Hello, Janeffer here. Welcome to today’s edition of The Business Roundup. In this edition, we focus on these three top stories:
- Why Dangote Settled for Lamu to Build Oil Refinery
- NIF Board: Profiles of Ruto’s Singapore Team
- Safaricom FY2026 Performance in Numbers
Major This Week
Why Dangote Settled for Lamu to Build Oil Refinery
Africa’s richest man, Aliko Dangote, has officially selected Kenya’s coastal town of Lamu as the site for his proposed USD17 to 20billion East African oil refinery.
The group plans to finance a proposed 700,000-barrel-per-day oil refinery in Kenya using internal cash flows, bonds, and an initial public offering (IPO).
Why Lamu Instead of Isiolo
Economist David Ndii has explained that the 700,000-barrel-per-day oil refinery will be hosted in Lamu rather than Isiolo, saying a project of that scale requires a deepwater port.
Ndii said the proposed project is not just an oil refinery but a fully integrated petrochemical complex.
The project is expected to increase value addition by at least 50 percent.
Ndii argued that the decision to settle on Lamu is driven by engineering and logistics considerations, not simply the availability of land or a central geographic location.
According to Ndii, it is physically impossible to transport a crude distillation column exceeding 100 metres in length more than a few kilometres inland after it is unloaded.
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Profiles of Ruto’s Singapore Team
On July 8, Treasury Cabinet Secretary (CS) John Mbadi appointed six members to the National Infrastructure Fund Board for a three-year term.
Members appointed include James Mworia Mwirigi, Fahima Ali Ahmed Zein, Christopher Kibui Marunga, Latoya Ouna, Lawrence Kibet and Mohammed Abdirahman Hassan.
The board is expected to steer the fund in attracting private investment into key infrastructure projects through commercially sustainable financing models.
President William Ruto assented to the National Infrastructure Fund Act, 2026, on March 9, establishing a framework for the government to mobilize up to KSh5 trillion over the next 10 years through privatization and alternative financing models to fund strategic infrastructure projects.
The fund is expected to support several flagship developments, including the planned expansion of Jomo Kenyatta International Airport (JKIA).
| Board Member | Profile Snippet |
|---|---|
| James Mworia Mwirigi | Managing Director and Chief Executive Officer of Centum Investment Company |
| Lawrence Kibet | Director General for Public Investment and Portfolio Management at the National Treasury. |
| Christopher Kibui Maranga | He is the Africa Director at Acumen. Brings more than 25 years of experience in building, financing and scaling early-stage ventures across Africa through impact investing. |
| Fahima Ali Ahmed Zein | An investment specialist with experience in investment advisory, financial analysis and capital allocation. |
| Latoya Ouna Kavisi | An engineer with a background in the engineering profession, bringing technical expertise to the board |
| Mohammed Abdirahman Hassan | Previously served as Chairman of National Bank of Kenya and Chief Executive Officer of Dyer & Blair Investment Bank |
Also Read: CS Mbadi Appoints New Members to National Infrastructure Fund Board
Safaricom FY2026 Performance in Numbers
Safaricom Plc reported strong growth across its key financial indicators in the 2026 financial year, driven by its continued transformation into a purpose-led technology company.
According to the Annual report for the year ended March 31:
- Service revenue rose 11.5 percent to KSh414.1 billion, up from KSh371.4 billion in FY2025.
- Earnings before interest and tax (EBIT) increased 40.6 percent to KSh146.3 billion, compared to KSh104.1 billion a year earlier.
- Net income grew 37 percent to KSh95.6 billion, from KSh69.8 billion in FY2025.
Safaricom Kenya
Safaricom’s Kenyan business also posted double-digit growth during the year.
- Service revenue increased 10 percent to KSh400.8 billion, from KSh364.3 billion in FY2025.
- Earnings before interest and tax (EBIT) rose 15.3 percent to KSh182.3 billion, compared to KSh158.1 billion the previous year.
- Net income climbed 24.7 percent to KSh119.1 billion, up from KSh95.5 billion in FY2025.
Also Read: Salaried Kenyans Squeezed Hard as PAYE and VAT Push KRA Collections to KSh2.8 Trillion
ALSO, BIG THIS WEEK:
- President William Ruto signed the Sovereign Wealth Fund Bill, 2026, into law, establishing a national investment vehicle to preserve wealth generated by Kenya’s natural resources and strategic investments.
- The Kenya Revenue Authority (KRA) plans to replace its long-standing Excel-based income tax return filing system with a web-based platform from 2027.
- The Kenya Revenue Authority (KRA) collected a record KSh2.844 trillion in the 2025/26 financial year, with Pay As You Earn (PAYE) and Value Added Tax (VAT) remaining among the biggest contributors.
- M Oriental Bank has appointed veteran banker Aristarichus Kuria Weru as its new Managing Director and Chief Executive Officer.
Coming Up This Week
EPRA is expected to announce fuel prices for the July 15 to August 14 pricing cycle as global oil prices fluctuate ahead of the review.
CBK Exchange Rates
The Kenya shilling remained stable against major international and regional currencies during the week ending July 10, trading at KSh129.19 against the US dollar, down from KSh129.30 a week earlier.
Against other major currencies:
- Euro – KSh147.76
- Pound – 173.43
- South African Rand – KSh7.92
- Japanese Yen (100 units) – KSh79.92
Against regional currencies, the shilling exchanged at:
- Ugandan Shilling – 28.52, Tanzanian Shilling – 20.34, Rwandan Franc – 11.35
Numbers That Mattered This Week
Before we wrap up this week’s Business Roundup, here are four key figures that shaped Kenya’s business and economic landscape this week:
- KSh414.1 billion – Safaricom Plc’s service revenue for FY2026, reflecting an 11.5 percent increase from the previous financial year.
- KSh5 trillion – Amount the government aims to mobilize over the next decade through the National Infrastructure Fund to finance major infrastructure projects.
- 700,000 barrels per day – Planned capacity of the proposed Dangote oil refinery in Lamu, which would be among Africa’s largest if developed.
- July 15 – Date when EPRA is expected to announce the next fuel prices for the July 15 to August 14 pricing cycle.
We appreciate your readership. Stay tuned for the next edition next week.
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