Ndindi Nyoro Sounds Alarm as He Accuses Ruto of Directing Pension Funds to Sell KPC Shares at a Loss

Kiharu Member of Parliament Ndindi Nyoro has sounded the alarm over the sale of Kenya Pipeline Company (KPC) shares, accusing President William Ruto of directing public institutions managing pension funds to buy the shares before allegedly ordering them to sell billions of shares to a private investor.

In a statement posted on Facebook, Nyoro claimed that the transactions involved approximately 4.5 billion shares valued at about Ksh42 billion, raising questions about the financial implications for public institutions entrusted with workers’ retirement savings.

The legislator’s claims come after he was suspended from Parliament over his remarks on the KPC initial public offering (IPO), which he described as unsuccessful.

He argued that the offer had attracted less than three per cent subscription on its final day, questioning why public institutions were subsequently involved in purchasing the shares.

Nyoro alleged that Ruto summoned chief executives of institutions, including the National Social Security Fund (NSSF), Public Service Superannuation Fund (PSSF) and other public investment entities, to buy the shares despite professional advice against the move.

“The President called the CEOs to buy KPC shares against the advice from their own professionals,” Nyoro claimed, adding that some institutions allegedly prepared or backdated board meeting minutes to support the investments.

The MP further alleged that the same executives were called again and instructed to sell their holdings to a private investor, raising concerns about how decisions involving billions of shillings in public investments were made.

“He again called them last week instructing them to sell the shares to a ‘Private Investor’. And a LOSS,” Nyoro stated.

According to the legislator, the institutions sold shares at prices ranging between Ksh9.02 and Ksh9.36 each.

He argued that brokerage commissions and the time value of money could have turned the transactions into losses for the public entities.

“Accounting for brokerage commission that is usually around 1.5%, the entities sold shares at a LOSS,” he alleged, adding that pensioners could potentially have earned better returns had the funds been placed in bank deposits.

Nyoro also questioned the identity of the private investor, alleging that the company had business interests connected to Ruto.

He further claimed that the investment bank involved in the transaction was linked to the President, although he did not provide documentary evidence in his post to independently establish those connections.

The Kiharu MP linked the transaction to the proposed Dangote East Africa Petroleum Refinery, arguing that the share transfers could form part of wider arrangements affecting Kenya’s petroleum industry.

“Why is the shareholders register a secret – Because the minority shareholders are led by the President of Kenya,” Nyoro wrote, questioning the transparency surrounding the refinery’s ownership and investment agreement.

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