Kenyan opposition MP Ndindi Nyoro alleges that President William Ruto pressured state agencies over the sale of a 24.76% stake in Kenya Pipeline Company (KPC) to a private investor. Ruto defended the transfer in public remarks without naming the buyer.

About 4.5 billion KPC shares, worth roughly Ksh42 billion, changed hands on the Nairobi Securities Exchange block-trading platform on 19 October, moving from state-owned entities to the private investor.

What we know about the trade

KPC's initial public offering ran from 19 January to 24 February, and the company listed on the Nairobi Securities Exchange on 9 March. On 19 October, about 4.5 billion shares, a 24.76% stake worth roughly Ksh42 billion (about US$327 million), were traded on the exchange's block-trading platform and moved from state-owned entities to a private investor.

Reports say Dangote Group announced on 21 October that it had acquired about a quarter of the pipeline company. The buyer was not named on the trade itself. Reports also indicate the Kenyan government retains 35%. Dangote laid the foundation stone for a US$16 billion, 700,000-barrel-a-day refinery at Lamu port in September.

What Nyoro alleges and how Ruto responded

Nyoro, the Kiharu MP and leader of PPK, alleges that Ruto used proxies to take over the KPC shares. He alleges the president called the chief executives of state agencies including NSSF and PSSF, told them to buy KPC shares against their professionals' advice, then called again and told them to sell to a private investor. He also alleges the shares were sold at between Ksh9.02 and Ksh9.36 cum dividend, which he says benefited the buyer, and that the deal is linked to Ruto's interest in the new Dangote refinery at Lamu.

These are Nyoro's claims. We have not seen evidence for them, and the coverage we reviewed contains no response to these specific claims.

Speaking at Mashujaa Day celebrations in Eldoret on 20 October, Ruto defended the transfer, saying it would help raise private funds for strategic infrastructure and attract private investment into key sectors. He did not identify the buyer.

What we do not yet know

  • Whether Dangote Group is confirmed as the buyer by the government or the exchange; the reports we reviewed rely on the group's announcement.
  • Whether the calls Nyoro describes took place. He presents no evidence in the coverage we reviewed.
  • Whether the 35% government holding is correct; it comes from one report.
  • Nyoro's remarks describe a majority takeover, but the reported stake is 24.76%.