Mwenendo
African Business
Companies, industries, deals and corporate activity across Africa.
The Driller Gets Paid First: Kenya's Turkana Oil Rules Decoded, Barrel by Barrel
Turkana's driller can keep up to 85 of every 100 barrels to recover its costs before Kenya shares anything. A 50/50 profit split at 20,000 barrels a day leaves the government about 1,500 barrels daily, and Turkana County a fifth. Kenya's pilot crude exports earned KSh 248.59 million ($1.92 million) in royalties against a bill of about KSh 8.14 billion ($62.73 million).
Factories Built Behind a Wall: Kenya's Tariff U-Turn Leaves Phone Assemblers Exposed
Kenya's phone assembly plants in Athi River and Nairobi grew up behind a tariff shield renewed one year at a time. On Mwenendo's arithmetic, about two-thirds of the price edge local assemblers enjoy over a KSh 10,000 ($77.04) import would vanish. Three opposite tax moves on handsets in five months leave M-KOPA, Sun King and Safaricom's partners facing a June 2027 deadline.
Turkana oil: Ruto targets December for Kenya's first crude sales, but no buyer is named
Kenya's president has set December as the start of crude oil exports from Turkana, more than a decade after the discovery. Initial output is targeted at about 20,000 barrels a day, a small fraction of the planned Lamu refinery's capacity. No buyer, export price or first-cargo date has been announced, and the waxy crude needs heated handling on its way to the coast.
The 3% Loan That Costs 61%: Boda Boda Riders Cannot Wait Until March 2027
A motorbike loan sold as 3% a month costs about 61% a year, and riders say the true cost was never made clear. MPs meet asset financiers on 5 November, and we set out three things lenders must put on the public record. The Central Bank's new lending rules bite only after March 2027, leaving riders exposed to repossession for months.
Phone Duty Cut: Ruto Proposes Scrapping 25% Import Levy on Mobile Handsets
Kenya plans to remove the 25% import duty on mobile phones, a levy that raises the shelf price of handsets many households use for banking, business and school work. No start date or revenue estimate was given, and the change still needs legal and customs processes before shop prices can fall. Treasury is due to take the tax proposals to Parliament next week, where the text will show how the cut is delivered.
Kenya's Biggest Matatu Insurer Owes More Than It Owns, and Passengers Carry the Gap
Directline Assurance wrote 43.41% of Kenya's matatu insurance premiums in the first half of 2026 while holding about KSh 73 in assets for every KSh 100 it owed. Kenyan law lets a matatu policy cap a single passenger's injury claim at KSh 3 million ($23,112.48), the promise every fare-paying commuter in a licensed vehicle rides on. If an insurer collapses, the Policyholders Compensation Fund pays at most KSh 500,000 ($3,852.08) on a claim, leaving a disabled crash victim to chase the remaining KSh 2.5 million. Three insurers wrote 95.23% of all public service vehicle premiums, and one of them watched its share swing from 4.74% to 25.03% in a single year. Blue Shield and Invesco both went under after years of warning signs, and Directline has sat under heightened regulatory surveillance since June 2024 while its losses kept growing.
Directline Under Pressure: Creditor Liquidation Petitions Mount as Negative Equity Hits KSh 2.60B
At least seven creditor petitions involving 34 named creditor positions have been identified in 2026, with a Malindi High Court hearing on a fresh nine-creditor petition set for 23 November. The insurer ended June 2026 with liabilities of KSh 9.68B ($74.57M), assets of KSh 7.08B ($54.54M) and negative shareholders' equity of KSh 2.60B ($20.03M), after a half-year loss of KSh 548.21M ($4.22M). Directline still grew its share of public service vehicle insurance to 43.41% from 38.40% a year earlier, making it the largest insurer in a market that grew 5.2% to KSh 2.91B ($22.42M).
Absa Settles for Less: First Assurance Investments to Pay KSh 3B for Insurance Stakes
Absa Group will receive KSh 3B ($23.09M) for its 63.32% stakes in First Assurance and Absa Life Assurance Kenya, below the KSh 3.8B that had been expected for the sale. The buyer is First Assurance Investments Ltd, and the deal still needs approval from the Insurance Regulatory Authority before it can complete. The sale continues Absa's exit from insurance outside South Africa, where it has already sold units in Botswana, Zambia and Mozambique.
