Why Uganda Will Not Invest in Dangote’s Ksh2 Trillion Lamu Refinery Yet - Museveni

Hello and welcome to the Money News Roundup. Today, we look at why Uganda is holding off on investing in the Ksh2 trillion Lamu refinery. We also examine the growing number of Sacco accounts holding over Ksh1 million. 

Uganda to Pursue Tanga Refinery Project First Before Investing in Lamu - Museveni 

Uganda President Yoweri Museveni has backed the planned Lamu oil refinery but said Uganda will delay investing until it establishes what happened to a separate refinery proposed for Tanga, Tanzania. 

As reported by Nation, Museveni said Uganda had previously discussed building a small refinery in partnership with Tanzania to serve its domestic market and neighbouring countries. 

He said Uganda still intends to develop refining capacity because of its petroleum resources.

Museveni said he would first seek clarity from Tanzanian President Samia Suluhu Hassan on the status of the Tanga project before committing to Lamu.  Uganda and Tanzania have been undertaking a pipeline that will transport crude oil from Uganda to Tanga before being exported to the global market.

He nevertheless expressed support for the Kenyan project and said Uganda would work with Presidents William Ruto and Samia to harmonise the regional refinery plans.

Tanga, Tanzania, was initially considered the preferred location, partly due to plans for the Uganda-Tanzania crude oil pipeline. However, Dangote Group ultimately chose Lamu for the refinery.

Dangote said Lamu offered the water supply, adequate sea depth and suitable land needed to support a refinery of the project’s scale. 

Meanwhile, as reported by the Business Daily, the Dangote Group has approached Nigeria’s Securities and Exchange Commission (SEC) seeking approval to increase the number of shares offered in its ongoing Ksh207.5 billion refinery IPO amid strong investor demand. The offer, running until October 13, involves 4.1 billion shares, equivalent to about 3.4% of Dangote Petroleum Refinery.

Also Read: Everything to Know About Dangote’s Ksh2 Trillion Lamu Refinery

Sacco Accounts Holding Over Ksh1M Rise by 10% to 154,000

The number of Sacco accounts holding more than Ksh1 million increased 10% to 154,000 in 2025 from 140,000 in 2024, SASRA data shows.

As reported by the Business Daily, although these accounts represented just 0.81% of 18.95 million accounts, they held Ksh319.66 billion, equivalent to 38.38% of total deposits.

Meanwhile, 16.86 million accounts, or 89.03% of all accounts, held less than Ksh50,000, collectively accounting for Ksh44.61 billion. 

Sacco deposits rose to Ksh832.74 billion from Ksh749.43 billion, while loans increased to Ksh948.67 billion. Saccos disbursed Ksh596.54 billion across key sectors, including Ksh157.2 billion for land and housing, Ksh124.51 billion for education and Ksh110.74 billion for agriculture.

Govt Orders Hospitals to Switch to New SHA System or Lose Ability to Serve SHA Patients 

Health facilities were directed to migrate to the new Health Management Information System (HMIS) or risk losing the ability to serve patients covered by SHA. 

As reported by Citizen Digital, Health CS Aden Duale said the existing SHA provider portal would be shut down at midnight on September 30, with facilities required to use the certified HMIS.

The government says the new system will improve service delivery by enabling real-time patient verification, electronic claims processing and secure provider authentication. The government expects the platform to reduce fraud, speed up reimbursements and improve accountability.

The system will also allow doctors to access patients’ medical records, including scans, across different facilities, reducing repeat tests and simplifying referrals. Faith-based facilities were given a three-month grace period to migrate.

Kenya’s Inflation Rises to 6.8% in September as Food, Transport Costs Increase

Kenya’s annual inflation rate rose to 6.8% in September from 6.6% in August, driven by higher prices of food, transport, and housing-related utilities. 

As reported by Capital Business, KNBS data shows food and non-alcoholic beverage prices increased 9.5% year-on-year, while transport costs rose 15.6%. 

Housing, water, electricity, gas and other fuels increased by 3.2%. The three categories account for more than 57% of the Consumer Price Index basket. 

Month-on-month, food prices rose 0.9%, while alcohol, tobacco and narcotics increased 0.4%. Household furnishings and personal care costs each rose 0.2%.

High Court Strikes Out Ksh108.85M KUSCCO Liquidation Petition

The High Court in Nairobi has struck out a petition seeking to liquidate KUSCCO, ruling that the Insolvency Act does not provide the legal basis for winding up a co-operative society. 

As reported by Citizen Digital, Lady Justice Rhoda Rutto upheld KUSCCO’s preliminary objection, finding that the society is governed by the Co-operative Societies Act, which provides its own dissolution and liquidation framework. 

Rupsa Regulated NWDT Sacco had sought KUSCCO’s liquidation over an alleged Ksh108.85 million unpaid statutory demand and wider financial concerns.

The court held that even evidence of insolvency could not allow creditors to bypass the statutory process under the Co-operative Societies Act.

Tanzania Bus Driver Strike Over Licence Demerit Points 

Long-distance bus services remained suspended at Dar es Salaam’s Magufuli Bus Terminal on Wednesday as drivers continued their strike for a second day over licence demerit points, suspensions and removal of licences from the system. 

As reported by the Citizen Tanzania, Home Affairs Minister Patrobas Katambi directed police to suspend the demerit-point system for 14 days pending review and urged drivers to resume work. However, the strike continued, leaving passengers stranded, seeking refunds or alternative transport. 

Bus operators also faced pressure from passengers demanding refunds as the disruption affected long-distance travel.

Also in the News

• Workable Nairobi has become Africa’s first coworking space to receive the WELL Coworking Rating, an international benchmark for workplace health and wellbeing. Developed by the International WELL Building Institute and The Instant Group, the rating assesses air and water quality, lighting, comfort, movement, mental wellbeing and community. The recognition builds on Workable’s sustainability efforts. Read more
• Nairobi region accounted for 43.92% of Kenya’s electricity consumption in the year ended June 2026, using 5,465.36 GWh, EPRA data shows. Consumption increased 10.09% from the previous year, driven by the region’s large population and industrial activity. The Coastal region ranked second at 17.74%, followed by North Eastern at 11.35%. South Nyanza recorded the lowest consumption at 2.09%. Read more