NAIROBI, Kenya Oct 22 – Kiharu MP Ndindi Nyoro has alleged that President William Ruto and Nigerian billionaire Aliko Dangote are pursuing a plan to take control of the Kenya Pipeline Company (KPC), warning that the deal could leave the government with a much smaller stake in the strategic state-linked firm.
In a post on X, Nyoro claimed that a company associated with Dangote’s East African Petroleum Refinery had acquired a 24.76 per cent stake in KPC from the National Social Security Fund (NSSF), the Public Service Superannuation Fund (PSSF), the Provident Fund and other shareholders.
He alleged that the share sale was part of a wider plan to give the private investor majority control of the pipeline company, with a target of between 51 and 75 per cent.
“Pensioners lost money for President William Ruto to make money,” Nyoro claimed, alleging that the public institutions sold their shares at a loss.
The MP further alleged that the next phase would involve a rights issue, which could allow the investor to increase its stake if the government and other shareholders declined to take up their allocated shares.
According to Nyoro, the proposed rights issue would give the government an allocation of shares that it might fail to purchase, citing a lack of funds.
He claimed the investor could then acquire the shares, increasing its ownership of KPC.
Nyoro also raised the possibility of Uganda’s participation in the process affecting the final shareholding structure, alleging that the investor’s stake could rise to between 51 and 58 percent if Uganda retained its rights, or approach 75 percent if it did not.
The Kiharu MP called for the shareholding structure of Dangote East Africa Petroleum Refinery to be made public and demanded the release of the investment agreement behind the transaction.
He argued that Kenyans should be allowed to examine the terms of the deal, particularly where public institutions, pension funds and government interests are involved.
“The problem here is that the same team that should be looking at the welfare of Kenyans as elected leaders of Government are also on the other side of the table as Shareholders,” Nyoro alleged.
He further claimed that the government was refusing to make the agreement public because its terms would attract criticism.