CMA Clears Kenyans to Invest in Dangote IPO Through NSE

Hello and welcome to the Money News Roundup. Today, we cover CMA’s approval allowing Kenyans to invest in Dangote’s IPO and the latest developments on teachers’ CBA review timelines.

CMA Approves Dangote Refinery IPO for Kenyan Investors Through NSE-Listed GDRs

The Capital Markets Authority (CMA) has approved Kenyan investors to participate in the Dangote Petroleum Refinery & Petrochemicals IPO through Global Depository Receipts (GDRs).

As announced by CMA, the IPO opened on September 14 and closes on October 13, 2026. 

Renaissance Capital (Kenya) will facilitate investors and, after allocation, structure the GDRs for listing on the Nairobi Securities Exchange (NSE), subject to Nigerian regulatory approval.

CMA said the transaction is the first of its kind since Kenya issued guidelines on GDRs. However, it clarified that the IPO covers only Dangote’s Nigerian refinery and not the proposed Dangote East Africa refinery in Lamu.

The Lamu project is planned as a 700,000-barrel-per-day refinery and petrochemical complex. It is expected to process crude from Turkana and other regional sources, supplying refined products to East African markets.

CMA cautioned that its approval is not an investment recommendation and urged investors to review the prospectus and seek independent advice.

Govt Promises Teachers 2-Year CBA Cycle, Announces 50,000 Promotions

President William Ruto has promised to consider reducing the teachers’ Collective Bargaining Agreement (CBA) review cycle from four years to two years after the current 2025–2029 agreement ends.

As reported by Citizen Digital, Ruto said the government would also increase teacher promotions to 50,000 this financial year, up from the 34,016 positions advertised by the Teachers Service Commission (TSC).

The government has doubled the teacher promotion budget from Ksh1 billion to Ksh2 billion.

He added that 20,000 contract teachers would be transitioned to permanent and pensionable terms in January 2027 for Ksh4.9 billion.

Family Bank Secures Ksh1.3 Billion AfDB Facility to Boost SME Lending

Family Bank has secured a Ksh1.3 billion trade finance facility from the African Development Bank (AfDB) to expand lending to small and medium-sized enterprises (SMEs) and local corporates.

As reported by Capital Business, the foreign currency facility will finance imports for businesses in manufacturing, agriculture, healthcare and renewable energy, as well as women-owned enterprises.

AfDB East Africa Director General Alex Mubiru said the deal will strengthen Kenya’s financial ecosystem while supporting intra-African trade and the African Continental Free Trade Area (AfCFTA).

Family Bank CEO Nancy Njau said MSMEs account for more than 80% of the bank’s customer base. She added that the facility will help address financing gaps that constrain business growth and create opportunities for businesses, supporting inclusive economic growth.

Ndegwa Family to Regain Full Ownership of ICEA Lion in Ksh8.5 Billion Deal

The Ndegwa family is set to regain full ownership of ICEA Lion Insurance Holdings after First Chartered Securities received approval to acquire a 24.1% stake from LeapFrog Investments for Ksh8.5 billion.

As reported by the Business Daily, the family investment firm currently owns 75.9% of ICEA Lion, meaning the transaction will give it complete control of the insurer.

The stake was sold to LeapFrog in 2021 for Ksh2.4 billion, meaning its value has more than tripled.

ICEA Lion provides life and general insurance, asset management and fund management services across Kenya, Uganda and Tanzania.

Ksh31.5 Billion Bomas Conference Centre to Begin Operations in January 2027 

Bomas of Kenya Acting CEO Jimmy Okidiangi says construction of the Ksh31.5 billion Bomas of Kenya International Conference Centre (BICC) is expected to be completed in December 2026, ahead of its planned January 2027 opening.

As reported by the Business Daily, the new facility has already secured bookings from a United Nations (UN) agency, the Africa Cup of Nations (AFCON) and KEBS.

The centre will accommodate 11,000 people simultaneously and feature a convention hall for 5,000 participants, 35 meeting rooms, a 3,500-seat auditorium and parking for 3,000 vehicles. The facility is also expected to serve as the national tallying centre for the August 2027 General Election.

Watu Cuts Motorcycle Deposit 

Watu Credit has reduced motorcycle down payments as demand for boda boda financing grows alongside Kenya’s expanding informal and gig economy.

As reported by the Star, from October 1, new customers buying selected Boxer, TVS, Honda and Haojin motorcycles will pay a 27% deposit, down from 35%. Returning customers with previous Watu financing records will pay 24%, down from 30%.

KNBS data shows motorcycle, autocycle and three-wheeler registrations nearly doubled to 252,241 in 2025 from 126,490 in 2024.

The motorcycle sector remains crucial to informal employment, which accounted for 87.2% of Kenya’s recorded jobs in 2025.

Also in the New

• Kenyan households and businesses have been urged to prepare for flooding ahead of the October-December rains. Britam General Insurance CEO James Mbithi encouraged households and businesses to review insurance covers. He stressed that preparedness should come before insurance, urging Kenyans to prioritise safety during flooding and contact insurers after reaching secure locations. Read more