- Nyoro accused the President of interfering in the buying and selling of KPC shares through government entities, with the shares eventually landing in Dangote’s basket.
- He claimed that the sale of the shares was largely influenced by the President when state bodies, including the NSSF and the Unclaimed Financial Assets Authority, bought into the IPO.
People’s Party of Kenya (PPK) leader Ndindi Nyoro now claims
that the acquisition of nearly a quarter stake in the Kenya Pipeline Company (KPC)
is the start of a plot by Nigerian billionaire Aliko Dangote and President
William Ruto to gain majority ownership of the public utility company.
The opposition politician also accused the President of
interfering in the buying and selling of KPC shares through government
entities, with the shares eventually landing in Dangote’s basket.
“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, where you have the same person who
should be sitting on the side of Kenyans to negotiate the best deals for
Kenyans is also sitting on the other side," Nyoro stated.
He claimed that the sale of the shares was largely influenced
by the President when state bodies, including the NSSF and the Unclaimed
Financial Assets Authority, bought into the IPO.
“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,” said Nyoro.
“The President of Kenya then calls the same people and tells
them to sell the share. This is the unfortunate thing. They bought the share at
Ksh.9.0; the exit price was between Ksh.9.02 and Ksh.9.36."
The transaction has raised questions about whether the
interests of Kenyan workers and pensioners were adequately protected,
particularly considering that the institutions reportedly acquired the shares
at approximately Ksh.9 per share during KPC’s initial public offering earlier
in 2026.
Questions also emerged over whether the returns justified the
investment risks, transaction costs and opportunity costs incurred by the
pension funds.
Nyoro alleged that the plan is for Dangote to increase his stake to
at least 51 per cent or as much as 75 per cent.
He claimed the next step would be a rights issue, alleging
that the government could decline to take up its share, citing a lack of funds,
allowing Dangote to acquire the additional shares.
“Government involvement in the refinery: what percentage? What
is there to hide? Why should we be asking? You are signing it on behalf of
Kenyans. Kenyans are saying, let's have a look at it. You hold the mic as a President
and said we will never have a look at it," Nyoro added.
Dangote’s stake in the company now makes him the
second-largest shareholder in KPC after the government, which holds 35 per cent
of the shares, while the government of Uganda is the third-largest shareholder
with 20.15 per cent of the company.