are having a #Tukoakadi mass voter registration at Anniversary Towers from 8:00 AM. Share this video with them. Help me repost/share/quote. Let's mobilise.
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Francis Waithaka 🇰🇪 retweeted
You gotta love how Sakaja speaks about that collapsed Eastleigh building -- like an outsider, a foreigner, an itinerant trader. He has no clue how the building came to be...😆
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Francis Waithaka 🇰🇪 retweeted
For those who frequent industrial area, have you noticed several companies closed and are now Chinese go downs just for imports? Is this something the govt thinks its okay? We stopped production completely
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Francis Waithaka 🇰🇪 retweeted
This is quite something ! Serbian RTV channel starts yesterday's bulletin by apologizing to viewers👇 "For years, we failed to fulfill our duty. We kept silent, turned a blind eye, reported events one-sidedly and failed to ask necessary questions. We owe our viewers an apology”
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Francis Waithaka 🇰🇪 retweeted
I have come across a National Treasury approval letter showing that, in February 2025, the government approved a $550 million electricity and fertilizer plant in Olkaria through "specially permitted procurement." The decision is significant. It allowed a Chinese investor to enter a strategic public-resource value chain—geothermal steam, power generation, green ammonia, and fertilizer—without the competitive process ordinarily used to test price, technical capacity, and value for money. The letter does not prove corruption; it proves discretion. It shows that Kenya’s Treasury used an exceptional procurement route to admit Kaishan into a value chain built on publicly owned steam and prospective public purchases. The question for Parliament, the Auditor-General is simple: if this project was so exceptional that competition was unnecessary, why was that conclusion not tested openly before the state committed its steam, its purchasing power, and its fiscal credibility? Kaishan’s journey in Kenya is notable: Initial Foothold: Entered as the EPC contractor to Gideon Moi-owned Sosian Energy for its 35 MW Menengai plant ($65M EPC + $18.05M O&M contract). Sosian was one of three IPPs competitively selected by GDC in 2013, with the plant synchronized to the grid in 2023. (Control of Sosian briefly shifted to Devki Raval before reverting to the Moi family). Direct Ownership: Kaishan then acquired OrPower22—the American-linked IPP that was developing Menengai III. This transformed Kaishan from a equipment vendor into an asset owner with long-term interests in Kenyan geothermal generation. Downstream Integration: Through its subsidiary, Kaishan Terra Green Ammonia Ltd, the firm signed a 30-year steam-supply agreement with KenGen for a planned 165.4 MW plant using steam from 18 existing wells. According to disclosures, the plant will produce green ammonia for fertilizer, with Kenya’s Ministry of Agriculture expected to buy the output under Treasury payment support. This represents a major political-economy shift: a private Chinese investor gaining direct access to a public natural resource while securing a long-term public purchasing commitment and fiscal backing. Specially permitted procurement is legally reserved for truly exceptional cases where competition is infeasible. Using it here makes governance the central issue: was competition genuinely impossible, or was an exceptional route used to bypass public scrutiny?
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Francis Waithaka 🇰🇪 retweeted
Never forget it was a train station tragedy that sparked the protests in Serbia and they didn’t stop until they won. Even one death due to government corruption is too many.
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Discontent alone is insufficient to defeat an incumbent. The students organised thoroughly from the grassroot.
