MARKETS
Dangote refinery GDRs: the minimum drops from KES 107,000 to KES 535 — offer closes tomorrow
Renaissance Capital cut the minimum application from 2,000 GDRs to 10 at KES 53.50 each, citing investor feedback, strong demand and Capital Markets Authority approval; it matches what Nigerian investors paid in the refinery's Nigerian IPO. Each GDR represents one share in Dangote Petroleum Refinery Plc, held in custody in Nigeria, and trades in shillings on the NSE once listed. The offer covers up to 728,971,962 GDRs, roughly KES 39 billion, opened on 6 October and closes at 5 PM on 13 October. You need a CDSC account and can apply through *483*250#, the offer portal or an authorised agent, paying in full; applying does not guarantee receiving all the GDRs. The NSE listing still needs a go-ahead from Nigeria's SEC, with no trading date given. A lower minimum widens access but does not lower the price or remove the risks, and a crowd of applicants does not guarantee an active market afterwards.
Techweez
GOVERNMENT
KRA beats its September customs target by KES 965 million
Customs collected KES 90.053 billion against a Treasury target of KES 89.088 billion, or 101.1%, up 5.8% on September 2025's KES 85.146 billion. Non-oil revenue was KES 57.199 billion, KES 1.778 billion ahead of target and about 64% of the month, while everything else came in KES 812 million short. The notable gap is between imports and revenue: total import value rose 25.6% and bulk cargo 49.2% — led by fertilisers, iron and steel, palm oil and rice — against 5.8% growth in customs revenue, which the article suggests may reflect lower duty rates or exemptions on bulk goods. KRA points to the Advance Cargo Declaration, data-led flagging of high-risk consignments and tighter action on illicit trade.
Techweez
CLIMATE
PwC struggles to sell Koko's carbon credits, and creditors face steep losses
As administrator of Koko Networks (UK) Limited, PwC says the offers it has received for the carbon credit inventory — listed at about KES 47.2 million (£274,992) — are too low to give the estate "a meaningful return". It has spoken to three potential buyers and five brokers, engaged a broker, and as of its 17 September report had completed no sale. Unsecured claims total £127.17 million (about KES 21.83 billion) against estimated recoverable assets of £356,067 (about KES 61.1 million), and PwC expects no payout to unsecured creditors, though some employee claims may be covered by a separate funding arrangement. PwC says Kenya had not granted the approval needed to sell into compliance markets, which blocked premium-price sales — the same authorisation gap behind Koko's January shutdown. Tonnage, prices and bidders are not disclosed, and a joint sale of Koko's intellectual property is still being monitored.
Tech-ish
SECURITY
Cyberattacks in Africa grew fivefold in a decade, a Mastercard report says
Mastercard's whitepaper Africa's Digital Defense Race, released on 12 October, puts the rise in African cyberattacks from 2016 to 2025 at 421%, against 307% globally — roughly in step with mobile money users (up 5.9 times), digital banking users (4.7 times) and e-commerce (5.3 times). Its own platform logged 69,236 cyber events against African organisations in 2025, about one every eight minutes; Nigeria, South Africa, Morocco and Kenya accounted for 54.7%, and over 60% of attributable actors were criminal groups. Kenya gets one sentence, with Mastercard's Shabir Ahmed saying mobile money "has become national infrastructure". Kenya's share and affected sectors are not in the public summary, and the full report sits behind a sign-up form. KE-CIRT's 2.36 billion detected threats in April–June 2026 count different things — about 96% are classed as system vulnerabilities — so the figures can't be compared. Mastercard has a commercial stake, having bought Recorded Future for US$2.65 billion; INTERPOL estimated Kenyans lost KES 491.6 million to SIM-swap fraud in 2025.
Tech-ish
