Safaricom has entered a new phase in its fundraising strategy with the launch of its first bond under the Sh40 billion Domestic Medium Term Note Programme. The inaugural issuance is a Green Bond valued at up to Sh15 billion, offering Kenyans an opportunity to invest in environmentally focused projects while earning a predictable return.

Understanding What You Are Investing In

A bond operates on a simple principle: you lend money to a company for a set period, and in return, the company pays you a fixed interest rate until the bond matures. When the maturity date arrives, you receive your full principal amount back.

A Green Bond follows the same model, but the funds raised are committed exclusively to projects that support environmental sustainability.

Safaricom has confirmed that all proceeds from this first tranche will be directed into initiatives outlined under its Eligible Green Projects portfolio.

Inside the First Tranche Offer

The debut tranche is designed with accessibility in mind, making it open to the general public. Safaricom intends to raise up to Sh15 billion, with a Sh5 billion greenshoe option available if investor demand exceeds the initial target.

The bond carries a five-year tenor and offers an annual interest rate of 10.40%, allowing investors to enjoy a stable and transparent return throughout the investment term.

How to Participate in the Offer

Investing in the bond is straightforward for anyone with a CDS account. Applications can be made through any of the following channels:

• Dial *483*810# on your mobile phone

• Use the dedicated online e-offer portal

• Visit a licensed stockbroker for assistance

The minimum investment amount is Sh50,000, with any additional investments made in increments of Sh10,000.

How Safaricom Will Use the Funds

All capital raised from this bond will go towards approved green initiatives outlined in Safaricom’s Sustainable Finance Framework. These include projects related to:

• Clean and renewable energy

• Climate resilience

• Environmental conservation

• Other sustainability-focused ventures

Investors seeking more details can access the full framework through the investor relations section on Safaricom’s website.

A Tax Benefit for Investors

One notable advantage is that interest earned from certified green bonds in Kenya is generally exempt from tax. This means investors will receive the full 10.40% interest annually without any withholding tax deductions, improving their overall return.

Important Dates to Note

The offer is open from November 25, 2025, and will close on the evening of December 5, 2025. Once subscriptions are completed and allocations finalized, the bond will be listed on the Nairobi Securities Exchange (NSE) on December 16, 2025, allowing investors to trade it on the secondary market.

Where to Find the Official Documents

Investors who wish to review the full details—including the Information Memorandum and subscription forms—can find all documents on Safaricom’s Investor Relations website. These documents outline the legal and financial terms governing the bond.

Key Institutions Involved

The bond programme has been approved by the Capital Markets Authority (CMA).
The issuance is being facilitated by:

• SBG Securities

• Stanbic Bank Kenya

• Standard Chartered Bank Kenya

These institutions are acting as joint lead arrangers and advisers, supported by legal and financial experts.

What Comes Next for the Programme

While this first tranche focuses on environmental projects, Safaricom’s broader Sh40 billion note programme gives the company flexibility to issue other forms of sustainable instruments in future. Depending on funding requirements, subsequent tranches may include Social Bonds or Sustainability Bonds, enabling Safaricom to support an even wider range of impact-driven projects.

Devki Group chairman Narendra Raval has once again stirred public debate after repeating his call for President William Ruto to remain in power for up to 20 years, despite Kenya’s constitution limiting presidents to two five-year terms. Raval made the remarks while accompanying Presidents Ruto and Yoweri Museveni during the groundbreaking of Devki’s new steel plant in Uganda on November 23, renewing the conversation on leadership, governance, and economic reform in the region.

Raval argues that Kenya needs long-term political stability and consistent leadership to tackle unemployment, especially among the youth. He first sparked controversy in April 2024 when he suggested Ruto should rule for 25 years, claiming extended leadership allows the continuity required for industrial expansion. According to him, Kenya’s unemployment rate—often estimated at 5–7%, with much higher youth unemployment—can only be reduced through large-scale industrialization supported by steady government policy.

His latest remarks echo the same message: economic transformation requires time and uninterrupted leadership.

However, Raval’s proposal has drawn strong criticism. Many Kenyans view it as undemocratic and a direct challenge to the constitutional term limit meant to safeguard against authoritarian rule. Civil society groups, political analysts, and members of the public argue that advocating for extended presidential tenure undermines democratic principles. Some critics also question Raval’s motivations, noting Devki Group’s close ties to government and suggesting a possible conflict of interest.

Opponents warn that across Africa, long presidential rule has often led to weakened institutions, corruption, and shrinking civic space—not economic prosperity.

Raval’s influence as one of the region’s most powerful industrialists makes his comments particularly significant. They come at a time when Kenya faces mounting economic pressure, rising youth joblessness, and intense debate over IMF-driven reforms. His endorsement of long-term leadership is therefore seen not just as an economic opinion, but as a political statement.

The optics of Raval making these comments while standing with Ruto and Museveni—Africa’s longest-serving leader—also raised eyebrows. Museveni has ruled Uganda for nearly four decades, having repeatedly amended the constitution to extend his stay in power. Many observers noted that the setting reinforced the message, intentionally or otherwise.

