News and Analysis
October 23, 2026
Hello and welcome to the Money News Roundup. Today, we cover how Dangote’s threat to walk away forced State firms to lower their asking price, and why Quickmart has reduced IPO share allocations for local retailers.
State-backed firms, including the NSSF, had demanded Ksh9.50 per Kenya Pipeline Company (KPC) share from Aliko Dangote before accepting a Ksh9.04-per-share deal for the 24.7% stake.
As reported by the Business Daily, which quoted its source close to the deal, the negotiations nearly collapsed after Dangote threatened to withdraw over the proposed price, which was 5.3% above KPC’s market price.
The final deal was valued at Ksh42.5 billion, with Dangote agreeing to forgo Ksh1.4 billion in dividends, bringing the effective price to Ksh9.36 per share.
The transaction involved eight pension schemes, with some partially reducing their holdings while others exited entirely. The selling broker, Rock Investment Bank, maintained that the deal offered reasonable returns and dismissed claims that pension funds lost money.
Dangote is now KPC’s second-largest shareholder after the Kenyan government, which retains 35%, while Uganda holds 20.15% through its national oil corporation. Dangote is also expected to nominate a director to KPC’s board, giving him voting rights and influence over the company’s strategic direction.
KPC shares subsequently rose to a record Ksh10.55 at the Nairobi Securities Exchange, following the transaction.
The National Treasury is pursuing toll concessions worth Ksh42.26 billion for two major bypass roads in Nairobi and Mombasa as the government seeks to recover infrastructure costs and address a Ksh1.5 trillion road funding deficit over five years.
The Business Daily reports that the completed 28.6-kilometre Nairobi Southern Bypass is earmarked for a Ksh12.265 billion operations, maintenance and tolling concession. A proposal by KeNHA to introduce toll charges is awaiting approval.
Meanwhile, the planned 38.6-kilometre Mombasa Northern Bypass has a proposed investment value of Ksh30 billion under a model combining user tolls and government viability gap funding.
The Mombasa project will comprise a 27.1-kilometre main bypass connecting the Mombasa-Nairobi Highway to the Mombasa-Malindi Road, alongside an 11.5-kilometre Bamburi Link Road.
The proposed concessions would expand Kenya’s toll-road network beyond the Nairobi Expressway, where motorists pay between Ksh170 and Ksh500 depending on distance and vehicle category.
In March 2026, the government published a draft tolling policy to establish a framework for road-user charges and supplement existing funding sources.
The government is also seeking a private investor to complete the Ksh20 billion road section between James Gichuru Junction along Waiyaki Way and Rironi and introduce toll charges for motorists.
Kenyans living across Africa sent home Ksh42.04 billion in the nine months to September 2026, surpassing the UK’s Ksh40.46 billion and Saudi Arabia’s Ksh15.76 billion, according to data from the Central Bank of Kenya.
As reported by the Business Daily, remittances from Africa rose 43.6% to Ksh42.04 billion ($323.87 million), with Tanzania and Uganda leading regional inflows. Transfers from Tanzania increased 47.16% to Ksh10.18 billion, while Uganda recorded a 23.7% rise to Ksh7.34 billion.
Meanwhile, remittances from Saudi Arabia fell 51.68% to Ksh15.76 billion, while inflows from the US declined 12.63% to Ksh232.21 billion.
The Tax Appeals Tribunal has ordered the KRA to reassess a Ksh212.6 million PAYE bill against Murang’a County within 60 days.
As reported by the Kenyan Wall Street, the dispute arose from an audit of the county’s 2022/2023 accounts, with KRA initially confirming Ksh172.8 million in principal tax, which rose to Ksh212.6 million with penalties and interest.
The tribunal found that KRA had not adequately addressed documents challenging its calculations, including disputed allowances and tax exemptions. The ruling does not cancel the liability but requires KRA to recalculate the amount owed and explain its findings.
Kenya and the UK have signed an agreement allowing baggage arriving at JKIA from London Heathrow and Gatwick airports to bypass repeat screening under agreed conditions.
As reported by the Kenyan Wall Street, the deal aims to reduce delays, improve passenger connections and strengthen aviation security cooperation. Aviation Principal Secretary Teresia Mbaika said it would boost Kenya’s competitiveness and support JKIA’s ambition to become a regional aviation hub.
The agreement builds on the Kenya-UK Security Compact signed in 2025.
Quickmart has reduced the share allocation for local investors in its Ksh15 billion IPO after four foreign cornerstone investors committed Ksh7.2 billion.
As reported by the Business Daily, local retail and institutional investors will receive a maximum of 44% of the two billion shares on offer, down from the initial 67%.
Foreign cornerstone investors, including the UK government’s Foreign, Commonwealth and Development Office, the International Finance Corporation, 337 Frontier Capital and RWC Asset Management, will collectively acquire 48% of the offer.
Quickmart is selling two billion shares at Ksh7.50 each, representing half of the retailer. The supermarket reported a 33% increase in net profit to Ksh1.51 billion in 2025, while revenue rose 9.3% to Ksh50.43 billion.
Kenya Electricity Generating Company (KenGen) has appointed Ronoh Kibet Charles as its next Managing Director and CEO, effective February 1, 2027. He will succeed Peter Waweru Njenga, who is retiring.
As reported by Capital Business, Kibet, currently KenGen’s General Manager for Commercial Services, has over 17 years of experience in geothermal development, project delivery and commercial strategy. He has contributed to the Olkaria Green Energy Park and the expansion of KenGen’s international consultancy business.
During Njenga’s tenure, KenGen reported a profit after tax of Ksh10.48 billion in the 2025 financial year.
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