The Mwango Capital Podcast

Hosted by Mwango Capital

Business Management

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181

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Oct 2026

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About the show

Breaking down businesses and understanding markets in East Africa mwangocapital.substack.com

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October 25, 202654 min

Understanding KenGen’s FY 2026 Results

In this episode, recorded on 11 September 2026, we sit down with Eng. Peter Njenga (CEO, KenGen ) to dissect the utility's FY26 performance, marked by a 6.4% revenue increase and a Profit After Tax of KES 10.35 billion. We explore the board's decision to retain earnings for its aggressive capacity expansion, the shift toward public-private partnerships and wellhead leasing to fund a massive 10-year generation pipeline, exporting geothermal drilling expertise across the East African Power Pool, and KenGen's appointment as the owner-operator of Kenya’s inaugural 2,000 MW nuclear facility in Siaya. Show Notes 00:00:00 Introduction 00:05:23 KenGen’s Energy Generation Portfolio 00:06:54 Overview of the FY26 Results 00:08:57 Revenue Growth Drivers 00:12:09 Impact of Drought on Hydro Power Generation 00:12:59 Nuclear Power Plant 00:16:09 Profitability and Finance Income Decline 00:17:49 Balance Sheet Strength and Funding Strategy 00:19:26 Power Generation Pipeline and Capex Needs 00:24:14 Dividend Cut Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

October 23, 202644 min

The Dangote Refinery IPO—How Can E. Africans Invest

In this episode recorded on October 21, 2026, we sit down with Karimi Warui and Divine Olumese from Renaissance Capital to dissect how East African investors can access the Dangote Petroleum Refinery listing. We explore the structural architecture of inward GDRs, the pricing mechanics bridging the NGN 525 offer price and the KES 53.50 GDR price, dividend pass-through and voting rights for local investors, the refinery's transition from net debt to net cash in nine months, and how this GDR structure bypasses regulatory friction to create a template for future Pan-African cross-listings. Show Notes 00:00:00 Introduction 00:04:19 Why the GDR Route 00:08:33 What’s a GDR 00:10:07 Pricing 00:13:13 How To Invest 00:16:42 Understanding the Refinery Business 00:18:48 Financials, Valuation and Risks 00:25:44 Ownership Rights and Investor Protection 00:31:42 Secondary Trading, Liquidity and FX 00:37:02 Future Of Cross-border Investing in Africa Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

October 20, 202653 min

Understanding the Quickmart IPO

In this episode recorded on October 15, 2026, we sit down with Martha Osier (Partner, Adenia Partners), Simon Macharia (CFO, QuickMart ), and Jacques Dôme (Managing Director, QuickMart Kenya ) to dissect QuickMart's KES 15 billion public offering. We explore the rationale behind the secondary offer for sale, how the business sustains negative working capital alongside an 80% dividend payout ratio, store rollout economics, supply chain resilience against shrinkage, and Adenia's strategic alignment with new investors post-listing. Show Notes 00:00:00 Introduction 00:05:40 Why List Now 00:11:04 Working Capital Management 00:20:06 Concerns on Shareholder Sell-down 00:24:56 Store Expansion Strategy 00:27:57 Dividend Policy 00:35:27 Adenia’s Stake Plans Post Lock-up Period 00:39:06 Debt Paydown and Disciplined Growth 00:46:53 Margins and Future Growth Forecasts 00:48:18 Key Takeaways for Investors Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

October 17, 202658 min

Understanding the National Infrastructure Fund

In this episode recorded on September 15, 2026, we sit down with Dr. James Mworia (founding CEO, National Infrastructure Fund) to examine the architecture, governance, and mandate of Kenya’s newly established DFI. We explore NIF's SPV project finance structure, its private capital crowding-in target, the redeployment of privatisation proceeds into productive infrastructure, the bankability and risk allocation of priority projects like the JKIA expansion, and the potential for listed development infrastructure trusts (D-REITs) to recycle domestic capital. Show Notes 00:00:00 Introduction 00:10:32 Succession and Transition to NIF 00:14:04 NIF’s Mandate 00:16:00 Debt Concerns and Economic Rationale 00:21:49 Project Selection and Priority Pipeline 00:31:23 Guarding Against Political Interference 00:38:21 NSE Listing and Possibility of a D-REIT 00:41:33 Reporting Mechanisms and Recycling Capital 00:44:38 JKIA Deal Structure and Risks 00:55:25 Recap and Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

October 12, 202643 min

The Pressure to Look Successful

In this episode recorded on August 25, 2026, we sit down with Anthony Brian Otieno (General Manager, TekEasy Kenya) to examine the financial, social, and psychological pressures facing young men in Kenya. We explore how social media compresses perceived success timelines, the trap of benchmarking wealth against visible scorecards like cars and premium devices rather than cash flow and equity, the economic rationale of smart versus cheap spending, and how young professionals can focus on foundational wealth, character, and productivity over external validation. Show Notes 00:00:00 Introduction 00:01:22 Social Media Pressure 00:04:30 Men and Visible Scorecards 00:07:21 Dating Expectations 00:12:57 Does Social Media Compress Success Timelines 00:17:32 Success at 25 or 30 Years 00:24:20 Smart Spending 00:29:24 Phones as Tools or Status 00:35:16 Performance over Prestige 00:37:21 Advice for Young People Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