HOW STUDENTS DEFEATED VUČIĆ WITHOUT PLAYING HIS GAME In yesterday's early parliamentary elections in Serbia, the Student List, a political movement initiated by university students in December 2024, defeated Aleksandar Vučić's Serbian Progressive Party by 51 percent to 39 percent. The outcome presents an analytical puzzle. The incumbent commanded all the traditional instruments of political survival: public finances, state institutions, a nationwide patronage apparatus, and fourteen years of accumulated power. The students possessed neither financial resources nor clientelistic networks, no leader, and had no prior electoral experience. Yet they defeated the regime without adopting its methods. I explain this outcome in five points. 1. The Accumulation of Discontent The students' victory did not come out of nowhere. They inherited more than a decade of growing discontent with Vučić, which had repeatedly erupted into public protests but had never produced political change. Vučić assumed power in 2012 by mobilizing widespread resentment against post-communist transition reforms that took place in 2001-2012. Over time, this dissatisfaction inverted. By 2016, the former incumbents (now in opposition) had lost credibility, prompting voters to search for alternatives and new agents. This dynamic produced a sequence of political new agents whose electoral appeal consistently deteriorated. Each initially raised hopes of political change, but these hopes faded as some newcomers undermined themselves while others struggled to compete in an increasingly unequal political environment. Meanwhile, Vučić had transformed Serbia's already weak democracy into a hybrid regime with increasingly authoritarian features. Control over state institutions, public resources, and much of the media allowed him to compensate for declining popular support, weaken the opposition, and maintain his hold on power. Simultaneously, anti-regime sentiment manifested in successive waves of street protests, recurring roughly every 18 months on average. Each wave mobilized more people than the previous one, but each eventually subsided without achieving political change. (Similar dynamics was seen previosuly in Poland in 2015-2023.) Growing mobilization was thus accompanied by growing disappointment. Dissatisfaction with Vučić continued to accumulate, while confidence in the possibility of removing him gradually declined. By 2024, many voters had also lost faith in traditional opposition parties, which they perceived as part of the same clientelistic system. Increasingly convinced that political change was impossible, many withdrew from electoral politics altogether. 2. Overcoming the Coordination Dilemma Discontent alone is insufficient to defeat an incumbent. Voters must also believe that others will support a viable alternative. Before the students emerged, many dissatisfied citizens abstained because they considered Vučić unbeatable and the opposition incapable of replacing him. Their expectations reinforced the very outcome they feared. Beginning with university occupations in December 2024, mobilization culminated on March 15, 2025, when roughly 300,000 people gathered in Belgrade, in what was arguably the city's largest political demonstration since its liberation from German occupation in 1944. The event revealed the scale of opposition and, more importantly, made it visible to everyone. For the first time, many voters saw an alternative capable of defeating Vučić. Whether they identified with the students' political views became secondary. What mattered was their shared opposition to the incumbent and their belief that others would support the same alternative. The students had become a focal point for electoral coordination. 3. Clean Hands, No Ambition for Office The students differed from previous opposition movements in another crucial respect: they were politically clean. Many established opposition politicians were widely perceived as belonging to the very clientelist system they claimed to oppose. The students, by contrast, were simply too young to have developed or joined such networks. They had no history of political deals, public appointments, or access to state resources. In a system defined by patronage, their lack of political experience became their greatest strategic advantage. What followed was even more remarkable. When in May 2025 the students demanded early parliamentary elections, they imposed an unusual condition: no student could appear on their electoral list. The implicit message was clear: we want to remove the incumbent without taking his place. It was not about privileges, but about the system itself. This was a striking departure from conventional party politics, where parties seek power primarily to secure office and spoils for their leaders. When the students finally submitted their list of 250 candidates, not a single one was a student, let alone a member of the student movement. By refusing to seek office themselves, the students made their promise to change the system more credible. This commitment appealed to voters on both the left and the right, including those disappointed by successive opposition failures and those who had withdrawn from electoral politics altogether. The breadth of this appeal was reflected in turnout of approximately 70 percent, with roughly 600,000 more people voting than in December 2023. Their self-denial did the trick. 