Ndindi Nyoro Breaks Silence as Dangote Acquires KPC Shares Worth KSh42 Billion

Kiharu Member of Parliament Ndindi Nyoro has reacted to Nigerian billionaire Aliko Dangote’s acquisition of a 24.76 per cent stake in the Kenya Pipeline Company (KPC), a transaction valued at approximately KSh42.5 billion.

Dangote confirmed the investment on Wednesday, October 21, 2026, bringing an end to speculation about the identity of the private investor behind a major transaction involving billions of KPC shares. The acquisition involved approximately 4.5 billion shares previously held by public institutions.

Nyoro has questioned the circumstances surrounding the sale, raising concerns about the management of public investments and the potential financial implications for pension funds.

In his statement, the legislator alleged that state-linked institutions were pressured into purchasing KPC shares during the initial public offering before later selling part of their holdings to a private investor.

He further argued that the sale could have resulted in losses after transaction costs and the time value of money were considered. However, the actual returns would depend on the institutions’ purchase prices, sale proceeds and expenses.

Nyoro has also linked the transaction to the proposed Dangote East Africa Petroleum Refinery in Lamu, calling for greater transparency over the project’s ownership structure and investment agreements. His allegations concerning political interests in the transaction have not been independently established.

President William Ruto, meanwhile, has defended the transfer of the shares, describing private investment in KPC as evidence of confidence in Kenya’s capital markets and a way to mobilise funds for strategic infrastructure projects.

The transaction has renewed debate over the role of public institutions in the KPC share sale and the need for transparency in managing pensioners’ money.

Attention is now turning to the disclosure of the investment structure and whether the transaction delivered appropriate returns to the institutions that sold their shares.

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