Mwango Capital

|❤️Financial Research & Analysis on East African Markets| |🗞️Newsletter: | Instagram/:

[Mwango Capital @MwangoCapital]

In our newsletter this week:

⚡ Kenya Power FY2026 revenue rises 8.6% to a record KES 238B, working capital turns positive, and the dividend rises 50% to KES 1.50 per share.

🛢️ Dangote Refinery’s $1.6B IPO draws strong retail demand as the company targets 10M shareholders and plans to double capacity to 1.4M barrels per day.

📱 The High Court nullifies the Government’s KES 204.3B sale of a 15% Safaricom stake to Vodacom, creating fresh uncertainty around the transaction.

🥑 Karakuta Fresh Produce plans an NSE listing by introduction, adding to Kenya’s active capital-markets pipeline.

Link in the tweet below.

[Mwango Capital @MwangoCapital]

Per diems are higher when this happens in the US.

[Tesh Mbaabu ™ @teshmbaabu]

I still wonder why we meet in the US to discuss Africa 🤔

Any ideas?

[Mwango Capital @MwangoCapital]

Business Daily | September 22, 2026

— EPRA has capped power prices for electric vehicles in fresh efforts to lower costs and boost e-mobility adoption, with peak tariffs restricted to Sh16 per kilowatt-hour, up from a previous monthly consumption limit of 15,000 kilowatt-hours, as regulators push to widen EV uptake.
— Tanzania's Fair Competition Commission has revealed KCB Group's 22.23% stake in digital payments service Pesapal, disclosed in a transaction that positions the regional lender to accelerate its push into fintech.
— Remittances from Kenyans in Tanzania surpassed those from Saudi Arabia in August for the first time.
— New rules by Attorney-General Dorcas Oduor allow private law firms to compete for State legal work.

[Mwango Capital @MwangoCapital]

Business Daily | September 21, 2026

— CBK proposes restricting bank dividends based on capital strength, with lenders below 8.625% CET1 barred from payouts, while banks above 10.5% would qualify for full profit distribution.
— Kenya Power CEO Joseph Siror’s annual pay nearly doubled to KES46.02M in the year ended June 2026, as the utility posted a third consecutive year of profit and raised dividends.
— Nairobi is set to get a 10,000-seat indoor sports and entertainment arena as part of the Railway City Project, targeting large sporting, business and entertainment events.
— Kenyan investors are locked out of Dangote Group’s record KES200B -plus Nigerian IPO, which is being offered through Nigeria’s domestic market rather than the NSE.
— East African insurance regulators are moving towards common supervision rules, seeking to harmonise oversight and reduce compliance costs for insurers operating across regional markets.

[Mwango Capital @MwangoCapital]

President Ruto met with Aliko Dangote and Africa Finance Corporation CEO Samaila Zubairu on the sidelines of UNGA to discuss financing and final preparations for the East Africa refinery in Lamu.

He says the project is ready for groundbreaking.

[William Samoei Ruto, PhD @WilliamsRuto]

We are ready to break ground on the East Africa refinery in Lamu, a transformative project that will enhance the region’s energy security, deepen local value addition, create jobs and advance our industrialisation agenda.

Held talks with the President and CEO of Dangote Industries, @AlikoDangote, and the CEO of the Africa Finance Corporation (AFC), Samaila Zubairu, on the sidelines of UNGA in New York, USA, to discuss the financing and final preparations for commencement of the project.

The refinery will unlock new economic opportunities, strengthen regional supply chains and position East Africa as a competitive energy and industrial hub.

We are focused on turning this landmark project into reality and delivering tangible benefits for the people of the region.

[Mwango Capital @MwangoCapital]

The National Treasury and CBK have invited public comments on the draft National Payment System Policy and National Payment System Bill, 2026, which seek to modernise Kenya’s payments framework and replace the existing Act.

Submissions close on 9 October 2026, with public participation forums scheduled across the country from 28 September to 9 October.

Link: https://t.co/47PdhkmDQP

[Mwango Capital @MwangoCapital]

KRA has set 31 October 2026 as the deadline for licence renewal applications via iCMS for customs agents, bonded warehouses, Manufacture Under Bond facilities, transit godowns and transit sheds:
— Renewals cover 2027, except transit sheds, whose licences cover 2027–2029.
— Successful transit shed applicants will pay the Kenya shilling equivalent of US$10,000 per licence.
— Current licences expire on 31 December 2026, excluding three-year Authorised Economic Operator licences.

