Treasury Warns US Investors Over Ksh468B Nairobi-Mombasa Expressway Deal 

Hello and welcome to the Money News Roundup Newsletter, where we cover why US firm risks losing the Ksh468 Nairobi-Mombasa Expressway deal. We also cover new taxes and levies the government is considering for vehicle owners.

Treasury Warns US Investors Over Ksh468B Nairobi-Mombasa Expressway Deal 

The National Treasury has issued an ultimatum to US investors behind the proposed Nairobi-Mombasa Expressway, warning the project will be abandoned if a revised plan fails to meet thresholds set by the Kenya National Highways Authority (KeNHA).

Everstrong Capital, a US private equity firm, has submitted a fresh Project Development Report (PDR) after its earlier proposal was rejected.

Treasury Cabinet Secretary John Mbadi said the revised report is under review to determine whether it satisfies mandatory evaluation criteria. If it fails, KeNHA will treat the project as abandoned and open it to competitive bidding under standard procurement laws.

The Ksh468 billion four-lane toll road, structured as a Public-Private Partnership (PPP), aims to cut travel time between Nairobi and Mombasa. However, the PPP Committee previously rejected the proposal over concerns about affordability, public interest and financial capacity.

Everstrong had proposed a greenfield corridor requiring extensive land acquisition. Preliminary estimates placed land costs at Ksh12.9 billion, raising fears of higher toll charges. 

Projections indicated motorists could pay Ksh12 to Ksh13 per kilometre—about Ksh5,280 for a full trip—while commercial vehicles would face steeper rates.

KeNHA has since indicated the project may follow the existing highway alignment.

Govt Bears Risk of Compensating Chinese Investors Over Low Traffic Volume for Mau Summit Road - Treasury

The National Treasury has flagged low traffic volumes and potential revenue shortfalls on the Nairobi-Nakuru-Mau Summit and Nairobi-Mai Mahiu-Naivasha roads as key fiscal risks, warning they could force government compensation to private investors. 

According to the 2026 Budget Policy Statement, these are contingent liabilities of the Ksh150 billion PPP programme the government plans to unveil before the next elections.

As reported by the Business Daily, other risks include potential contract renegotiations and exposure to inflation and exchange rate volatility.

The two roads are part of a 30-year PPP concession, where private investors—including a consortium of China Road and Bridge Corporation (CRBC), the National Social Security Fund (NSSF), and Shandong Hi-Speed—will recover an estimated Ksh184–200 billion through tolls. 

Traffic surveys project daily usage of 40,000 vehicles on the Rironi-Mau Summit road, expected to grow, but motorists may opt for alternative routes, affecting profitability.

The government would absorb risks linked to planning, land acquisition, political and municipal relocations, while sharing traffic, environmental, and bankability risks with investors.

 SDRBI of China will now construct the 94-kilometre Gilgil-Mau Summit section, including a viaduct through Nakuru City, to streamline approvals from Beijing.

Sacco Accountant Arrested Over Loss of Ksh16 Million

As reported by Citizen Digital, an accountant has been arrested over an alleged fraud scheme that led to the loss of more than Ksh16 million at a Sacco, which is yet to be named by the police.

The Directorate of Criminal Investigations (DCI) said Amos Fikiri Ruwa, a former accountant, was arrested on February 14, 2026, and is awaiting arraignment. His arrest follows that of an alleged accomplice, who was detained in January.

Detectives from the Banking Fraud Investigation Unit allege Ruwa authorised fraudulent cheque transactions using members’ accounts in collusion with external accomplices.

 Investigations show the Sacco lost Ksh6,852,166 before a further Ksh9,161,000 was siphoned, totalling Ksh16,013,166.

A total of 58 cheques were allegedly issued and cleared irregularly. Forensic analysis linked Ruwa to forged withdrawal slips, while the cheques were reportedly never recorded in the ledger.

Kenya Roads Board Considers New Levies to Fund Roads Amid Rise of Electric Vehicles

The Kenya Roads Board is considering new levies to ensure road maintenance funding remains stable amid the rising uptake of electric vehicles (EVs), which do not use petrol or diesel.

