News and Analysis
October 21, 2026
Hello and welcome to the Money News Roundup. Today, we explore why Dangote bought a Ksh42.5 billion stake in KPC and also cover the suspension of NCBA share trading.
Nigerian billionaire Aliko Dangote plans to invest approximately Ksh194 billion ($1.5 billion) to expand Kenya Pipeline Company’s network after acquiring a 25% stake in the state-owned firm for Ksh42.5 billion.
As reported by the Financial Times, Dangote said the investment forms part of his strategy to build an integrated fuel refining, storage and distribution network across Africa.
Currently, he is constructing a 700,000-barrel-per-day refinery in Lamu, with initial work already underway despite a land dispute and court case.
Beyond Kenya, Dangote plans fuel storage facilities in Namibia, Djibouti and Cameroon to supply regional markets.
Dangote plans to invest Ksh6.47 trillion ($50 billion) across the continent by 2030, while targeting annual revenues of Ksh12.94 trillion ($100 billion) by the same year.
Meanwhile, Business Daily, citing its sources, noted that Dangote beat global oil majors to the KPC stake deal, which reportedly delayed making a decision on the deal.
It was noted that global oil companies from the US and Europe were interested in the deal.
The NSE has suspended trading in NCBA Group shares until October 21 following Nedbank Group’s acquisition of a 66% controlling stake in the Kenyan lender.
As reported by the Star, the South African bank completed the Ksh110 billion transaction after securing regulatory approvals, making NCBA its subsidiary.
NCBA will retain its brand, Nairobi headquarters, local leadership and NSE listing, with public investors holding the remaining 34% stake.
The offer attracted tenders for 79.9% of NCBA’s issued shares. However, applications were scaled back to achieve the targeted controlling stake. The consideration comprises 80% newly issued Nedbank shares and 20% cash, equivalent to Ksh105 per NCBA share.
Kenya’s outstanding debt to the World Bank crossed Ksh2 trillion for the first time, reaching Ksh2.045 trillion at the end of June 2026, according to Treasury data.
As reported by the Business Daily, the government has added Ksh556 billion in World Bank loans since President William Ruto took office in September 2022, deepening reliance on concessional financing.
The lender accounts for 66.9% of Kenya’s multilateral debt, while total external debt rose to Ksh5.79 trillion.
Kenya plans to borrow Ksh170.5 billion annually from the World Bank over the next four fiscal years.
Meanwhile, projected debt servicing will reach Ksh2.3 trillion in the financial year ending June 2027, equivalent to 79.8% of expected ordinary revenue.
Investment analysis firm Investia Africa has valued Quickmart Supermarket at between Ksh21.1 billion and Ksh24.9 billion, below the Ksh30 billion valuation implied by its planned NSE listing.
As reported by Capital Business, the retailer is offering two billion existing shares at Ksh7.50 each, representing 50% of its issued share capital. Proceeds will go to sole shareholder Sokoni Retail Kenya Limited, not Quickmart.
Quickmart’s revenue nearly doubled to Ksh50.43 billion in 2025, while net profit rose to Ksh1.51 billion. The supermarket operates 72 stores across 16 counties and targets 10 to 15 new outlets annually.
Foreign investors sold 23.62 million KCB Group shares valued at approximately Ksh2.13 billion in the three months to September 2026, as local investors increased their holdings in the lender.
As reported by the Business Daily, KCB’s latest shareholder profile shows foreign ownership declined to 258.04 million shares from 281.66 million, reducing their stake to 8.02% from about 8.8%.
Local institutional investors acquired 19.2 million additional shares, raising their holdings to 1.52 billion, while individual investors bought 4.43 million shares to reach 799.26 million.
The sell-off comes after KCB shares gained 30.32% over six months, offering foreign investors an opportunity to cash in on their investments amid strong market performance.
Life insurance premiums rose 33.6% to Ksh147.46 billion in the six months to June 2026, surpassing general insurance premiums, according to the Insurance Regulatory Authority (IRA).
The Business Daily reports that the growth was driven by retirement savings channelled through private insurers and investment-linked products.
Investment-linked premiums surged 130.7% to Ksh21.95 billion, while deposit administration premiums increased 21.1% to Ksh43.31 billion, supported by pension contributions redirected to privately managed schemes.
Life insurance accounted for approximately 51% of industry premiums, overtaking general insurance, which grew 9.2% to Ksh141.90 billion during the period.
SBM Bank Kenya has financed approximately Ksh574 million (USD 4.44 million) fleet expansion for Beyond Continents Logistics Limited to boost cross-border trade across East Africa.
The financing enabled the logistics firm to acquire 50 new heavy-duty Shacman prime movers fitted with Bhachu trailers.
SBM structured an asset financing facility offering up to 100% financing for new vehicles, repayment periods of up to 720 days and commercial vehicle insurance spread over 10 months.
The deal comes as regional trade expands under the African Continental Free Trade Area (AfCFTA).
SBM Bank’s profit before tax rose 171.3% to Ksh548 million, while customer deposits grew 24% to Ksh94 billion.
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