Ndindi Nyoro Alleges Ruto Forced Public Entities to Sell Sh42 Billion KPC Shares

Kiharu Member of Parliament Ndindi Nyoro has leveled serious allegations against President William Ruto, claiming the Head of State pressured public pension funds into a multi-billion-shilling transaction involving Kenya Pipeline Company (KPC) shares.

The People’s Party of Kenya (PPK) leader alleged that state agencies were forced to buy and later sell KPC stock at a loss to benefit a private investor.

According to Nyoro, the transaction involved approximately 4.5 billion KPC shares valued at around Ksh 42 billion, representing nearly 25 percent of the state oil firm’s total stock. The lawmaker claimed that President Ruto directly contacted chief executive officers of public institutions, including the National Social Security Fund (NSSF) and the Public Service Superannuation Scheme (PSSF), directing them to buy shares during the company’s Initial Public Offering (IPO) despite contrary advice from internal investment advisors.

Nyoro further stated that the public agencies were recently instructed to offload their shares at exit prices ranging between Ksh 9.02 and Ksh 9.36. He argued that after deducting brokerage fees and accounting for forgone bank interest, public pension funds incurred significant financial losses, effectively using pensioners’ savings to finance a private acquisition.

The Kiharu MP asserted that the anonymous entity that acquired the equity block is linked to private interests and suggested connections to recent energy infrastructure agreements.

The allegations follow recent comments by President Ruto during the Mashujaa Day celebrations in Eldoret, where he defended the recent equity transfers on the Nairobi Securities Exchange (NSE). The President described the sale of the 25 percent stake from public entities to private investors as a demonstration of market confidence aimed at mobilizing private capital for strategic national infrastructure.

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