Change of Guard at NSE as Kittony Exits and Why Kenyans Are Yet to Benefit from Falling Global Oil Prices

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

• New NSE Chairman After Kittony Exit
• Why Kenyans Are Yet to Benefit From Falling Global Oil Prices- EPRA
• New Safaricom Ownership Structure After 15% Stake Sale

Major This Week

Tom Mulwa to Replace Kittony As NSE Chairman

On July 2, the Nairobi Securities Exchange (NSE) appointed Liaison Group Chief Executive Officer Tom Mulwa as its new Board Chairman, effective July 13, 2026.

Mulwa takes over from Kiprono Kittony, who was appointed as the Kenya Airways Board Chairman.

“Effective 13 July 2026, Mr. Tom Mulwa has been appointed Chairman of the NSE Board, succeeding Mr. Kiprono Kittony, EBS, who retires as Chairman and Independent Non-Executive Director effective 12 July 2026 following six years of distinguished leadership,” the NSE statement read in part.

Here is a summary of Tom Mulwa’s CV, the new NSE Chairman 

Subscribe today and stay updated on top news stories in The Kenya Times Business Roundup. The Roundup presents a compilation of business stories that hit headlines throughout the week.

EPRA Says Earlier Fuel Imports Delay Impact of Falling Global Oil Prices

In other news, the Energy and Petroleum Regulatory Authority (EPRA) explained why falling global oil prices had not yet lowered fuel prices in Kenya, saying motorists would have to wait 30 to 45 days before any reductions were reflected at the pump.

Speaking on July 1, 2026, EPRA Petroleum and Gas Director Edward Kinyua said the fuel currently being sold was imported weeks earlier, when global oil prices were much higher due to the conflict in the Middle East.

He noted that before the crisis, the Free on Board (FOB) prices were:

• Super petrol: USD 686 → USD 1,061 per tonne
• Diesel: USD 637 → USD 1,383 per tonne
• Kerosene: USD 681 → USD 1,500 per tonne

Kinyua said the recent drop in global oil prices would only be reflected after newer fuel cargoes arrived in the country.

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Safaricom Ownership After Share Sale

Meanwhile, Vodafone Kenya Limited has completed the acquisition of an additional 15 percent stake in Safaricom PLC from the Government of Kenya.

Following the completion of the deal, Vodafone Kenya now holds a 55 percent stake in Safaricom, while the Government of Kenya owns 20 percent and public investors hold the remaining 25 percent.

Before vs. After

Shareholder	Before Transaction	After Transaction
Vodafone Kenya Limited	40%	55%
Government of Kenya	35%	20%
General public investors	25%	25%

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ALSO, BIG THIS WEEK:

• The Kenya Revenue Authority (KRA) has reintroduced its Tax Amnesty Programme, offering taxpayers opportunity to settle outstanding tax obligations without paying penalties, interest or fines.
• KRA announced the automation of the licensing process for vehicles transporting transit goods and other goods under customs control, with the new system taking effect from July 1, 2026.
• DTB has announced the appointment of Charles Mukorwe Luo as a non-executive director, effective June 25, 2026.
• EABL announced the appointment of Justin Mollel as an Executive Director, effective July 1, 2026, replacing Risper Ohaga, who resigned on June 30, 2026.

CBK Exchange Rates

The Kenya shilling remained stable against major international and regional currencies during the week ending July 2, trading at KSh129.30 against the US dollar, down from KSh129.63 a week earlier.

Against other major currencies:

• Euro – KSh147.98
• South African Rand – KSh7.97
• Japanese Yen (100 units) – KSh80.19

Against regional currencies, the shilling exchanged at:

• Ugandan Shilling – 28.32, Tanzanian Shilling – 20.35, Rwandan Franc – 11.31

Quote of the Week

Before we wrap up this week’s Business Roundup, always remember:

“When something is important enough, you do it even if the odds are not in your favor.” – Elon Musk

We appreciate your readership. Stay tuned for the next edition next week.

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