KUSCCO Audit Chase: Lawyers Give PwC Seven Days to Hand Over Forensic Report
Allan Mulama Advocates, acting for petitioner Simiyu Robert Wanyonyi, has given PwC seven days to release a certified copy of its September 2024 forensic audit of the collapsed KUSCCO. The Nairobi High Court directed the petitioner on 12 October to obtain the report within 14 days, and the lawyers say they will seek orders compelling release if PwC refuses. The petition challenges the State's failure to operationalise the Deposit Guarantee Fund, which the lawyers say has no reserves, no trustees and has never compensated a single depositor since 2008.
KEBS Retains Esther Ngari: Cabinet Secretary Gives Chief Executive Second Three-Year Term
Investments, Trade and Industry Cabinet Secretary Lee Kinyanjui has reappointed Esther Njeri Ngari as chief executive of the Kenya Bureau of Standards for a second three-year term running to October 2029. The renewal falls under Section 5(1) of the Standards Act and takes effect from 13 October 2026, according to the Gazette notice, six days before the renewal was reported on 19 October. Ngari began her first term in October 2023 after serving as KEBS Director of Standards Development and Trade, and earlier worked on quality assurance and research at the Kenya Meat Commission.
Eighteen Years, No Cover: Kenya's Sacco Savers Still Wait for a Promised Guarantee
Kenya's 2008 Sacco law promised members up to KSh 100,000 ($770.37) back if their Sacco failed, yet the fund meant to pay has never compensated anyone. About 92% of deposit accounts in regulated Saccos hold KSh 100,000 or less, so the missing guarantee leaves millions of small savers carrying the full risk. Regulated Saccos held KSh 832.74B ($6.42B) in deposits at the end of 2025, a sum close to a trillion shillings with no safety net beneath it. The PwC forensic audit of KUSCCO, whose collapse left a hole of about KSh 12.5B ($96.3M), was finished in September 2024 and is still not public. We set deadlines for the State Department for Co-operatives, SASRA and Parliament, starting with publication of the KUSCCO audit before the end of October.
Safaricom M-Pesa Jumbe: Shops Can Now Share Payment Alerts With Up To 50 Staff
Safaricom has introduced M-Pesa Jumbe, which lets Lipa na M-Pesa and Pochi la Biashara merchants nominate up to 50 staff to receive limited payment alerts for each sale. Customers appear to staff only as a JumbeID, such as NK_74, built from their initials and the last two phone digits, so names, numbers and balances stay hidden. Nominated staff must accept an invitation before alerts begin, and the account owner still receives the full M-Pesa message, while the Jumbe alert leaves out the balance and PIN.
Co-operative Bank Lends KSh 4.39B for Water and Sanitation, Beating Its KSh 3B Target
Co-operative Bank lent KSh 4.39B ($33.82M) for water and sanitation between March 2023 and August 2026, well above the KSh 3B ($23.11M) target set at the start of its partnership. The Co-op A Maji product funds water tanks, solar pumps, connections, exhausters, bowsers and smart meters for utilities, households, small businesses and institutions across Kenya. The bank collected the Leadership in Water Infrastructure and Finance Award at the Africa WaterCredits Forum 2026 in Nairobi on 16 October, as Kenya races to finish major dams.
Kenya Paid for Idle Plants Once: Dangote's 500MW Lamu Offer Must Face an Auction
Aliko Dangote says his planned Lamu refinery will burn petroleum coke to make about 1,000MW, and has offered 500MW to a government that has signed nothing yet. That offer equals nearly one in every five units Kenya's grid needs at its busiest hour, after peak demand climbed to 2,549MW in July 2026. Kenya Power spent KSh 151.7B ($1.17B) buying electricity in 2023/24, a bill that the Energy Cabinet Secretary told senators includes payments for power that was never used. On Mwenendo's arithmetic, every extra shilling a unit on a 500MW contract would add about KSh 4.38B ($33.74M) a year to what the country pays for power. We call on the Ministry of Energy to rule out any Lamu power deal outside Parliament's competitive auction by 30 November, and on EPRA to publish the price to beat.
Hired in Nairobi, Decided Abroad: Microsoft's Engineering Cuts Expose Kenya's Tech Jobs Bargain
Microsoft has told Nairobi staff of proposed changes to its engineering operations, seven years after opening a centre that grew to 500 employees under a KSh 12.98B ($100M) pledge. Sama issued a layoff notice covering 1,108 Nairobi staff in April after Meta ended its contract, showing the same exposure at the opposite end of the technology pay scale. A KSh 129.79B ($1B) geothermal data centre planned for Olkaria stalled this year, as President Ruto warned it would need power equal to half of what the country uses. That data centre was the one investment Kenya could not lose by email, because it would have been built into the ground and wired into the national grid. ICT Cabinet Secretary William Kabogo is discussing a joint plan with Microsoft, and its value will depend on whether it holds binding commitments rather than another round of announcements.
