Billionaire Peter Munga links to Sh468bn expressway

By Newsflash Writer

Billionaire entrepreneur Peter Munga has partnered with the firm behind the proposed Sh468 billion Nairobi-Mombasa expressway in a move that grants him a foothold in the lucrative infrastructure sector.

Everstrong Capital, a US-based infrastructure investment company registered in Mauritius and leading the massive road initiative, is now affiliated with Quickpass Limited, a firm under Mr Munga’s business empire.

Everstrong is awaiting final clearance to develop a 4-6 lane dual carriage highway—anticipated to be the largest toll road project in Africa. The project aims to decongest the heavily used route linking the capital to the port city of Mombasa. Investors expect to recover their capital by collecting toll fees from motorists over a 30-year period, ensuring strong cash flow returns.

According to regulatory documents, Everstrong holds a 50 percent stake in Quickpass, which is headquartered at Mr Munga’s Muthaiga offices in Nairobi. The remaining half of Quickpass is owned by Kiewa Group, a company linked to Mr Munga’s family. Quickpass was incorporated in July 2018.

A strategic business alliance

Everstrong, a private equity firm founded by American infrastructure financier Philip William Dyk, has long aimed to contribute to large-scale African infrastructure projects. Dyk, who is known for cutting major infrastructure deals, serves on Quickpass’s board alongside Alex Kieme Munga (Mr Munga’s son), Emilly Kairimu Kanina (his daughter-in-law), Kenyan national John Paul Ouko, and Zimbabwean Mandhla Sibanda. The company secretary is listed as Cornelius Kimamo Kigera.

Mr Munga, widely celebrated for founding Equity Bank, has since evolved into a versatile investor with interests across sectors including agribusiness, insurance, education, and manufacturing. He has earned hundreds of millions of shillings in recent years through the sale of shares in Britam and Equity Bank.

Asked about his involvement in the expressway project, Mr Munga did not confirm details but expressed his optimism, replying over the phone, “But isn’t it a good project?” These disclosures reflect Mr Munga’s calculated entry into one of Kenya’s most significant infrastructure ventures and demonstrate the growing attraction of public-private partnership (PPP) opportunities.

Everstrong Capital’s local subsidiary, Everstrong Capital (Kenya), is entirely owned by the US firm, with all 5,124 shares under its name. The Kenyan board includes former US ambassador to Kenya Kyle Lee MC Carter, managing director Henry Kinyua Kyanda, and company secretary Antony Munialo.

Toll road, private capital, and the BOT model

The firm plans to team up with local pension schemes, global lenders, and development financiers to deliver the 440-kilometre toll highway. The project is set to be financed, built, and managed by a private consortium for a period of 30 years before being handed over to the State under the Build-Operate-Transfer (BOT) model. This approach allows the Kenyan government to roll out major infrastructure without adding to its public debt.

However, on July 2, the Public-Private Partnerships (PPP) committee rejected the Project Development Report (PDR), citing its failure to meet certain standards. Nevertheless, Everstrong and the Kenya National Highways Authority (KeNHA) may resubmit the proposal after resolving the outstanding issues, which were not disclosed.

The government has presented the project as a remedy for the aging and traffic-prone Mombasa Road. When complete, the expressway is expected to reduce travel time between Nairobi and Mombasa from over 10 hours to just under 4.5 hours.

Mr Munga stepped down as chairman of Equity Bank in 2018 after more than 30 years at the helm. Since then, his focus has turned to industrial investments, particularly in agribusiness and infrastructure development. Official records reveal that he owns 92 percent of Equatorial Nuts Processors, while his business associate James Karanja holds the remaining 8 percent. The company, located a few kilometres from Maragua town, was established in 1994 and processes macadamia, peanuts, and cashew nuts.

Mr Munga directly owns 75 million shares in Britam and has major stakes in two investment entities—EH Venture Capital and EHL 2022—which together hold 405 million shares valued at Sh3.42 billion.

Despite maintaining a low public profile, Everstrong Capital under Mr Dyk has become an emerging powerhouse in East African infrastructure financing. Besides the highway, the firm has interests in power generation (such as Gulf Power in Athi River), telecommunications (SealTowers), and electric mobility (EV Africa).

Mauritius, where Everstrong is registered, is a common hub for international infrastructure deals due to its favourable tax regimes, confidentiality laws, and double taxation treaties. Due to the country’s high level of corporate secrecy, the ownership structure of Everstrong Capital remains largely unclear.

If approved and financially secured, the expressway will become one of Kenya’s largest privately funded infrastructure developments, operating on toll revenues for three decades. It is also unclear what precise role Quickpass will play in executing the Nairobi-Mombasa Expressway.