Hello and welcome to the Money Weekly Newsletter, where we cover the latest hurdle facing Dangote’s Ksh2.2 trillion refinery in Lamu.

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Environmental Lobby Group Opposes Dangote's Lamu Refinery 

Environmental lobby group Greenpeace Africa has opposed plans by Aliko Dangote to build a Ksh2.2 trillion oil refinery in Lamu, warning that the project could cause irreversible environmental damage.

Greenpeace says the area's mangroves, coral reefs and seagrass beds are critical ecosystems that support fisheries and coastal livelihoods.

The organisation noted that a refinery of that scale could lead to habitat destruction, marine pollution, oil spills and increased air pollution.

As a result, it called on the government to suspend approvals for the proposed project until an independent Environmental and Social Impact Assessment is completed and meaningful public participation is conducted.

Lamu was designated a UNESCO World Heritage Site in 2001.

The opposition comes after Dangote Industries settled on Lamu as its preferred site for the refinery, citing commercial and technical reasons.

Construction of the project is expected to begin this month and is projected to last five years.

The project has already received backing from President William Ruto, who has appointed a team to spearhead its implementation.

"I have asked the Deputy President Kithure Kindiki, to chair the government committee that is going to work with private investors and employers for what will be one of the largest investments in our country, the investment in the East African oil refinery," Ruto announced on July 8, 2026, at State House.

Once operational, the refinery will replicate Dangote's 700,000-barrel-per-day facility in Nigeria, making it one of the largest oil refineries in Africa.

An estimated 60,000 people are expected to be employed during the construction phase.

Here is a quick recap of the top news stories for the week:

• The government has appointed Dar Al-Handasah Consultants to oversee the design review, project management, contract administration and construction supervision of the JKIA modernisation project. Transport CS Davis Chirchir said the consultant will review designs and supervise construction to ensure the redevelopment meets international standards. The appointment follows the award of the Ksh155 billion expansion contract to China Road and Bridge Corporation (CRBC), which will build a new terminal and upgrade existing airport infrastructure. 

• The World Bank has delayed Kenya's request for a Ksh77.5 billion emergency loan after seeking more details on how the funds would be used. The government requested the financing in April under the lender's Rapid Response Option to cushion the economy from the effects of the US-Israel-Iran conflict. While the World Bank has already approved Ksh97 billion under a separate financing programme, it is still assessing the emergency request.

• Electricity bills have increased in July 2026 after EPRA approved monthly adjustments, adding about Ksh5.18 per kilowatt-hour (kWh) to power costs. The increase is driven by higher fuel energy, foreign exchange and inflation adjustment charges. As a result, a household consuming 100 units will pay about Ksh518 more before taxes. Consumers have also reported receiving fewer electricity tokens, with Ksh100 now buying about 3.8 units, down from 4.1 units in late June.

• The Ministry of Energy has warned that renewed tensions in the Middle East could push up global oil prices, with the effects likely to be reflected in future fuel reviews. However, the government says Kenya's fuel supply remains stable under the G2G import programme. To cushion consumers, it extended the 8% VAT on petroleum products until October 14, 2026, and allocated Ksh945 million to help maintain pump prices.

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Countries & Foreign Banks That Have Loaned Kenya the Most Money

Kenya owes most of its external debt to a mix of countries and global institutions, with China leading among bilateral lenders and the World Bank taking the largest share among institutional lenders.

As of April 2026, external debt stood at Ksh 5.67 trillion, forming a significant portion of the country’s total Ksh 12.86 trillion debt.

Watch the video to see which countries and institutions Kenya owes the most.

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Countries & Foreign Banks That Have Loaned Kenya the Most Money [Top 15 Ranking] Kenya owes most of its external debt to a mix of countrie... See more

That’s a wrap for this week’s Money Weekly!

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