Kenya Talks With China, Nelson Amenya’s New Airport Scandal, Dangote Buys Kenyan Company

Hello Moneymakers, Kubasu here. In this Newsletter, we are covering the Knight Frank report, Aliko Dangote's purchase of Kenya's oldest tourism company, Nelson Amenya’s latest airport scandal, and President William Ruto's extended business talks with China.

Kenya-China Tea Talks

President William Ruto met with Fuzhou Benny Tea Industries Chairman Zhang Chaobin on Tuesday to discuss ways of increasing access to the Chinese market for Kenyan tea.

In a statement, the Head of State noted that the meeting, held at State House, was a follow-up to his recent state visit to China.

Why This Matters: China has remained a key trading partner for Kenya. According to the Kenya National Bureau of Statistics (KNBS) Economic Survey 2025, total imports from China amounted to Ksh26 billion in 2024, a decline from Ksh29 billion in 2023.

State House indicated that Kenya is seeking to strengthen bilateral trade relations with China by increasing the export of key commodities—including tea, coffee, avocado, and macadamia nuts—to the Chinese market.

Benny Tea Industries ranks among the top three companies in China’s tea production and retail supply chain. The company specializes in a variety of refined specialty teas.

Benny Tea Industries is now looking to fulfill its annual requirement for orthodox tea by sourcing directly from the Kenyan market.

Of Note: According to the 2025/26 Budget Estimates, China extended a Ksh9.4 billion loan to Kenya to support the Finance Bill. The funds were allocated to state departments for Roads and ICT.

During his trip to China, President Ruto signed multiple deals worth Ksh100.1 billion ($773 million), including partnerships with the Zonken Group and China Wu Yi companies.

Nelson Amenya Whistleblows New Scandal

Jomo Kenyatta International Airport Whistleblower Nelson Amenya is back with a new exposé. In a series of tweets, Amenya claimed that there were plans by the government to hand over control and rights of a key airport to a firm from Dubai.

He claimed that Adani Group, which had previously been embroiled in a now-cancelled airport and power infrastructure deal, could be behind the alleged arrangement. The identity of the targeted airport was, however, not revealed.

"The Kenyan government is planning to give the airport to some company in Dubai (being a tax haven, it could be Adani behind it) and will use the country’s balance sheet as a sovereign guarantee," Amenya alleged. Here is the full coverage.

Kenyan Dollar-Millionaires Investing in South Africa

High net worth Kenyan investors are preferring South Africa over any other country, the 2025 Wealth Report, released on Tuesday, May 13, by real estate firm Knight Frank Kenya, has revealed.

In the report, which collected responses from private bankers, wealth advisors, intermediaries, and family offices who, between them, manage wealth for the Ultra High Net Worth Individual (UHNWI) clients, indicated that Kenyans prefer South Africa due to its well-developed commercial property sector.

One of the three key factors driving the preference is South Africa's mature market, which is more structured and diverse, offering a broader range of commercial investment opportunities.

The investors also choose the southern African nation due to its robust infrastructure, contributing to property stability and long-term value, as well as access to  advanced investment instruments and financial services enabling portfolio diversification. Read more of Money254 coverage here.

Aliko Dangote’s Company Buys Kenyan Tour Company

A company backed by Nigerian billionaire Aliko Dangote has acquired Pollman's Tours and Safaris, Kenya's oldest tourism company, Business Daily reported. The firm, Africa Travels Investment, received the requisite approval from the Competition Authority of Kenya (CAK) to acquire a 100 per cent stake in the Kenyan firm.

“This approval has been granted based on the finding that the transaction is unlikely to negatively impact competition in the market for tour operators in Kenya, nor elicit negative public interest concerns,” CAK noted.

Wealth Flight: Kenya’s Dollar Millionaires on the Decline

Kenya experienced a significant drop in its population of dollar millionaires last year, driven by economic uncertainty and social unrest. The slowing economy and deadly youth-led protests led many wealthy individuals to move their capital abroad, dampening investor confidence and stifling new investments.

According to the 2025 Knight Frank Wealth Report, the number of high-net-worth individuals (HNWIs)—those with assets exceeding $1 million (Sh129.2 million)—fell by 10%. This decline reflects a growing trend of capital flight as investors seek more stable foreign markets to protect their wealth.

Duale Clarifies UHC Staff Transition Amid Strike Threats

Health CS Aden Duale has clarified that UHC staff will be transferred to county governments from July 1, 2025, with their current contracts valid until May 2026 and permanent terms to be factored into the 2026/27 budget. He urged counties to fast-track payroll submissions and reaffirmed the Ministry’s commitment to Universal Health Coverage.

Meanwhile, KNUN Secretary General Seth Panyako, speaking to People Daily, warned of a nationwide nurses’ strike over delays in implementing the 2017 CBA and absorbing UHC staff. He called on President Ruto to reallocate Ksh3.5 billion from the State House budget to resolve the crisis.