4. Vučić Became Culturally Obsolete The students' appeal was not simply that they were politically clean. They were also young, mostly in their late teens and early twenties. Like every generation, they had their own culture, their own values, and their own understanding of what was acceptable, desirable, or simply cool. What Vučić (and not only him) represented did not belong in it. For them, Vučić was culturally obsolete. He represented a political world with which they no longer wanted to identify: patronage, clientelism, corruption, informal deals, and a system in which personal connections and political loyalty mattered more than education, competence, or merit. This was simply not their thing. The movement attracted and mobilized an extraordinary number of young people who saw Vučić as culturally irrelevant, in much the same way Vučić himself had mobilized voters resentful of post-communist transition reforms in 2012. This attitude gradually spread beyond their generation. Older voters who had long grown dissatisfied with Vučić, but had repeatedly failed to find a credible alternative, began to identify with the students' rejection of his political culture. With this cultural innovation, the students changed the terms of political competition. Vučić could promise higher wages, offer young people subsidized apartments, or distribute cash benefits, but these traditional instruments had little effect on people who no longer wanted to belong to the political world he represented. It was precisely this system of corrupt clientelism and vote buying that they fought against. 5. It Wasn't the Economy, Stupid! The explanations above emphasize what was unusual about the students' victory. But several more conventional factors also contributed to Vučić's defeat. Demographic change gradually weakened his electoral base, which relied heavily on pensioners, while younger voters constituted a core constituency of the student movement. Between the previous election and October 2026, approximately 270,000 people died, mostly elderly, while around 170,000 young people completed secondary school. The students also adopted a catch-all approach, attracting both pro-European liberals and nationally oriented conservatives who had previously supported different opposition parties. The students also developed a different form of political organization. Instead of relying on patronage, financial incentives, and centralized party structures, they mobilized thousands of volunteers who contributed their time and energy without expecting personal rewards. Their motivation was arguably stronger than that of many members of Vučić's political machine. Political commitment thus became an alternative to the material incentives on which conventional party organizations depend. Just as the students mobilized without material rewards, Vučić was defeated without an economic crisis. Authoritarian incumbents often become vulnerable when economic conditions worsen, as illustrated by Orbán's Hungary in April 2026. Ironically, Serbia was different. Over the preceding five years, the economy did well: living standards had risen, unemployment remained relatively low, real wages and pensions had increased, and the currency was stable. 6. Conclusion Ultimately, the Serbian election was not merely a contest between political alternatives, but between two fundamentally different ways of organizing politics. The Serbian experience challenges conventional assumptions about the resources necessary to defeat an entrenched incumbent. The fact that a loosely organized, decentralized movement with meager financial resources, no leader (!), no clientelistic networks, and no political experience managed to defeat a powerful clientelistic political machine will become an important subject of scholarly research. The Serbian case will be taught at universities in comparative politics and political economy courses and discussed in academic articles and books.
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Wow.
Sırbistan'da öğrenciler doğrudan demokrasi yöntemini seçim siyasetine taşıdılar. Liderlere dayalı, yukarıdan aşağıya bir örgütlenme yerine, herkesin söz alabildiği öğrenci genel kurulları (plenum) oluşturdular. Kararlar tartışılarak, mümkün olduğunca uzlaşmayla alındı. Bu yöntemi üniversitelerin dışına da taşıdılar. Mahallelerde, kentlerde ve köylerde yurttaş meclisleri (zborovi) kuruldu. İnsanlar kendi sorunlarını tartışmak, çözüm önermek ve birlikte karar almak için toplandı. 250 kişilik milletvekili aday listesini de şöyle oluşturdular: 1- Önce 250 adaylık kontenjanı, öğrenci sayılarına göre altı üniversite kenti arasında paylaştırdılar. Belgrad'ın listeye hâkim olmaması için diğer kentlerin de üst sıralarda temsil edilmesini sağladılar. Ardından her kentin kontenjanını fakülteler arasında dağıttılar. 2- Ülke genelinde 80'den fazla fakültede öğrenci genel kurulları toplandı. Öğrenciler kendileri aday olmadı ama her biri aday önerebildi ve neden o kişiyi önerdiğini açıkladı. İsimler tartışıldı, önce uzlaşma arandı, gerektiğinde oylama yapıldı. 3- Mevcut siyasi kadrolara kapıyı kapattılar. İktidar partilerinin mevcut ve eski üyelerini, iktidar adına görev yapmış siyasetçileri ve bürokratları, muhalefet partilerinin üst düzey yöneticilerini aday göstermediler. Böylece hem iktidardan hem de yerleşik muhalefetten bağımsız bir liste oluşturdular. 4- Fakülteler birbirlerinin adaylarını da denetledi. Önerilen bütün isimler ortak bir listede toplandı ve tüm fakültelerin incelemesine açıldı. İtirazlar öğrenci kurullarında tartışıldı. Adayın elenmesi için kurulların yarısından fazlasının veto etmesi gerekiyordu. Tek bir fakültenin itirazı yeterli değildi. 5- Elenen veya çekilen adayların yerine yedekler getirildi. Böylece profesörlerin, doktorların, bilim insanlarının, işçilerin, sanatçıların ve aktivistlerin yer aldığı 250 kişilik liste ortaya çıktı.
