People’s Party of Kenya (PPK) leader Ndindi Nyoro has raised concerns over the sale of shares in the Kenya Pipeline Company (KPC), alleging that the transaction could pave the way for Nigerian billionaire Aliko Dangote to acquire majority ownership of the state-linked utility.
Nyoro accused President William Ruto of influencing the buying and selling of KPC shares through government institutions, claiming that the transactions could ultimately benefit Dangote.
The opposition leader questioned what he described as a potential conflict between the President’s responsibilities as head of state and his alleged business interests, arguing that the government should prioritise securing the best possible deals for Kenyans.
“This kind of malady where you see there is no distinction between William Ruto the President and William Ruto the businessman is what is putting Kenya in this kind of distress,” Nyoro said, arguing that the same person expected to negotiate in the public’s interest could also be on the other side of a transaction.
He alleged that the President played a significant role in influencing the participation of state institutions, including the National Social Security Fund (NSSF) and the Unclaimed Financial Assets Authority, in KPC’s initial public offering (IPO).
Nyoro further claimed that the institutions were directed to invest in the shares and that government intervention was subsequently used to support their market price before they were instructed to sell.
“The President of Kenya overrides them and instructs them to invest your money. When they invest, the government purports to stabilise the share price through artificial means,” he alleged.
He added that the shares were initially purchased at Ksh.9 each before being sold at prices ranging from Ksh.9.02 to Ksh.9.36.
The transactions have prompted questions about whether the interests of Kenyan workers and pensioners were adequately protected, particularly given the investment risks, transaction costs and potential alternative returns associated with the funds committed to the IPO.
Nyoro also alleged that the share sales form part of a broader plan to increase Dangote’s ownership of KPC to at least 51 per cent, or potentially as high as 75 per cent.
According to the PPK leader, a proposed rights issue could provide the next opportunity for Dangote to expand his stake. He claimed the government could opt not to purchase its allocation, citing financial constraints, potentially allowing the Nigerian billionaire to acquire additional shares and increase his control of the company.
The allegations centre on the future ownership of KPC and the role of public institutions in transactions involving the company. Nyoro’s claims remain allegations and do not, on their own, establish that the President or the government is pursuing the plan he described.
