Mbadi Fires Back at Ndindi Nyoro Over Dangote’s 25% Stake in KPC, Dismisses Takeover Claims

Treasury Cabinet Secretary John Mbadi has dismissed claims by Kiharu MP Ndindi Nyoro that President William Ruto and Nigerian billionaire Aliko Dangote are pursuing a plan to take control of the Kenya Pipeline Company (KPC), defending the sale of a 25 per cent stake in the firm.

Mbadi described the transaction as a commercial deal between willing sellers and a willing buyer, arguing that Dangote’s acquisition does not amount to a takeover of the petroleum infrastructure company.

Speaking during an interview on Hot 96’s Checkmate on Sunday, October 25, the Treasury CS challenged Nyoro’s criticism of the transaction, questioning why the MP had opposed the KPC share price before complaining about another investor purchasing the shares.

“It is the same Ndindi Nyoro who said that we had over-priced KPC shares. Now a strategic investor has come in to pay the same price slightly higher than he’s complaining,” Mbadi said.

He maintained that investors who acquired shares through the Nairobi Securities Exchange (NSE) are entitled to sell their holdings and reinvest the proceeds elsewhere.

Mbadi also defended pension funds and other public institutions that had held KPC shares, saying their investments are independently managed and that decisions to dispose of the assets should follow established procedures.

The CS said he did not have details of the number of shares sold by individual institutions, adding that their day-to-day investment decisions are not his responsibility.

He, however, said the transactions involving public institutions could be examined through the appropriate oversight and auditing processes.

Mbadi also dismissed allegations that a powerful individual is operating behind Dangote’s acquisition, describing such claims as conspiracy theories that could undermine investor confidence.

He warned politicians against making statements that could discourage foreign investment, arguing that the transaction demonstrates confidence in Kenya’s capital markets.

The dispute follows Dangote’s acquisition of approximately 24.76 per cent of KPC, a transaction that has drawn scrutiny over the sale of shares previously held by public institutions.

Nyoro has alleged that the acquisition is part of a wider plan involving Ruto and Dangote to secure majority ownership of the company, potentially increasing the investor’s stake to between 51 and 75 per cent through further share purchases and a possible rights issue.

The MP has also questioned whether public institutions were pressured into buying KPC shares during the initial public offering before selling them to a private investor.

The People’s Party leader has argued that the transactions raise concerns about the management of public investments and the protection of pensioners’ funds.

SOURCE: Watch interview from 26:18 to 33.00.

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