How KRA Lost KSh9.1 Billion After Ruto Order and Billions for Kenyatta Family After NCBA Sale

Hello, I am Janeffer. Welcome to today’s edition of The Business Roundup. In this edition, we focus on these three top stories:

• Billions for Kenyatta Family and Ex-CBK Governor Philip Ndegwa NCBA Share Sale
• KRA Loses Ksh9.1 Billion in Revenue
• Why KRA Refunded Oil Marketers Ksh5 Billion in Taxes

Major This Week

Billions for Kenyatta Family and Ex-CBK Governor Philip Ndegwa NCBA Share Sale

The families of Kenya’s founding President Jomo Kenyatta and former Central Bank of Kenya governor Philip Ndegwa are set to earn more than KSh21.9 billion from the sale of part of their stakes in NCBA Group to South Africa’s Nedbank Group.

According to Nedbank’s offer document, the transaction involves the acquisition of a 66 percent controlling stake in NCBA, valued at about KSh109.6 billion.

But what does the deal include?

• Nedbank will acquire a 66% controlling stake in NCBA
• The transaction is valued at approximately KSh109.6 billion
• Both families have signed irrevocable commitments to participate
• Payment to include cash and Nedbank shares, with partial retention of NCBA shares

Stake on sale

• Kenyatta family: about 13.2% stake (through Enke Investments Limited and holdings linked to businessman Muhoho Kenyatta)
• Ndegwa family: 14.94% stake (through First Chartered Securities Limited)

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KRA Losses Ksh9.1 Billion in Revenue

In other news, the taxman has announced that it lost KSh 9.1 billion in revenue following the implementation of a government directive to lower fuel prices.

The announcement was made on June 5, with the Kenya Revenue Authority (KRA) stating that the loss was recorded between April and May 2026 after the reduction of Value Added Tax (VAT) on fuel from 16% to 8% as part of measures to cushion consumers from rising global fuel costs.

“Kenya Revenue Authority (KRA) has forgone KSh 9.1 billion in tax revenue between April and May 2026 following the reduction of Value Added Tax (VAT) on fuel from 16% to 8% as part of measures aimed at cushioning consumers from rising global fuel prices,” read part of the notice.

Also Read: Big Win for Kenyans as Govt Withdraws New Electricity Tariff

Why KRA Refunded Oil Marketers Ksh5 Billion in Taxes

At the same time, the taxman has come clean and explained why it refunded oil marketing companies a total of KSh5 billion in taxes linked to a controversial fuel shipment.

The authority said the refund was issued after a 66-million-liter petrol cargo imported by One Petroleum, known as MT Paloma, was not consumed in Kenya and was instead redirected to regional markets.

KRA noted that oil marketers had already paid taxes through a principal importer during clearance of the petroleum products.

However, the shipment was later reallocated due to changes in customs declarations and was not delivered via the Kenya Pipeline Company (KPC) system.

According to KRA, the taxes paid were reversed and refunded to the oil marketing companies involved since the fuel never entered the local market.

Also Read: EPRA Introduces New Fuel Pricing Formula: How It Works and What It Means for Consumers

ALSO, BIG THIS WEEK:

• Sanlam Allianz Holdings Kenya Plc has announced the retirement of its long-serving Board Chairman, Dr John Simba, and the appointment of Dr Martin Oduor Otieno as the incoming Chairman.
• Kenya Airways is set to reintroduce its Boeing 777-300ER aircraft into active service from mid-July 2026, deploying the 400-seater jet on selected Nairobi–London Heathrow flights.
• The Energy and Petroleum Regulatory Authority (EPRA) has canceled planned public consultative forums following the withdrawal of the retail electricity tariff review application submitted by the Kenya Power and Lighting Company (KPLC).

Coming Up Next Week

• The Central Bank of Kenya (CBK) Monetary Policy Committee (MPC) meeting is scheduled for Tuesday, June 9, 2026.
• The highly anticipated WPP PLC Annual General Meeting (AGM) is on June 8, 2026, with the agenda item of changing its board.

CBK Exchange Rates as of June 5, 2026

The Kenya Shilling remained stable against major international and regional currencies during the week ending June 5, 2026.

Quote of the week

Before we wrap up this week’s Business Roundup, don’t lose hope, you can always dream again!

“You are never too old to set another goal or to dream a new dream.” — C.S. Lewis

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