Bonny Island Bet: Best Option Chemical Signs MoU With China's CNCEC for KSh 454.34B Methanol Plant
Best Option Chemical Limited has signed a preliminary memorandum of understanding with China's CNCEC for a methanol and fertiliser complex on Bonny Island costing KSh 454.34B ($3.5B) in total. Best Option's chief executive says CNCEC is ready to finance 80% of the cost, about KSh 363.47B ($2.8B), but officials stress the MoU is neither a final agreement nor an investment decision. The promoter projects 1.4 million to 2.8 million tonnes a year of end products, export earnings of KSh 194.72B ($1.5B) a year, and up to 5,000 permanent jobs. No independent feasibility study, buyer or export market has been disclosed, so any benefit for East African fertiliser importers remains unestablished while financing and land approvals are still pending.
Subscription Play: Bolt Launches Bolt Plus in Kenya at KSh 280 a Month With Ride Cashback
Bolt launched Bolt Plus in Kenya on 15 October 2026 at KSh 280 ($2.15) a month, with a KSh 119 ($0.92) introductory price for the first six months and a free first month. Subscribers get 10% cashback on rides paid into their Bolt Balance, free delivery on eligible orders worth up to KSh 200 ($1.54) in savings, priority driver matching and three free cancellations monthly. Bolt says benefits depend on qualifying rides and orders, so frequent users stand to gain most while occasional riders must weigh the monthly fee against the savings they would actually make.
Trader Security Pledge: Interior PS Omollo Promises Crackdown on Criminals as 600 Markets Are Built
Interior Principal Secretary Raymond Omollo told traders in Ndhiwa, Homa Bay County, that security agencies will act against people who intimidate traders or disrupt business, including at night. Omollo said more than 600 markets are being built nationally, with planned cold rooms and refrigeration meant to help fish traders who move their catch from the lake to consumers. Traders also raised limited credit, unreliable electricity and weak infrastructure, while the government pointed to changes in Credit Reference Bureau listing rules, the Hustler Fund and last-mile power connections.
Critical Minerals: Africa Finance Corporation Eyes Iron Ore and Uranium Investments
The Lagos-based Africa Finance Corporation wants to add iron ore and uranium to a mining portfolio spanning gold, bauxite, copper and manganese, and hopes to announce deals within six to twelve months. Its head of mining, Franklin Edochie, said iron ore output from Guinea, Liberia, Mauritania and Sierra Leone could, over the next 10 years, easily make the region a top-three producer by volume. AFC is also lead developer of the US-backed Lobito corridor, which will link copper and cobalt mines in Zambia and the Democratic Republic of Congo to Angola's Atlantic port of Lobito.
Microsoft's Nairobi Africa Development Centre Reportedly to Close: Company Cites Global Restructuring
Employees report that Microsoft has told staff its Africa Development Centre in Nairobi will close, although the company has not confirmed the closure or said how many jobs are affected. The company links the changes to a global restructuring that has affected its Kenyan engineering department and says it will keep operating in the country and supporting regional customers. The centre launched in 2019 with a pledge of about KSh 13B ($100M) over five years and 500 engineers, and ICT Cabinet Secretary William Kabogo has pressed for job protection.
Second Try, Same Secrecy: Publish the Mombasa and Lamu Port Deals Before Bidding
The Treasury's second approval moves a port package worth about KSh 129.94B ($1B) towards bidding, yet the feasibility studies behind it have still not been published for Kenyans to read. The Public Private Partnerships Act already says feasibility studies must be published once the PPP Committee decides, and that committee approved these port studies back in August. A 2023 tender for the same Mombasa berths and Lamu terminal was suspended by the High Court after a coastal community group went to court over the process. Lease length, fees, tariff control and any Treasury guarantee decide whether Kenya gains from these deals, and none of those terms has been published so far. We call on the Kenya Ports Authority and the PPP Directorate to publish the studies and core terms before any request for proposals, and no later than 30 November.