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Francis Waithaka 🇰🇪 retweeted
How did Lula win the runoff? By winning over those who didn’t vote for him in round 1. His biggest gains came in places with more women, more white voters and more evangelicals. 🧵
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Francis Waithaka 🇰🇪 retweeted
Serbian youth organized, Kenya we are organizing
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Francis Waithaka 🇰🇪 retweeted
Judging from the countless tweets flowing from Brazilian twitter, it appears that the Catholic vote was a very decisive factor in the just-concluded run-off. Brazilian Catholics voted for Lula to spite the Zionist Evangelicals.
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Francis Waithaka 🇰🇪 retweeted
Suddenly, forests across the country (Ngong Hills, Karura, Thogoto, Aberdares, etc) have all matured at the same time. What a coincidence.
CLARIFICATION ON FOREST PLANTATION HARVESTING IN NGONG HILLS FOREST The Kenya Forest Service (KFS) has noted video clips and photographs circulating on social media alleging illegal logging in Ngong Hills Forest, with claims that the activities are being carried out at night. The Service wishes to clarify the circumstances surrounding the ongoing forest plantation harvesting operations. Harvesting of mature forest plantations in the Kibiku Forest Block of Ngong Hills Forest is being undertaken following a competitive bidding process and the subsequent award of a tender for the harvesting of 56 hectares of mature plantations, in accordance with the Public Procurement and Asset Disposal Act 2015, the Forest Conservation and Management Act 2026 (FCMA 2026), the Constitution of Kenya 2010 and forest harvesting rules (2016). Furthermore, forest operations are required to be conducted between 6:00 a.m. and 6:00 p.m., as stipulated under the FCMA 2026. Upon completion of the harvesting process, the Community Forest Association is normally engaged to replant more trees through the Plantation Enterprise and Livelihood Improvement Scheme (PELIS). Regarding the photograph circulating on social media showing a trailer loaded with logs, the Service has received information that the vehicle had broken down and was undergoing repairs. KFS is verifying the circumstances surrounding the incident. The photograph alone does not establish that harvesting activities were taking place at night. The Service urges members of the public to seek clarification from the nearest KFS station on any concerns regarding forest management and harvesting activities. KFS urges the public to rely on verified information when commenting on the matter and to report all suspicious activities to the nearest police station for investigations or email [email protected]
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Francis Waithaka 🇰🇪 retweeted
Serbian students overthrowing Vučić is an extraordinary achievement. In 2024, they began protesting. In 2025, they transformed a protest movement into civil dissidence. In 2026, they became a political party — and 2 months later, crushed a corrupt state-entrenched authoritarian.
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Francis Waithaka 🇰🇪 retweeted
China has recorded the largest and fastest increase in forest area worldwide xhtxs.cn/bfRS #LongMarch
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Francis Waithaka 🇰🇪 retweeted
The best drugs for neuroplasticity? - regular exercise - consistent sleep schedule - diet free of ultraprocessed foods - daily sunlight
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Francis Waithaka 🇰🇪 retweeted
When kids used their phones more than usual after 10 PM, they: 1) Fell asleep ~65 minutes later 2) Slept ~20 minutes less Kids need a hard cutoff for late-night phone use.
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Francis Waithaka 🇰🇪 retweeted
Billboards have been a disaster for street trees in Nairobi.
I agree we should limit billboards they are making our towns ugly and interfering with the free cover
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Francis Waithaka 🇰🇪 retweeted
This Bloomberg article articulates what I fear about the Dangote refinery in Kenya. He will have way too much power. We will circle back on this past 2031 when the Lamu refinery is opened Gift article link bloomberg.com/news/articles/…
So Dangote owns 25% of KPC, wants to invest an additional $1.5 billion in KPC's network and wants to build a $16 billion refinery. That's way too much power for one person over a strategic asset
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