Hello, Janeffer here. Welcome to today’s edition of The Business Roundup. In this edition, we focus on these three top stories:
- Dangote-Linked Company Gets Voting Rights at KPC
- CBK Ordered to Suspend Lending Rules
- KPMG Latest Appointments
Major This Week
Dangote-Linked Company Gets Voting Rights at Kenya Pipeline
Big news! Kenya Pipeline Company (KPC) has announced key changes to its board and shareholder structure ahead of its 46th Annual General Meeting scheduled for December 2, 2026.
Key highlights from the AGM notice include:
- Greenview Oil Trading Corp., which is linked to Billionaire Aliko Dangote, acquired a 24.9 per cent stake in KPC through the secondary market, making it eligible to nominate a director to the company’s board.
- The National Treasury appointed three Non-Executive Directors: Faith Bett-Boinett, Samson Kipkembol Burgei and Eng. Meshack Kidenda.
- The Government of Uganda appointed two Non-Executive Directors: Dr Ramathan Ggoobi and Eng. Irene Pauline Bateebe.
- Five directors appointed to fill casual vacancies will retire at the conclusion of the AGM. They are Joyce Emanikor, Mutungwa Wambua, Christopher Karani, Martha Miano and Irene Wachira.
- KPC will appoint Independent Non-Executive Directors in line with Capital Markets Authority regulations and corporate governance requirements.
- KPC is seeking approval to distribute Ksh5.79 billion as a first and final dividend for the financial year ended June 30, 2026, equivalent to Ksh0.32 per share.
- The proposed dividend will be payable on or about January 8, 2027, to shareholders registered by November 30, 2026.
- Shareholders will consider the audited financial statements for the year ended June 30, 2026, alongside reports from the directors, chairman, CEO and auditor.
- KPC is proposing to replace the Office of the Auditor General with KPMG Kenya as its auditor, subject to shareholder approval.
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CBK Ordered to Suspend Lending Rules
In other news, on November 12, Parliament directed the Central Bank of Kenya (CBK) to suspend the rollout of proposed regulations governing non-deposit-taking credit providers, citing concerns about excessive administrative powers, unlawful penalties, and weak legal drafting
The legislators said the proposed provisions gave the regulator excessive discretion and could leave businesses uncertain about their legal obligations.
“What we do not allow you is to have open-ended discretion. Kenyans must be given notice and know what the law requires of them. You cannot introduce vague provisions that deny people an opportunity for public participation,” MP Samuel Chepkonga said.
Key Provisions of the Proposed Rules
- Licensing: Non-deposit-taking credit providers would be required to obtain a CBK licence before commencing operations, unless regulated under another written law.
- Minimum Capital: Applicants must have an initial capital of at least Ksh20 million.
- Application Requirements: Businesses must disclose their ownership structure, source of funds, operations and lending products.
- Disclosure: Applicants must provide details of interest rates, loan sizes, credit policies, consumer protection measures, data protection systems and customer complaint procedures.
- Management Requirements: Directors, shareholders and senior managers must submit relevant details, including certificates of good conduct, tax compliance certificates and credit reference bureau reports.
- Financial Records: Applicants must submit audited financial statements, where applicable.
- CBK Assessment: The regulator would assess applications based on document completeness, suitability of directors and managers, source of investment funds and public interest.
Also Read: KPMG Raids Deloitte Again, Poaches Senior Tax Expert in Fresh Appointment
KPMG Latest Appointments
In a recent announcement, on November 13, KPMG East Africa appointed Patrick Chege as Associate Director in its Tax and Regulatory Services practice, adding another senior tax professional to its team days after recruiting three executives from rival firm Deloitte.
The move followed KPMG’s announcement on Tuesday, November 10, that it recruited three senior tax professionals from Deloitte, including former East Africa Tax and Legal Leader Fred Omondi, who joined as a Partner.
Fredrick Kimotho, who previously served as an Associate Director at Deloitte, also joined KPMG as a Partner, while Kennedy Okoyo moved to the firm as an Associate Director.
KPMG East Africa provides audit, tax and advisory services through offices in Nairobi, Kampala, Dar es Salaam and Kigali.
Also Read: CBK Ordered to Suspend New Lending Rules Affecting Kenyans
ALSO, BIG THIS WEEK:
- Remittances sent home by Kenyans living abroad declined by 1.9 per cent in October 2026, with inflows dropping to Ksh55.95 billion from Ksh57.03 billion recorded in October 2025.
- Ruto has announced the lifting of a 20-month ban on Kenyan imports, reopening an important export market for local producers and traders.
- Nairobi Governor Johnson Sakaja has opened applications for 2027 loading and offloading zones, giving businesses and transport operators until the end of November to submit their requests.
CBK Exchange Rates
Here is a breakdown of how the Kenya Shilling held steady against major currencies in the week ending November 13.
It exchanged at Ksh129.96 per U.S. dollar on November 13.
Against other major currencies, the shilling traded at:
- Sterling Pound – Ksh172.72
- Euro – Ksh144.38
- South African Rand – 7.83
- Japanese Yen (100 units) – Ksh81.44
Against regional currencies, the shilling exchanged at:
- Ugandan Shilling – Ksh31.47, Tanzanian Shilling – Ksh20.39, Rwandan Franc – Ksh11.36
Business Quote of the Week
Before we wrap up this week’s Business Roundup, here’s a quote to take with you into the weekend:
“I’ve failed over and over and over again in my life. And that is why I succeed.” — Michael Jordan
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