Kenya Pipeline shareholders are preparing for major board changes and a Sh5.79 billion dividend vote, as Parliament directs the Central Bank to suspend the rollout of new rules for non-deposit-taking lenders.
NAIROBI, Kenya – Kenya Pipeline Company (KPC) is preparing for a significant boardroom reshuffle after Greenview Oil Trading Corp. acquired a 24.9 per cent stake in the listed energy company, giving it the right to nominate a director.
The development is among the key items outlined in the company’s notice for its 46th Annual General Meeting scheduled for December 2, 2026.
The meeting will also consider a proposed Sh5.79 billion dividend, changes to the company’s board and the appointment of KPMG Kenya as its external auditor in place of the Office of the Auditor General.
The shareholder changes come months after Kenya Pipeline was listed on the Nairobi Securities Exchange, opening up ownership of the strategic petroleum infrastructure company to private investors.
Greenview gains right to nominate KPC director
According to the AGM notice dated November 11, Greenview Oil Trading Corp. acquired 24.9 per cent of KPC’s issued share capital through the secondary market.
The company is therefore entitled to nominate a director to the KPC board under the company’s shareholder arrangements.
However, the AGM notice does not identify Greenview’s beneficial owners or disclose the individual it intends to nominate.
The development follows Nigerian billionaire Aliko Dangote’s announcement in October that he had acquired approximately 24.76 per cent of Kenya Pipeline in a transaction involving state-backed institutional investors.
Dangote’s purchase was reported at approximately Sh42.5 billion. However, the available AGM disclosure does not establish that Greenview is the same investment vehicle or is directly owned by Dangote.
The National Social Security Fund (NSSF) will also lose its board nomination entitlement after its representative, Ronald Nyamosi, ceased to be a director.
KPC stated that NSSF was no longer the company’s largest institutional investor and therefore no longer qualified to nominate a director under Article 24(7) of its Articles of Association.
Treasury and Uganda retain board representation
The AGM notice also lists five directors appointed through reserved shareholder rights.
The National Treasury appointed Faith Bett-Boinett, Samson Kipkemboi Burgei and Engineer Meshack Kidenda.
The Government of Uganda appointed Dr Ramathan Ggoobi and Engineer Irene Pauline Bateebe.
The five are not subject to retirement by rotation at the first AGM following the company’s listing.
Meanwhile, five directors appointed to fill casual vacancies will retire at the conclusion of the meeting. They are Joyce Emanikor, Mutungwa Wambua, Christopher Karani, Martha Miano and Irene Wachira.
KPC will also seek shareholder approval to appoint independent non-executive directors in accordance with Capital Markets Authority requirements for listed companies.
The company said the names and profiles of the proposed independent directors would be published on its AGM portal before the meeting.
KPC proposes Sh5.79 billion dividend
Shareholders will vote on a first and final dividend of Sh5,790,963,417 for the financial year ended June 30, 2026.
The proposed payout translates to Sh0.32 per share and represents 50 per cent of the company’s profit after tax.
If approved, the dividend will be payable on or about January 8, 2027, to shareholders whose names appear on the register at the close of business on November 30, 2026.
The company is also seeking approval to appoint KPMG Kenya as its auditor, replacing the Office of the Auditor General, whose term ends at the AGM.
The 46th AGM will be conducted electronically from 9am on December 2, 2026.
MPs direct CBK to suspend rollout of lending regulations
Separately, Parliament has directed the Central Bank of Kenya (CBK) to suspend the rollout of regulations governing non-deposit-taking credit providers after lawmakers raised concerns over the regulator’s proposed enforcement powers and the drafting of the rules.
The National Assembly’s Committee on Delegated Legislation, chaired by Ainabkoi MP Samuel Chepkonga, issued the directive on November 12, 2026.
The committee questioned whether the regulatory provisions complied with the Statutory Instruments Act, warning that vague clauses could give CBK excessive discretion and expose businesses to arbitrary enforcement.
Chepkonga argued that businesses should know their legal obligations and should not be subjected to open-ended regulatory powers.
“What we do not allow you is to have open-ended discretion. Kenyans must be given notice and know what the law requires of them. You cannot introduce vague provisions that deny people an opportunity for public participation,” he said.
Lawmakers also questioned a proposed financial penalty of up to Sh2 million, arguing that it exceeded the ceiling permitted under the Statutory Instruments Act.
The committee directed CBK officials to work with parliamentary legal counsel to review and redraft the disputed provisions before proceeding with implementation.
What the CBK lending regulations provide
The regulations are intended to expand CBK oversight beyond conventional digital lenders to cover a wider range of non-deposit-taking credit businesses.
These include asset financiers, buy-now-pay-later platforms, peer-to-peer lenders and other businesses providing credit without taking deposits.
Under the 2026 regulations, providers with initial capital of at least Sh20 million are required to obtain a CBK licence, while those below the threshold are required to register.
Businesses must also provide information on their ownership, management, source of funds and lending operations as part of the regulatory process.
Other requirements cover governance, consumer protection, disclosure of lending terms, data protection and procedures for handling customer complaints.
The rules were gazetted on September 29, 2026, as Legal Notice No. 191, replacing the previous Digital Credit Providers Regulations of 2022.
Existing operators were given a transitional period to apply for the appropriate licence or registration by March 29, 2027.
The parliamentary committee’s directive to suspend the rollout therefore raises questions about the implementation of the expanded regulatory framework as CBK is asked to address the legal concerns.