Hospital Buy-and-Build: C-Care Adds Kampala's Roswell Hospital and Eyes Kenya and Rwanda
C-Care, majority owned by CIEL, says it completed the purchase of Roswell Hospital, a 30-bed women's hospital in central Kampala that treats more than 30,000 patients a year. The price and size of the stake were not disclosed, and the deal takes C-Care's Ugandan network to six hospitals and 17 clinics, with plans to expand into Kenya and Rwanda. CIEL's healthcare division revenue rose 18% to KSh 14.06B ($108.2M) over nine months to March, and profit after tax rose 29% to KSh 1.21B ($9.3M), as it lifted its C-Care stake to 74.97%.
Profit Up, Cash Out: Unga Group Lifts Net Profit 82.2% but Books Second-Half Loss
Unga Group lifted net profit 82.2% to KSh 404.56M ($3.11M) in the year to 30 June 2026, while revenue rose 16.5% to KSh 30.45B ($234.34M). A first-half profit of KSh 523.17M ($4.03M) was followed by an implied second-half loss of KSh 118.61M ($0.91M), which leaves the recovery looking less secure than the full-year figure suggests. Operating cash flow swung to an outflow of KSh 1.48B ($11.39M) from an inflow of KSh 655.94M ($5.05M), and the board recommended no dividend to prioritise reinvestment in capacity and margin recovery.
Owed by Government, Chased by Creditors: Standard Group's Rescue Plan Has Stalled
Standard Group's latest published half-year accounts show liabilities of about KSh 6.25B ($48.15M) against assets of KSh 3.89B ($29.97M), leaving shareholders' equity at minus KSh 2.36B ($18.18M). The group blames part of its revenue fall on a government debt backlog of more than seven years, while the Communications Authority has chased it for KSh 48.87M ($376,531) in fees. A High Court ruling on 9 October lets a former employee owed KSh 7.54M ($58,094) pursue insolvency action, giving other creditors with acknowledged debts a tested route. A KSh 1.5B ($11.56M) rights issue meant to restructure debt was suspended in February, and chief executive Chaacha Mwita leaves on 1 November with no successor named.
The Cargo Owner Now Pays the Guard: KRA's Seal Switch Needs Rules Before 26 October
From 26 October, importers and transporters must hire one of 15 KRA-approved private vendors to seal and track their cargo, and the authority has published no price list. Goods passing through Kenya to Uganda, South Sudan and Rwanda pay no Kenyan duty, so the electronic seal is what stops them being quietly sold in local shops. Mombasa handled a record 45.45 million tonnes in 2025, with transit cargo up 19.5%, while KRA collected KSh 90.05B ($693.81M) in customs revenue in September alone. Mwenendo argues KRA should publish vendor prices, a quarterly scorecard and real penalties before the switch, and keep its own fuel seals on tankers until the new model proves itself.
Cargo Seal Switch: KRA Ends State-Owned Tracking on 26 October, Moves to 15 Vendors
The Kenya Revenue Authority will stop operating its government-owned electronic seals for dry cargo and motor vehicles on 26 October 2026, according to a public notice issued on 16 October. Importers, exporters, clearing agents and transporters must now contract one of 15 approved vendors directly and agree commercial terms, after KRA approved the vendor list in September 2026. Electronic fuel seals for wet cargo such as petroleum products will be phased out gradually, with no date announced, and monitoring continues through approved vendors within the regional RECTS system.
Statutory Demand Stands: High Court Clears Way for Insolvency Action Against Standard Group
High Court Justice Freda Mugambi on 9 October dismissed Standard Group Plc's bid to stop a former employee pursuing insolvency proceedings over KSh 7.54M ($58,085) in unpaid dues. The court found the company had computed and approved the sum in July and August 2025 but had not shown a genuine dispute over why it remained unpaid. Interim orders were discharged and the statutory demand of 23 March 2026 stays in force, so the media house could face insolvency proceedings if it does not settle.
Your Boda, Their Logbook: The Real Cost of Kenya's Pay-Later Motorbike Loans
A motorbike loan quoted at 3% a month flat works out at roughly 61% a year once interest is measured on the balance a rider actually still owes. On an illustrative KSh 120,000 ($924.57) loan, a flat rate adds KSh 43,200 ($332.85) in interest, or about KSh 453 ($3.49) a day for twelve months. Some contracts pay out in shillings but link repayments to the US dollar, so a weaker shilling can raise instalments without the borrower taking a single extra shilling. Central Bank rules now cap what lenders can recover on a bad loan at the principal owed, matching interest and reasonable recovery costs, however long disputes run. Pay-later and asset-finance lenders must apply for a Central Bank licence or registration by 29 March 2027, while MPs question how repossessed goods are sold.