As reported by the Business Daily, the board commissioned a study on e-mobility’s impact on the Road Maintenance Levy (RML) and is developing an e-mobility policy to identify alternative funding sources.

Proposals include a distance-based levy requiring EVs to have a tracking device, an insurance levy where 1 per cent of annual premiums goes to road upkeep, and the reintroduction of a yearly road license fee for all registered vehicles. 

With 85 per cent of Kenya’s used car imports coming from Japan—which will phase out combustion engines by 2032—the board aims to find innovative ways to sustain RML collections as electric vehicles become more common.

Govt Warns Against Fake Job Offers Luring Kenyans to Russia

The Kenyan Embassy in Moscow has warned citizens against travelling to Russia through informal or unverified recruitment channels.

As reported by Capital FM, the embassy, in a statement, said it has received numerous inquiries from Kenyans who travelled after securing job offers from online recruiters and unlicensed agents that later proved false.

Many victims reported being promised lucrative jobs, high salaries and residency arrangements that did not materialise upon arrival. Some encountered altered or non-existent contracts, withheld passports, restricted movement and limited access to consular services.

The embassy cautioned that those using irregular channels may struggle to access timely assistance, and repatriation can be delayed by legal or administrative processes. 

Kenyans were urged to conduct due diligence and seek guidance from relevant government offices before travelling abroad for work, given the recent spike in cases where Kenyans end up on the frontline of the Russia-Ukraine war.

Jumia Revenue Jumps by Ksh7.9 Billion as Expansion to Rural Kenya Drives Growth

Jumia reported a 34 per cent rise in fourth-quarter revenue to Ksh7.9 billion, signalling renewed momentum and positioning Kenya as a key growth market. 

As reported by Capital Business, Gross Merchandise Value (GMV) grew 36 per cent year-on-year to Ksh36 billion, reflecting stronger marketplace activity and improved customer engagement.

The e-commerce firm also reduced its operating loss by 39 per cent to Ksh1.4 billion, while the adjusted earnings before taxes loss narrowed by 47 per cent, underscoring progress toward profitability.

Group CEO Francis Dufay said the company closed 2025 with strong growth and improved execution across markets. In Kenya, rural areas now account for 60 per cent of orders, supported by over 300 pickup stations in all 47 counties. 

SMEs make up 60 per cent of sellers, while the JForce programme has expanded to 26,000 agents nationwide.

NSE Investor Wealth Jumps Ksh475 Billion as Banking and Blue Chips Rally to Record Highs

Investor wealth at the Nairobi Securities Exchange (NSE) has jumped by about Ksh475 billion in 2026, with nearly Ksh220 billion added in the past week alone. 

As reported by the Kenyan Wall Street, Market capitalisation rose from Ksh2.94 trillion at the start of the year to Ksh3.42 trillion on February 13, marking the strongest weekly gain since 2008.

The rally pushed the NSE All Share Index to a record 216.69, while banking and blue-chip stocks hit all-time or multi-year highs. Safaricom led weekly gains with Ksh78.1 billion in added value, followed by Equity Group and KCB Group.

Valuations remain moderate at 6.3x earnings and 1.8x book value. Despite a Ksh595 million foreign outflow, strong local buying and sustained liquidity above Ksh1 billion in daily turnover powered the surge.

Eveready Shifts to Clean Energy and EV Financing to Reverse Losses

Eveready East Africa is shifting from battery distribution to clean energy and consumer financing to reverse years of losses that left it with negative equity of Ksh101 million in March 2024. 

The NSE-listed firm is partnering with Huawei Technologies and Jinko Solar to supply commercial and residential solar systems, battery backups, and smart energy management solutions through its Integrated Clean Energy Platform.

Eveready is also entering electric mobility via a partnership with EV Jumla to provide asset-backed financing for commercial and private electric vehicles and motorcycles.

The strategy aims to restore profitability after the closure of its Nakuru dry cell plant in 2014 and the sale of the 18.5-acre facility in 2016, caused by competition from cheap and illegal products. Shares, which had fallen to Ksh1.67, gained 28.5 per cent over three NSE trading sessions following the announcement. Read more