Kenya Offers Uganda Seat at KPC Table

Hello 👋🏽 It's Brian from The Kenyan Wall Street.

In today's newsletter,

• As promised by President William Ruto, Uganda will not be left out in the Kenya Pipeline IPO process…but a condition must be met…

• Kenya continues to juggle its debt. Sorting out old obligations using longer-term bonds…

Kenya Offers Uganda Seat at KPC Table 

By Harry Njuguna  

Kenya has granted Uganda formal influence over the Kenya Pipeline Company (KPC), allowing Ugandan-appointed directors to weigh in on key strategic decisions if the country holds at least 20% of the company’s shares. The move comes as the KPC IPO is extended to February 24 to encourage wider retail participation, with 60% of shares still reserved for Kenyan investors and employees. While Uganda gains no automatic ownership or economic privileges, the governance changes signal a regional acknowledgment of its reliance on Kenya’s pipeline and storage network for fuel imports. For investors, the adjustment adds a new layer of oversight to a cross-border energy asset already navigating subscription uncertainty.

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Decades-Old Disputes Haunt NSSF

By Harry Njuguna

The National Social Security Fund (NSSF), the state pension behemoth, has revealed it is entangled in dozens of land, tax, and construction disputes worth tens of billions of shillings, even as its assets surged past KSh 575 billion in the year to June 2025. While the balance sheet paints a picture of growth, behind it lurk decades-old court battles; from contested forest parcels in Karura and Ngong to stalled housing projects in Embakasi whose outcomes could ripple across members’ futures. Contributions owed by delinquent employers and tax refunds add a tantalizing upside, though recovery remains uncertain. In short, the fund’s financial health now hinges as much on legal maneuvering as on market performance.

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Refinancing the Eurobond : Extending the Debt Horizon

By Harry Njuguna 

Kenya has raised US$2.25 billion (KSh 290.3 billion) by selling new Eurobonds to pay off older debt due in 2028 and 2032, replacing them with longer-term bonds that mature in 2034 and 2039. The government says this will make it easier to manage repayments and reduce pressure from big debt deadlines. Investor demand was strong, showing confidence in Kenya after its credit rating was upgraded to B3. The money will mostly retire old debt, with any leftover used for the national budget.

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Drought Continues to Ravage the North

By Fred Obura 

As drought deepens across Mandera, Wajir and Turkana, the government has approved KSh 4.1 billion in relief for more than three million Kenyans facing acute food shortages, with numbers expected to rise in the coming months. Yet despite the humanitarian strain, data from the Central Bank of Kenya (CBK) show most national food prices remain relatively stable, revealing a sharp divide between localized hunger and the country’s broader inflation picture.

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Heads Up 

On your watchlist 

Dr. Kenne Belgrade of Faida Investment Bank, the Lead Transaction Advisor, explains the valuation methodology behind the Kenya Pipeline Company (KPC) IPO.

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Upcoming Events : InvestKenya Announces the Upcoming Kenya International Investment Conference (KIICO) 2026

Taking place at the Radisson Blu Upper Hill on March 25, 2026, the 4th Kenya International Investment Conference (KIICO) 2026 is set to be the largest and most impactful investment promotion conference in Kenya’s history. Register here »»»»»

During KIICO 2026, Kenya will also host the 2nd COMESA Investment Forum on March 26 and the Africa Green Industrialization Initiative (AGII) on March 27th.

Read more about it here »»»»»

Today in History 

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