Concession Step: Treasury Clears Kenya Ports Authority to Seek Bids for Mombasa and Lamu Assets
The National Treasury has given a second approval to a feasibility report that lets the Kenya Ports Authority invite private bids for concessions on a batch of Mombasa and Lamu port assets. The first phase covers Mombasa berths 11 to 14, Mombasa Container Terminal 1 and the Lamu Container Terminal with its special economic zone, in a plan valued at about KSh 129.94B ($1B). Bid deadlines, concession lengths and revenue terms are still unpublished, and Mwenendo could not independently confirm the terms of the second Treasury approval.
Airline Taps Debt Market: United Nigeria Plans ₦20B Commercial Paper, a First for a Domestic Carrier
United Nigeria Airlines plans to raise ₦20B, about KSh 1.95B ($15.04M), through its first commercial paper, which would make it the first Nigerian domestic airline in that market. The airline's revenue climbed from ₦10.3B in 2021 to ₦90.8B in 2025, and first-half 2026 revenue of ₦95.6B has already passed last year's full-year total. Yields and the opening date have not been disclosed, in a market where the average discount rate on Nigerian commercial paper reached 22.38% in 2025.
Made in Kenya: Unicharm Puts KSh 2B Into SOFY Joint Venture With Toyota Tsusho and CFAO
Japanese consumer goods maker Unicharm is putting KSh 2B ($15.39M) into SOFY Unicharm East Africa, a joint venture with Toyota Tsusho and CFAO Kenya based in Kenya. The new company will handle product development, production, sales and marketing in Kenya, and will supply sanitary pads to neighbouring East African markets from its Kenyan base. No job numbers, production targets or partner stakes have been disclosed, so the size of the local manufacturing footprint is still unclear despite the headline investment.
Another Exit at the Top: Standard Group CEO Chaacha Mwita Resigns After Seven Months
Standard Group chief executive Chaacha Mwita has resigned with effect from 1 November 2026, about seven months after the media house confirmed him in the role in April. Mwita had been acting chief executive since July 2025, when his predecessor Marion Gathoga-Mwangi left after roughly a year in the job, and no successor has been named. The exit adds to a run of leadership changes at a company also dealing with losses, a suspended KSh 1.5B ($11.54M) rights issue and unpaid government advertising bills.
Repossession Under Scrutiny: MPs Summon Buy Now Pay Later Firms Over Borrower Complaints
The National Assembly's Finance and National Planning Committee has opened a review of Buy Now Pay Later firms after receiving several complaints of exploitation from customers. MPs plan to question the lenders on licensing, loan terms, arrears notices, asset repossession and how the money from selling recovered goods is applied to customers' loans. Mogo Auto Limited was invited but did not attend and asked for a new date, and the committee warned firms that ignoring its summons can draw penalties.
Debt Squeeze: Oando Plans KSh 48.79B ($375.5M) Capital Raise as Analyst Flags Going-Concern Doubt
Oando plans a rights issue of about 4.42 billion shares at ₦50 each, expected to raise about KSh 21.54B ($165.8M), as part of a wider capital raise of KSh 48.79B ($375.5M). Renaissance Capital cited a material uncertainty relating to going concern, tied to working capital and financing pressures, while total borrowings stood at about KSh 263.78B ($2.03B) at the end of June. Net finance costs of KSh 15.74B ($121.1M) exceeded operating profit of KSh 12.47B ($96M) in the half, and shareholders' equity was negative at KSh 51.76B ($398.3M). Output rose 16% to 42,789 barrels of oil equivalent a day in the half, but the rights issue still needs clearance from Nigerian and South African regulators.
Olkaria Deal Room: KenGen Courts 200-Plus Investors at Four-Day Sustainable Energy Conference
KenGen will host its Sustainable Energy Conference 2026 at Olkaria in Naivasha from 24 to 27 November, with a Deal Room and investment forum aimed at financiers and strategic investors. The conference page targets more than 1,500 delegates from over 80 countries, including more than 200 investors, over 100 utilities and power producers, and over 60 policymakers and regulators. Tickets start from KSh 5,000 ($38.48), but KenGen's page names no financiers, deal values or Green Energy Park terms, so commitments will only emerge after the event closes.
