Ndindi Nyoro Challenges Ruto to Explain KPC Share Sale and Alleged Losses

Kiharu Member of Parliament Ndindi Nyoro has accused President William Ruto of costing Kenyan workers KSh27.5 billion through transactions involving shares in the Kenya Pipeline Company (KPC). Nyoro told the President to stop misleading Kenyans over the share sale.

The claim comes amid debate over the transfer of about 4.5 billion KPC shares, representing roughly 24.76 per cent of the company, to a private investor on October 19. The shares were valued at about KSh42.5 billion, according to published reports.

Nyoro has questioned why public institutions linked to workers’ retirement savings bought KPC shares during the company’s initial public offering before later selling their holdings. He alleges that the decisions exposed pensioners’ money to risk and benefited private interests.

The institutions mentioned in the wider dispute include the National Social Security Fund and other public funds responsible for managing Kenyans’ savings. Nyoro says the public deserves an explanation of how the investment decisions were made and whether the funds received a fair return.

However, the KSh27.5 billion figure has not been independently established. Determining whether workers or pension funds made a loss requires verified purchase and sale prices, dividends, brokerage fees and other transaction costs.

President Ruto has defended the KPC share sale as a way to attract private capital for strategic infrastructure. He has criticised opponents, arguing that some previously complained that the shares were too expensive but are now objecting to a private investor buying them.

Treasury Cabinet Secretary John Mbadi has described the sale as a commercial transaction between a willing seller and a willing buyer, rejecting claims of an improper takeover.

The dispute has raised questions about transparency, pension savings and the future ownership of an energy company. Nyoro is calling for greater disclosure, while the government maintains that the transaction can help attract investment.

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