While Raval frames his position as pro-development, the controversy touches on deeper issues: the balance between stability and accountability, whether long leadership truly supports economic growth, the role of business tycoons in political narratives, and how far Kenya is willing to bend constitutional principles in the name of progress.

For now, Kenya’s constitutional term limit remains intact, and Ruto’s tenure is legally capped. But Raval’s repeated remarks ensure that the debate over extended presidencies—and who benefits from them—will remain alive for some time.

The Ritz-Carlton Maasai Mara Safari Camp officially opened on August 15, 2025, positioned along the Sand River within the Maasai Mara National Reserve. The luxury tented camp sits in a location long known as part of a vital wildlife corridor—an area used heavily during the Great Migration, when millions of wildebeest and zebras move between the Serengeti and the Mara.

Marketed as offering a “front-row seat” to this world-famous spectacle, the camp promises exclusive views of river crossings and wildlife movement. However, its positioning has become a flashpoint for conservationists and local community leaders.

Key Concerns — Conservation & Community

1. Wildlife & Migration Corridor

Environmental experts argue that the camp is either directly on or extremely close to a sensitive crossing point used by migrating herds. They warn that the development could alter the natural paths of over 1.5 million animals, potentially pushing them toward more dangerous river sections or forcing them to detour into predator-heavy areas.

There are also fears that increased human presence—noise, lights, vehicles, foot traffic—could fragment habitat and disrupt animal behaviour. These concerns are amplified by the fact that wildlife numbers in the Mara ecosystem have already fallen by over 80% since the 1970s.

2. Legal & Regulatory Issues

A coalition led by Maasai conservationist Meitamei Olol Dapash filed a lawsuit in August 2025 challenging the development. The case argues that:

• the camp obstructs a recognized migration corridor
• the required Environmental Impact Assessment (EIA) was either missing, flawed, or improperly approved
• the project contradicts the 2023 Maasai Mara management plan, which imposed a ban on new tourism accommodation until 2032

County officials and the developers, however, maintain that the camp underwent all required reviews and was approved under existing laws. They insist that government assessments confirmed the site is not an active wildlife crossing.

3. Community & Equity Concerns

Local Maasai leaders say they were not adequately consulted and fear the development benefits outside investors more than surrounding communities.

The wider debate reflects a long-standing tension in the Mara:
Should tourism prioritize high-spending, low-volume luxury guests—or should development be more inclusive, even if that means more infrastructure?

Critics argue that without strong community involvement, high-end tourism risks creating inequality while placing additional pressure on an already fragile ecosystem.

Developer’s Position

The developers highlight several eco-friendly design choices, including elevated structures, minimal ground disturbance, and local employment initiatives. They also assert that an environmental study clearly determined the camp does not sit on an active migration crossing.

Narok County officials back the project, saying it aligns with their tourism strategy and will contribute significantly to jobs, revenue, and long-term economic growth for the region.

Why This Matters

The Maasai Mara–Serengeti migration is often called the eighth wonder of the world. Any interference with its natural flow can have widespread impacts:

• disrupted grazing patterns
• reduced herd health
• increased mortality at dangerous river points
• long-term risk to species survival
• altered predator-prey dynamics
• degraded ecological functioning of the Mara

Tourism in the Mara is heavily dependent on wildlife, so any damage to the migration could ultimately undermine the very industry new lodges seek to serve.

Beyond the Maasai Mara, this case raises global questions about how protected areas should be managed in the face of rising tourism demand. How much development is too much? Where is the line between eco-luxury and ecological harm?

Current Status & Outlook

The court case remains ongoing. Petitioners are seeking full disclosure of environmental assessments, a halt to the camp’s operations, and—if the court finds major violations—a possible order to remove or relocate the facility.

Conservationists argue that regardless of the final ruling, the controversy highlights the urgent need for stronger oversight on tourism within wildlife-critical zones.

For visitors, the case has also become part of the conversation: travellers increasingly want to know whether their tourism choices support conservation and local communities—or contribute to long-term ecological decline.

My Assessment

The Ritz-Carlton Maasai Mara Safari Camp sits at a complicated intersection of luxury tourism, environmental responsibility, and indigenous rights. While high-value tourism can reduce pressure by limiting the number of visitors, it still carries significant risk when placed in ecologically sensitive areas.

The concerns raised by community leaders and conservationists are legitimate. With wildlife populations already declining dramatically, safeguarding the migration routes should be a top priority. Without transparency around environmental assessments, public trust in such projects weakens.

This controversy is not just about one lodge—it is a test case for how Kenya balances development with conservation in one of the world’s most treasured ecosystems. The eventual outcome may set the tone for all future tourism projects in protected areas.

What to Watch Next

• Court Ruling: Whether the project is paused, altered, or allowed to continue.
• Wildlife Monitoring: Independent tracking of herd movement near the camp.
• Community Impact: Evidence of employment, revenue-sharing, and true consultation.
• Tourism Policy: Whether Kenya tightens rules for building in migration corridors.
• Ecosystem Precedent: How this case influences other developments in protected areas.