News and Analysis
June 15, 2026
Hello and welcome to the Money News Roundup. Today, we unpack Zimbabwean tycoon Wicknell Chivayo's links to the Ksh374 billion JKIA expansion project. We also look at KCB Bank's dismissal of 60 employees.
Controversial Zimbabwean businessman Wicknell Chivayo's company, IMC Construction Kenya, has secured a stake in the Ksh374 billion ($2.9 billion) expansion of JKIA.
ZimLive, a Zimbabwean news outlet, reports that the project will be undertaken by a consortium led by China Communications Construction Company (CCCC), alongside its subsidiary, China Road and Bridge Corporation (CRBC), and IMC Construction Kenya.
Kenya will contribute Ksh168 billion ($1.3 billion), with the balance financed by local and Chinese banks.
The expansion will include a new terminal capable of handling an additional 15 million passengers annually and a new runway expected to be completed by 2029. The runway will increase aircraft movements from 14 to 63 per hour.
The tender was previously awarded to India's Adani Group before being cancelled and re-advertised.
Chivayo, who has close links with the Kenya Kwanza administration, has regional business interests, with his firms already undertaking major infrastructure and hospitality projects across Zimbabwe and Tanzania.
He has also attracted controversy over his past conviction on charges of fraud.
KCB Group dismissed 60 employees in 2025 as part of an intensified campaign against fraud involving staff and external actors targeting the bank and its customers.
As reported by the Business Daily, according to its latest sustainability report, the lender recorded 201 fraud incidents during the year and successfully blocked attempts worth Ksh141.1 million. Actual losses from fraud and forgery fell sharply to Ksh760,000 from Ksh4.5 million the previous year.
Kenya accounted for 188 of the reported fraud cases and 50 of the staff dismissals. Rwanda recorded seven fraud attempts and five dismissals, while Tanzania, South Sudan and Uganda reported smaller numbers.
Last year, Equity Group dismissed about 2,000 employees following an ethics audit, highlighting the growing challenge banks face in protecting customers and maintaining public trust.
Kenya is set to miss out on emergency financing from the World Bank that had been sought to cushion the economy from the impact of the Middle East conflict.
As reported by the Business Daily, it is estimated that the emergency loan would have been around Ksh77 billion. Instead, the lender is expected to consider an earlier request for a Ksh97.1 billion loan before the end of June.
The emergency funding request, which Kenya presented during the World Bank and IMF Spring Meetings in April, was intended to strengthen the country's foreign exchange reserves.
World Bank disclosures show that while the Ksh97.1 billion loan is on the agenda for approval, the emergency financing facility is not currently scheduled for consideration.
Central Bank of Kenya Governor Kamau Thugge recently said discussions on both facilities were ongoing, expressing hope that the World Bank would approve the DPO and later finalise the emergency financing request.
The government has launched a fresh inquiry into Metropolitan Sacco's financial health as the institution battles liquidity challenges, legal disputes and allegations of massive fraud by former officials.
As reported by Nation, Commissioner for Co-operatives David Obonyo said the 10-day assessment will establish the Sacco's current financial position and guide possible interventions to protect members' savings.
Metropolitan Sacco ended 2024 with deposits of Ksh7.41 billion against a loan book of Ksh17.2 billion, burdened by a default rate of nearly 99 per cent. The Sacco is also facing increasing pressure from members seeking refunds, with the Co-operatives Tribunal repeatedly ordering payouts.
The government is pursuing former officials over the alleged loss of Ksh14.9 billion and an untraceable loan book worth Ksh50 billion. Earlier audits uncovered fictitious dividends, manipulated records and irregular lending practices that severely weakened the institution.
Kenya Pipeline has issued a cautionary notice to shareholders after Lebanese contractor Zakhem International Construction filed a fresh lawsuit seeking Ksh10.89 billion over the Mombasa-Nairobi Line 1 Replacement Project.
As reported by the Kenyan Wall Street, the claim includes Ksh2.46 billion in extension-of-time costs and Ksh8.43 billion in interest linked to delayed payments under the pipeline contract.
KPC said preliminary legal advice indicates it has strong grounds to challenge the suit and has instructed its lawyers to defend the case.
The dispute stems from a Ksh62.65 billion contract signed in 2014 for the construction of the 450-kilometre pipeline.
Independent motor vehicle dealers in Mombasa have raised concerns over NTSA's enforcement of regulations governing the movement of imported vehicles, saying the measures are causing delays and increasing business costs.
As reported by Eastleigh Voice, the traders said stricter requirements for movement permits have slowed the transfer of vehicles from the Port of Mombasa, Container Freight Stations and storage yards to dealerships and buyers. Some vehicles are reportedly stranded as importers struggle to obtain the necessary documentation.
While supporting efforts to curb misuse of dealer plates, the dealers argue that the current rules are disrupting legitimate trade, delaying deliveries and affecting customers.
As reported by Kenyans.co.ke, the Kenya Urban Roads Authority (KURA) has launched a Ksh10 billion smart traffic project aimed at easing chronic congestion in Nairobi.
Funded through a loan from South Korea, the Nairobi Intelligent Transport System (ITS) project will upgrade 60 key junctions across the city. Planned works include the installation of traffic signals, CCTV cameras, vehicle detection systems, variable message signs and vehicle enforcement systems.
The project will also involve the construction of a new bridge and the expansion of two existing bridges. Works are expected to be completed within 30 months.
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