October 2, 202629 min

Understanding Quickmart’s Intention to List

In this episode, recorded on September 23, 2026, we sit down with Gregory Waweru (CEO, SBG Securities ) to dissect QuickMart's planned listing on the NSE. We explore the role of an Intention to Float (ITF) ahead of a formal prospectus, the mechanics of Sokoni Retail's 50% secondary equity sell-down, QuickMart's financial track record scaling revenue to KES 50.4 billion, lease-heavy balance sheet structures, and key governance considerations for retail investors evaluating formal supermarket chains. Show Notes 00:00:00 Introduction 00:03:15 Intention to Float 00:05:46 Why List on the NSE 00:08:14 Shareholding and Sell Down 00:14:02 Cash Conversion and Working Capital Management 00:16:43 Growth Headroom and Dividends 00:23:01 Forecast Drivers and Assumptions 00:24:26 Pricing and Valuation Methods 00:26:19 How to Participate and Allocation 00:27:27 Investor Checklist Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

September 29, 202651 min

Understanding the Dangote Refinery IPO

In this episode recorded on September 17, 2026, we sit down with Samuel Sule (CEO, Renaissance Capital Africa) and Divine Ulamasi (Analyst, Renaissance Capital Africa) to dissect the investment thesis behind the Dangote Refinery IPO. We explore Nigeria's broader macroeconomic shift following fuel subsidy removals and naira liberalisation, the refinery's high Nelson Complexity Index rating and $2.40 per barrel cash operating cost target, Phase Two expansion plans, the structural gross refining margin advantage, and the cross-border access channels being built for retail and institutional investors across East Africa. Show Notes 00:00:00 Introduction 00:02:36 Overview of the Nigeria Market 00:09:27 Nigeria Oil History and Building of the Dangote Refinery 00:15:35 Investment Thesis and Business Model 00:25:19 Valuation 00:28:05 Risks 00:32:40 IPO Terms and Demand 00:39:16 Dividend Outlook 00:47:06 How to Participate in the IPO 00:48:11 Key Takeaways Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

September 28, 202647 min

NSE vs. Wall Street : Where’s the Money?

In this episode, recorded on September 8, 2026, we sit down with Leah Wakarima (Operations Lead, Hisa ) and Gertrude Njeri (Head of Research, Hisa ) to examine the structural dynamics of the Nairobi Securities Exchange relative to global financial centers like Wall Street. We explore how Hisa is dismantling retail access barriers through fractional shares and dual-currency wallets, the factors powering the domestic-led 2026 NSE rally, the revival of the IPO market following listings by Kenya Pipeline and Family Bank, and how technology and research are working to close the coverage gap on local mid-cap counters. Show Notes 00:00:00 Introduction 00:02:19 Overview of the HISA Platform 00:03:09 Listings Revival at the NSE 00:05:22 NSE Vs NYSE 00:10:07 Retail Access via HISA 00:14:37 Bull Run at the NSE 00:19:03 Fractional Investing 00:24:40 Foreign Flows and NSE Rally 00:35:26 ETFs, Gold and REITs 00:40:19 Audience Q&A & Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

September 23, 202634 min

Understanding the I&M Group H1 2026 Results

In this episode, recorded on August 27, 2026, we sit down with David Ngata (Group Chief Financial Officer, I&M Group ) to dissect the group's H1 2026 financial results. We dive into the key drivers behind the Group’s performance, the Group's "phygital" branch network rollout, front-loaded loan loss provisioning, and how regional operations in Rwanda, Uganda, Tanzania, and Mauritius are expanding their earnings footprint. Show Notes 00:00:00 Introduction 00:01:00 Highlights of the Half-Year Results 00:04:12 Subsidiaries Profit Mix 00:05:45 Growth in Customer Deposits 00:07:48 Phygital Branch Strategy 00:16:53 Loan Loss Provisions and NPL Management 00:23:09 Net Interest Income 00:24:57 Funding 00:29:35 Dividend Policy 00:30:50 Priorities for H2/26 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

September 19, 202643 min

Understanding EABL FY 2026 Results

In this episode, recorded on September 2, 2026, we sit down with Justin Mollel (Group CFO, East African Breweries PLC ) to dissect the group's FY26 financial performance. We explore how broad-based, volume-led growth across Tanzania, Uganda, and Kenya drove net sales to KES 146 billion ($1.12B), the strategic shift to a 50-50 fixed-and-floating debt mix, how cost-productivity initiatives offset raw material inflation, and the operational focus ahead of the upcoming Diageo-Asahi ownership transition. Show Notes 00:00:00 Introduction 00:08:08 Overview of the FY26 Results 00:12:52 Top Line Drivers 00:14:18 Consumer Trends and Mix 00:16:07 Cost Control and Productivity 00:19:47 Debt Mix and Finance Costs 00:26:04 Capital Allocation 00:31:22 Cash Flow and Capex Priorities 00:33:34 Diageo-Asahi Deal Update 00:35:38 Priorities for FY27 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe