- CS Mbadi said the sale of 25 per cent of KPC shares was an above-board commercial transaction between a willing seller and a willing buyer.
- He called on the PPK party leader to stop making political statements that could scare off foreign investors.
Treasury Cabinet Secretary John Mbadi has dismissed claims by
People’s Party of Kenya (PPK) leader Ndindi Nyoro of an alleged takeover of the
Kenya Pipeline Company (KPC) by President William Ruto through Nigerian
billionaire Aliko Dangote.
Speaking to Citizen TV, CS Mbadi said the sale of 25 per cent
of KPC shares was an above-board commercial transaction between a willing
seller and a willing buyer.
CS Mbadi called on the PPK party leader to stop making
political statements that could scare off foreign investors.
“Who forced Dangote to buy the shares? When we sell shares at
Safaricom, underpriced. When we sell shares at KPC, overpriced. These shares
have been sold at the NSE. Those who held the shares decided democratically to
sell the shares, and there is nothing wrong with that. This is a commercial
transaction," Mbadi stated.
The CS fired back at Nyoro, dismissing his claims, which he
said had not been backed by any facts.
"It is the same Ndindi Nyoro who said we had overpriced
the same KPC shares. Now a strategic investor has come to buy the same shares
at a price slightly higher. Then he is complaining. It is the same Ndindi Nyoro
who called NSSF, PSSF, all these other parastatals have been forced to buy
these shares,” he said.
Mbadi urged legislators to stop cheap political games aimed at
scoring political points.
“We should not make comments which will deter foreign
investments. And then you stand here because of partisan cheap politics, you
start downplaying, attacking and scandalising such a transaction," he
noted.
The CS also dismissed claims that President Ruto was the
invisible hand behind the KPC takeover.
“They are the ones saying, ‘Don’t buy those shares because
they are overpriced.’ Now they are saying there is an invisible hand. So what?
That invisible hand ameona kuna profit," he added.
Mbadi's remarks come as Nyoro renewed allegations that Ruto had
instructed chief executives of public institutions holding shares in the
company to sell their stakes to Dangote, citing that the transaction sought to
benefit the President and the Nigerian tycoon.
“I'm going to Parliament now when I'm vindicated that the same
shares Ruto called them to buy, he called them last week to sell the same
shares to himself and Dangote,” Ndindi stated at PPK headquarters.