Dangote Refinery Plans First Pan-African IPO in History
Aliko Dangote plans to list Dangote Petroleum Refinery and Petrochemicals FZE on multiple African stock exchanges in a continent-first cross-border IPO targeting a raise of up to US$5 billion. Analysts value the refinery at between US$40 billion and US$50 billion, with 5-10% of equity on offer. The primary listing targets the Nigerian Exchange Group main board in June-July 2026. The Nairobi Securities Exchange is among six bourses involved. Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap have been appointed as financial advisers.
Kenya Raises Diesel Prices to Highest in History
EPRA has raised super petrol by KSh 28.69 to KSh 206.97 and diesel by a record KSh 40.30 to an all-time high of KSh 206.84 in Nairobi for the April 15 to May 14, 2026 cycle. Kerosene remains unchanged at KSh 152.78. The increases follow a 68.72% jump in diesel landed costs and a 41.53% rise in petrol landed costs, driven by Middle East supply disruptions. The government cut fuel VAT from 16% to 13% and deployed KSh 6.2 billion from the Petroleum Development Levy Fund to cushion consumers. Without the kerosene subsidy, the product would retail at approximately KSh 260 per litre.Fifth Bond Switch Falls Flat as Holders of Near-Maturity Paper Opt to Stay Put
CBK's fifth bond switch auction drew just KSh 2.56Bn in bids against a KSh 20Bn target, a 12.80% performance rate and the weakest result in the programme's history. Only KSh 1.75Bn was accepted, converting KSh 1.76Bn of FXD1/2016/010 (maturing August 2026) into FXD1/2018/015 (due May 2033) at an accepted yield of 11.97%. The weak uptake follows January's switch of the same source bond, which absorbed KSh 25.17Bn. Remaining holders appear to prefer collecting the 15.039% coupon to maturity rather than accepting a 239 bps coupon cut and paying 108.36 per KSh 100 for the destination bond.StanChart, KCB, and NCBA: What Bank Dividends Are Telling Investors in 2026
For investors in banking stocks, dividends are one of the clearest signals to watch in 2026, as the inaugural FY25 Kenya Banking Sector Report by Wall Street Africa Group.
Africa Tech Summit London Returns to London Stock Exchange on May 29 for its Landmark 10th Edition
NSE Recovers Half of Week 13 Losses as MPC Hold and Oil Pullback Lift Sentiment
The NSE posted its strongest week since February, adding KSh 128.42Bn as all indices rose, led by the NSE 10 at +4.76% and Banking Index at +4.49%. The CBK held rates at 8.75%, citing Middle East-driven energy price pressures but stable inflation. CBK forex reserves fell for a fifth straight week to USD 13,316M (5.7 months cover), down USD 1.28Bn since March 5 in the longest drawdown since late 2023. Foreign investors sold KSh 940M for their sixth consecutive week of outflows. Brent eased to around $90 from $106+. Market cap rose to KSh 3,432.92Bn, recovering 55% of Week 13 losses.Kenya’s Banks Still Have East Africa’s Worst Bad Loan Problem
Kenyan banks may have improved their asset quality in FY25, but the sector is still carrying the heaviest bad loan burden in East Africa, according to the FY25 Kenya Banking Sector Report by Wall Street Africa Group.Jubilee Holdings Lifts Dividend to Record KSh 15
Jubilee Holdings Limited posted an 18% rise in net profit to KES 5.55 billion for the full year ended 31 December 2025, with gross written premiums growing 18% to KES 62.40 billion. The board declared a total dividend of KES 15 per share, up 11% on the prior year. The result extends a decade of compounding in which total assets have tripled to KES 251.08 billion and earnings per share have doubled to KES 80. Jubilee Health Insurance Kenya recorded an underwriting loss as claims costs outpaced revenue in select corporate segments.Kenya’s Banking Sector Splits Into Winners and Laggards
Kenya’s banking sector is no longer moving as one trade, according to the FY25 Kenya Banking Sector Report published by Wall Street Africa Group.Kenya Private Sector Credit Hits KSh 4.15 Trillion Record
Kenya's private sector credit stock hit an all-time high of KSh 4.15 trillion in March 2026, the sixth consecutive monthly record, recovering from a trough of KSh 3,789.10 Bn in September 2024. Year-on-year growth accelerated to 8.1%, led by building and construction up 37.1% and agriculture up 28.9%. Banking sector liquidity stood at 59.3% with profit before tax at KSh 83.90 Bn in Q4 2025. The NPL ratio ticked up to 15.6%, the second increase of 2026, but remains more than 200bps below the 17.6% cycle peak of August 2025.Centum Closes 3-Year Share Buyback With 10.84M Shares Acquired, Far Short of 66.54M Target
Centum Investment Company PLC has closed its three-year share buyback programme, acquiring 10,839,300 ordinary shares across two phases against an original target of 66.54 million shares. The first phase (Feb 2023 to Sep 2024) yielded 10,688,500 shares at a maximum price of KSh 9.03. The second phase, running Oct 2024 to Mar 2026 at a maximum of KSh 9.51, added only 150,800 shares as the stock re-rated above the buyback threshold. All acquired shares are held as treasury stock. NSE float now stands at 644.75 million ordinary shares.World Bank Approves KSh 71bn For Isiolo-Mandera Road, Fibre Optic Cable
The World Bank has approved US$550 million (KSh 71 billion) to upgrade 508 km of the 740 km Isiolo–Mandera road and roll out more than 1,200 kilometres of fibre optic cable
