Buzeki Confirms He's Fired 350 Workers Amid Harsh Economic Times: "Poleni Sana"

• Buzeki disclosed a decline in business, citing the elevated expenses associated with fuel as the contributing factor
• The Eldoret tycoon apologised to the sacked employees, as he accused President William Ruto's government of failing to ease the cost of doing business
• Several Kenyan and foreign companies including Copia and De La Rue fired their employees in 2023, citing harsh economic conditions

TUKO.co.ke journalist Japhet Ruto brings over eight years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

Uasin Gishu businessman Bundotich Zedekiah Kiprotich, popularly referred to as Buzeki, has announced he has fired 350 workers amid harsh economic times.

In a post on X on Thursday, December 21, the politician disclosed a decline in business, citing the elevated expenses associated with fuel as the contributing factor.

Buzeki apologised to the sacked employees, as he accused President William Ruto's government of failing to ease the cost of doing business.

"We are dropping off like flies due to increased costs on fuel, which has made the industry unprofitable. We have sent 350 staff home. I feel for our staff. Poleni sana," he revealed.

Why Buzeki cut jobs

The billionaire owns several companies, including Buzeki Enterprises, Bunoil Limited, Koima Motors Limited, Transtruckers Logistics Group Limited, Buzeki Insurance Limited and Buzeki Fleet System Management Limited.

He criticised the Kenya Kwanza Alliance government for imposing too many taxes on Kenyans, negatively impacting businesses.

His companies started downsizing in June after members of parliament doubled Value Added Tax (VAT) on fuel from 8% to 16%.

Which other companies sacked employees?

Several Kenyan and foreign companies fired their employees in 2023, citing harsh economic conditions.

Among the firms that laid off workers are British printing company De La Rue, e-commerce startup Copia and agri-tech firm Twiga Foods.

In July, Brookside Limited scaled down operations after it failed to get an export permit from the Kenyan government.

The dairy processing company owned by the wealthy Kenyatta family said it had no choice but to retrench half of its employees.

FX Pesa lead market analyst Rufas Kamau cited the depreciating shilling and high taxation as reasons for job losses.

"The super-rich people find comfort in a country with a stable taxation policy, currency, and a growing economy. The current administration's progress is changing tax policy rapidly, mismanaging the currency and weakening economic growth," Kamau expounded.

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Buzeki owns several companies.

Buzeki Confirms He's Fired 350 Workers Amid Harsh Economic Times

Buzeki Confirms He's Fired 350 Workers Amid Harsh Economic Times