[Mwango Capital @MwangoCapital]

DRC central bank says the regulator will assess banks’ requests for exemptions from rules requiring lenders to diversify their shareholding on a case-by-case basis:

->The rules are particularly relevant for Equity Group and KCB Group, which own about 85.5% of EquityBCDC and 85% of Trust Merchant Bank, respectively.
->Any forced dilution could trim the share of DRC profits accruing to the Kenyan parents.

https://t.co/zofuXvvUQv

[Mwango Capital @MwangoCapital]

Summary of the Markets Today [21st September 2026]:

🟢 Top Gainer: Carbacid Investments PLC up 10.0% to 42.40

🔴 Top Loser: Limuru Tea PLC down 4.7% to 510.00

Highlights:
—Strong bullish momentum swept across all key indices, led by surges in the NSE 10 (+3.4%), NSE 20 (+3.4%), NSE 25 (+3.3%), and NASI (+3.1%), even as equity turnover narrowed 37.5% to KES 1.02Bn (USD 7.9M).
—KCB Group dominated trading activity, commanding 33.9% of daily equity turnover (KES 345.1M) as its share price leaped 8.0% to close at KES 94.00, heavily driven by local investor demand.
—Domestic investors firmly controlled market activity, accounting for 91.4% of total session volume, while foreign investors turned net buyers with modest net inflows of USD 25.6K; Safaricom spearheaded foreign accumulation while KenGen led foreign liquidations.
—Rally across large-caps and energy tickers: Kenya Power surged 7.0% to close at a multi-year high of KES 24.35, while Britam (+8.3% to KES 18.95), Equity Group (+4.3% to KES 102.75), Safaricom (+2.8% to KES 36.30), and KenGen (+0.9% to KES 10.80) all logged strong gains.
—Carbacid Investments PLC (+10.0% to KES 42.40) and Car & General (+10.0% to KES 284.50) topped the session's gainers, whereas Limuru Tea dropped 4.7% to KES 510.00 to finish as the leading laggard.
—Fixed Income & Derivatives: Bond market turnover settled at KES 7.55Bn, while the derivatives market transacted 2,015 contracts valued at KES 9.95M, heavily active in Safaricom December 2026 single-stock futures.

[Mwango Capital @MwangoCapital]

Uganda vs Kenya fuel premiums (US$/tonne):

— Petrol: Uganda $61.50 vs Kenya $84.
— Diesel: Uganda $83 vs Kenya $78.
— Jet fuel: Uganda $79.25 vs Kenya $97.

What accounts for the difference?

[Mwango Capital @MwangoCapital]

Given the heated debate around Kenya’s G-to-G fuel import deal, the Ministry of Energy and Petroleum has issued a statement defending the arrangement, saying it has secured fuel supplies, eased dollar demand and reduced freight and premium charges.

What do you make of this?

[Mwango Capital @MwangoCapital]

While Rwanda’s CMA has taken steps to facilitate Rwandan investors’ participation in the Dangote Refinery IPO, Kenya’s CMA has only sent out a press release saying that the IPO hasn’t been submitted for approval in Kenya.

[Mwango Capital @MwangoCapital]

The East African Community has revived its Capital Markets Sub-Committee, holding its first formal meeting since 2019, to accelerate regional market integration.

Priorities include harmonising regulations, linking market infrastructure and facilitating cross-border investment across partner states.

[Mwango Capital @MwangoCapital]

Kenya’s diaspora remittances rose 6% YoY to USD451.8M in August 2026, narrowly surpassing the USD450.3M March peak.

The 12-month inflow to August, however, fell 1.3% to USD5.01B, reflecting weaker US and Gulf inflows.

[Mwango Capital @MwangoCapital]

When the market is doing well but your portfolio is not:

[Mwango Capital @MwangoCapital]

“The stock market is filled with individuals who know the price of everything, but the value of nothing.” — Philip Fisher

[Mwango Capital @MwangoCapital]

Kenya Power CEO Joseph Siror’s total pay rose 90% year-on-year to KES46.02M, driven by a 33% increase in base salary, 55% growth in allowances and a KES12.44M gratuity.

Board remuneration more than doubled to KES112.8M from KES58.9M, with non-executive directors receiving a KES1M annual fee alongside new performance bonuses and significantly higher expense allowances.

[Mwango Capital @MwangoCapital]

Last week ICPAK released the 2026 Kenya IFRS S1 & S2 Readiness Report, assessing how prepared Public Interest Entities are for sustainability-related financial disclosures under the new standards.

The report covers 385 entities across seven regulated sectors and highlights the key gaps businesses need to address ahead of implementation.

Read the full report here: https://t.co/LWuBFDmGEo

[Mwango Capital @MwangoCapital]

It's the week of United Nations General Assembly in New York:

[United Nations @UN]

The UN General Assembly brings the world together in NY for a key moment in global diplomacy.

With global challenges increasingly interconnected, #UNGA is a vital chance to find common ground, strengthen cooperation & advance solutions for the future.

https://t.co/ObjA4yE6p3

[Mwango Capital @MwangoCapital]

Link: https://t.co/EGgRWXNQ5Z

[Mwango Capital @MwangoCapital]

In our newsletter this week:

⚡ Kenya Power FY2026 revenue rises 8.6% to a record KES 238B, working capital turns positive, and the dividend rises 50% to KES 1.50 per share.

🛢️ Dangote Refinery’s $1.6B IPO draws strong retail demand as the company targets 10M shareholders and plans to double capacity to 1.4M barrels per day.

📱 The High Court nullifies the Government’s KES 204.3B sale of a 15% Safaricom stake to Vodacom, creating fresh uncertainty around the transaction.

🥑 Karakuta Fresh Produce plans an NSE listing by introduction, adding to Kenya’s active capital-markets pipeline.

Link in the tweet below.