Kenya: CMA Deepens Governance Probe At Uchumi After Investor Complaint

24 November 2025
Capital FM (Nairobi)
By Phidel Kizito

Nairobi — The Capital Markets Authority (CMA) has launched an expanded investigation into Uchumi Supermarkets' governance and regulatory compliance, signalling heightened scrutiny of the troubled retailer after a shareholder filed a formal complaint.

In a response to the Commission on Administrative Justice (CAJ) regarding concerns raised by investor Francis Njoroge Wanjiku, the regulator said it is conducting a fresh assessment of Uchumi's board conduct, disclosures, and compliance with corporate governance standards.

"The Authority has the cardinal mandate of protection of investor interests under Section 11(1)(d) of the Capital Markets Act. We are currently assessing the company's governance practices and will issue findings, gaps and recommendations upon completion," the CMA said.

The regulator noted that Uchumi has published all audited annual reports from 2018 to 2024, in line with the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023 -- a central issue in the investor's complaint.

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CMA also confirmed that Uchumi submitted its corporate governance self-reporting template for the 2023/24 financial year in October, detailing its adherence to the Code of Corporate Governance Practices.

The widened review covers the retailer's annual reports, governance statements and other public disclosures to determine whether it meets transparency and reporting obligations expected of a listed company.

The Authority further disclosed that it had taken previous action on the supermarket chain, including a joint impromptu inspection with the Nairobi Securities Exchange in June 2022 following repeated breaches of listing and governance requirements. That assessment highlighted gaps in board operations, financial reporting and compliance documentation.

CMA says the deepened probe is part of a broader effort to strengthen market integrity and rebuild investor confidence in Uchumi -- a company that has faced years of operational and financial distress -- and in the wider capital markets.

Read the original article on Capital FM.

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