Mbadi Breaks Silence on Dangote’s KPC Share Deal Amid Nyoro’s Allegations

Treasury Cabinet Secretary John Mbadi has defended the sale of a 25 per cent stake in Kenya Pipeline Company (KPC), dismissing allegations by People’s Party of Kenya leader Ndindi Nyoro that President William Ruto orchestrated the transaction to benefit Nigerian billionaire Aliko Dangote.

Speaking on Citizen TV, Mbadi maintained that the share sale was a legitimate commercial transaction involving a willing seller and a willing buyer. He insisted that the process was conducted transparently through the Nairobi Securities Exchange.

The Treasury CS criticised Nyoro for repeatedly questioning the valuation of KPC shares, arguing that the lawmaker had previously complained about their pricing before a strategic investor agreed to purchase them at a slightly higher price.

Mbadi questioned why Dangote should be criticised for purchasing the shares, insisting that shareholders had voluntarily decided to sell their stakes. He argued that the transaction should be assessed commercially rather than through political accusations.

The Cabinet Secretary also warned legislators against making statements that could discourage foreign investors from investing in Kenya. He said politicians should avoid undermining legitimate business transactions simply to gain political advantage or attract public attention.

Mbadi further dismissed claims that Ruto was secretly directing the sale to benefit himself and Dangote. He argued that critics were contradicting their earlier positions by questioning the transaction after previously describing KPC shares as overpriced.

The CS challenged lawmakers to exercise responsibility when discussing investments involving strategic national companies, warning that unfounded allegations could damage investor confidence. He maintained that Kenya needed to create an environment that encouraged both local and international investors.

However, Nyoro has continued to allege that Ruto instructed chief executives of public institutions holding KPC shares to sell their stakes to Dangote. The PPK leader claimed the arrangement was designed to benefit the President and the Nigerian businessman.

Speaking at PPK headquarters, Nyoro said he intended to present the matter before Parliament, arguing that the latest developments vindicated his earlier concerns. He maintained that the alleged instructions to sell the shares raised questions about the transaction’s intentions.