Still Unsigned: Tanzania Says It Is Nearing Agreement on Long-Delayed Lindi LNG Project
Tanzania says it is nearing agreement on its long-delayed LNG project at Lindi, valued at KSh 5.45T ($42B), though the host government agreements have not been signed. Host government agreements, government review, ratification and parliamentary approval must still be completed before construction begins, and no final investment decision has been reached. Equinor and Shell are joint operators, with ExxonMobil, Pavilion Energy, Medco Energi and state-owned TPDC as partners, and output is expected to last more than 35 years.
Pipeline Timeline: Uganda Expects First Commercial Oil by June 2027 as EACOP Reaches 92% Completion
Uganda expects first commercial oil before the end of June 2027, a state oil company official said, with the East African Crude Oil Pipeline now 92% complete. Earlier reports pointed to first crude exports from October 2026, and the remarks reported from Cape Town do not address whether that date has been formally moved or is measured differently. A final investment decision on a Ugandan refinery is planned for February 2027, with completion targeted for 2030, and the crude will be marketed internationally as Pearl Sweet.
Mopani Backer IRH Eyes More Zambian Mines: Gulf Investor and State Firm Explore New Deals
Abu Dhabi's International Resources Holding and Zambia's ZCCM-IH said on 14 October they are exploring new opportunities for collaboration in mineral exploration beyond the Mopani copper mine. IRH holds 51% of Mopani and pledged KSh 142.67B ($1.1B) to revive it, while the mine produced 66,369 tonnes of copper in 2025. Mopani forecasts 300,000 tonnes a year by 2029, central to Zambia's goal of 3 million tonnes of annual copper output by 2031.
Shell Agrees Nigerian Gas Exit: Vaaris Energy to Buy Shell Nigeria Gas Group, Price Undisclosed
Shell has agreed to sell its full interest in Shell Nigeria Gas Group, its domestic gas distribution business, to privately held Nigerian energy company Vaaris Energy, with the price undisclosed. The sale fits chief executive Wael Sawan's push to simplify Shell's portfolio, while the company says it will stay focused on deepwater and integrated gas positions in Nigeria. Neither company has disclosed closing conditions, regulatory approvals or a completion date, so the effect on Nigerian gas customers and supply contracts is not yet known.
Sugar Duty Fight: Kenyan Manufacturers Ask High Court to Quash 433% Excise Rise
The Kenya Association of Manufacturers asks the Milimani High Court to declare unconstitutional a Finance Act 2026 provision raising excise on imported industrial sugar from KSh 7.50 ($0.06) to KSh 40 ($0.31) a kilogramme. The association says the KSh 40 ($0.31) rate was added on the floor of the National Assembly and was not in the Finance Bill published for public participation. It estimates added costs of about KSh 6B ($46.22M) a year for manufacturers, with up to 3,000 jobs at risk and capacity use in affected industries falling by as much as half. The higher rate stays in force unless the court orders otherwise; the urgency certification issued on 7 October is not a ruling on the merits or on interim relief.
Fintech Fundraising: Kenya's Payment Bill Could Slow Investment With Central Bank Approval Rules
Investors acquiring 10% or more of a Kenyan payment firm would need prior written approval from the Central Bank of Kenya under the draft National Payment System Bill, 2026. Minimum capital would range from KSh 5M ($0.04M) to KSh 250M ($1.93M) depending on licence, and only paid-up share capital and disclosed reserves would count towards it. Existing operators would get a one-year transition after the bill becomes law, but the draft is still a proposal and the public comment window closed on 9 October.
Alleged Invoice Fraud: ODPP Approves Charges Against Five People and 12 Firms
Prosecutors have approved charges against five people and 12 companies over alleged fake electronic invoices used to claim VAT refunds, in a case that stems from joint work with tax authorities. Thirty-six cases involve about KSh 3.22B ($24.79M) of transactions and an alleged VAT loss of about KSh 518M ($3.99M), with six cases prioritised for immediate prosecution. The charges are allegations only and every suspect is presumed innocent; it is not confirmed whether any suspect has appeared in court or entered a plea.
State Ownership No Shield: Court Lets Spanish Firm Pursue Ketraco Liquidation Over KSh 10B Award
The High Court has dismissed Ketraco's preliminary objection and allowed Spanish contractor C.A. Infraestructuras T&I SLU to pursue a liquidation petition over an unpaid award of about KSh 10B ($76.98M). The court held that state ownership does not automatically shield the transmission company from insolvency proceedings and that Cabinet approval is not required before a creditor files a liquidation petition. The ruling does not decide whether Ketraco will be wound up; the petition itself has still to be heard, and no hearing date was available in the published reports.
No Plane, No Payment: Treasury Must Release Kenya Airways Money One Jet at a Time
Cabinet approved KSh 45.40B ($350M) in shareholder loans for Kenya Airways on 9 October, yet the list of grounded jets it will repair has never been published. The airline lost KSh 15.92B ($122.72M) before tax in the first half on revenue of KSh 81B ($624.37M), so more passengers alone have not fixed its finances. A separate plan would turn KSh 122B ($940M) in old state loans into an instrument that could become shares, swapping a repayment date for a claim on future profit. Mwenendo calls on the National Treasury to publish the terms and a repair list by 15 November, and to release each tranche only when aircraft return to service.
Safaricom Stake Appeal Fast-Tracked: Court of Appeal Holds Status Quo Without Ruling on Stay
The Court of Appeal on 13 October heard Vodacom's stay application but did not decide it, recording instead that the substantive appeal against the 15 September High Court judgment will be fast-tracked. Vodacom says the status quo on the Safaricom shares and the purchase consideration will be maintained until the appeal is heard, with Vodafone Kenya remaining the registered holder of the stake. The sale of about 6.01 billion shares for roughly KSh 204.3B ($1.57B) was completed on 30 June 2026, and no hearing date for the appeal has been reported. The government argues the appeal against the 15 September High Court judgment raises questions under Section 87A of the Public Finance Management Act, including Parliament's role in approving the sale.
Kenya Re Profit Jumps 42.8% to KSh 2.25B as Underwriting Recovers
Kenya Reinsurance Corporation earned KSh 2.25B ($17.32M) in the six months to June, up from KSh 1.58B ($12.16M) a year earlier. Insurance revenue rose 14% to KSh 9.44B ($72.65M) while the insurance service result, the profit from underwriting itself, climbed 342% to KSh 1.3B ($10.0M). Operating expenses grew 22% to KSh 800M ($6.16M), and total assets rose only 3% to KSh 74.7B ($574.88M).
Kenya Pipeline Lifts Profit 13% to KSh 11.6B as Cash Balance Jumps 84%
Kenya Pipeline Company grew yearly profit after tax by 13% to KSh 11.6B ($89.27M), outpacing an 8% rise in profit before tax and a 9% rise in revenue. Closing cash climbed 84.4% to KSh 20.54B ($158.08M) while borrowings fell 83.4%, leaving the newly listed fuel carrier with almost no debt. The proposed dividend of KSh 5.9B ($45.4M) works out at KSh 0.32 a share, lower than the KSh 0.347 paid before, and still needs shareholder approval. Management is weighing a petroleum trading hub and possible Dangote refinery services, though none of the Nigeria links are confirmed contracts.
Land Case Stays Open: Lamu Refinery Dispute Tests Kenya's Appeal to Big Investors
A Malindi court has let a freeze on the Lamu refinery land lapse, but the farmers' claim to the land has not yet been heard on its merits. The 14 October ruling turned on service of papers, so it settles nothing about ownership, compensation or environmental compliance. Mwenendo's reading is that how Kenya handles this dispute could shape how investors view future mega-project approvals. Three deadlines now decide the pace: seven days to amend the petition, 14 days to serve the respondents, and a hearing on 24 November.
Land Case Not Over: Court Declines to Extend Order Blocking Dangote's KSh 2.2T Lamu Refinery
A Malindi judge let an order freezing activity on the Lamu refinery land lapse, yet the farmers' claim to that land has not been heard on its merits. The petitioners must amend their filing within seven days and serve Dangote and the other respondents within 14 days before the case returns on 24 November. The plant is designed to process 700,000 barrels of crude a day, so the unresolved land and environmental claims carry weight for investors and Kenyan taxpayers alike.
Equity Group: Half-Year Profit Rises 32% to KSh 45.5B as Bad Loans Ease
Equity Group lifted half-year profit after tax by 32% while cutting its bad-loan ratio from 13.7% to 9.5%. Subsidiaries outside Kenya supplied 42% of banking profit, with the Congo unit alone earning KSh 11.8B ($91.47M) after tax. Customer deposits rose 21% to KSh 1.59T ($12.33B), well ahead of the 19% growth in net loans.
Power Play: Kenya Moves KSh 40.4B Transmission Partnership Towards Financial Close
Treasury says Kenya is moving a KSh 40.4 billion ($311.53 million) transmission partnership towards financial close. A private consortium with Africa50 and India's Power Grid Corporation would finance, build and operate two lines for 30 years. Payments to the consortium would be linked to performance, but the equity split and the cost of debt were not disclosed.
Online Ad Spending Set to Nearly Double: PwC Sees Kenya's Market Hitting KSh 78B by 2030
PwC forecasts Kenya's internet advertising revenue will rise from KSh 40.59B ($313M) in 2025 to about KSh 78B ($603M) in 2030, growing 14% a year against 7.2% globally. Video advertising is forecast to grow 18.2% a year, driven by social media and connected TV, while streaming video grows 15.9% a year. PwC's figures do not split the money between global platforms, telcos, local media and creators, so who gains most is still open.
Kilifi Loses Salt Levy Fight: High Court Rules KSh 200 Per Tonne Charge Unconstitutional
The High Court has declared Kilifi County's charge of KSh 200 per tonne on salt unconstitutional and ordered the county to stop collecting it. The court found the levy lacked meaningful public participation, had no basis in national legislation and was not tied to any service the county provides. Four coastal salt producers brought the petition, and whether the county will appeal has not been reported.
Repairs Before Replacements: Kenya Airways to Spend KSh 45.15B on Ageing Jets
Kenya Airways says its new state financing will go to repairing and maintaining old aircraft rather than buying new jets, the opposite of a fleet renewal. Former executives and aviation experts have warned the plan risks repeating the failed bailouts of other state-owned airlines, even as the carrier's half-year loss widens. Details on how many aircraft are grounded, what each repair costs and how long the work will take have not been made public.
UAP Old Mutual Reportedly Cuts 100 Jobs in Kenyan Restructuring
UAP Old Mutual has reportedly laid off 100 employees in Kenya as the insurer restructures its local operations, according to The Kenyan Wall Street. The report does not provide a company statement explaining which roles were affected, whether the changes include voluntary exits, or how much the restructuring is expected to save. For affected workers and customers, the immediate questions are severance arrangements, service continuity and whether the company plans further changes to its Kenyan business.
Kenya Airways’ Reported $350M State Loan Raises New Questions for Taxpayers
Kenya Airways is reported to have received a US$350M (about KSh 45.43B) state loan, adding to scrutiny of the national carrier’s funding needs and public exposure. The loan report comes as the airline’s half-year loss widened to KSh 16B, with operating costs rising by KSh 11B despite revenue gains, according to Daily Nation. The government’s financing terms, repayment schedule and any conditions attached to the latest reported loan are not established in the source material available to the newsroom.
Clean Cooking Firm Circle Gas Reports $67M in Carbon Credits Awaiting Delivery
Clean cooking company Circle Gas says it has KSh 8.69B (US$67M) in carbon-credit value awaiting delivery, as it seeks to turn household fuel savings into a financing stream. The credits are linked to emissions reductions from replacing traditional cooking fuels, but their value depends on verification, delivery and buyers paying the agreed price. The reported pipeline is not the same as cash already received, and the available story source does not establish when the credits will be delivered or monetised.
Nigerian Payments Firm eTranzact Sees Majority Stake Acquired by Trademarks
eTranzact International says Trademarks Global Concepts acquired 56.18% of its issued ordinary shares, taking control of the Nigerian electronic payments company. The transfer involved 5.17 billion shares sold by Access Bank, Meristem Trustees for Accelerex Holdings and eTranzact Global, with representatives of exiting shareholders leaving the board. eTranzact reported first-half revenue growth of 22.6% to ₦16.28B, but the ownership change alone does not establish how the new controlling shareholder will alter the business.
Lagos Consumer Agency Warns Businesses Over Ignored Complaint Hearings
Lagos State Consumer Protection Agency chief Afolabi Solebo says businesses that skip scheduled mediation over legitimate complaints may face sanctions, including closure where authorised by law. The agency cited unfair trading, misleading advertising, deceptive pricing, hidden charges, poor service and unsafe or counterfeit products among issues that can prompt enforcement. Consumers are being urged to retain receipts, invoices and warranties so complaints can be supported with records and processed through established redress channels.
Keystone Bank Expands Financial Literacy Drive Across 37 Nigerian Institutions
Keystone Bank says its 2026 community programmes have reached students in 37 tertiary institutions and schools with lessons on savings, banking products and scholarship opportunities. The bank also reports providing business skills, financial literacy training and grants to women through the Pink Empowerment Project, alongside ICT centres at two education institutions. The initiatives are part of a corporate social responsibility programme, not evidence of a new SME lending policy or independently measured economic outcomes.