Ndindi Nyoro Alleges Ruto and Dangote Plot to Take Over 75% Stake in Kenya Pipeline

Sign InBusinessNdindi Nyoro Alleges Ruto and Dangote Plot to Take Over 75% Stake in Kenya PipelineBy Boniface Mulyungi · October 22, 2026 · 4 min readSponsored AdKiharu MP Ndindi Nyoro has accused President William Ruto and Nigerian billionaire Aliko Dangote of allegedly working together to secure majority control of the Kenya Pipeline Company (KPC), warning that a planned share sale could further reduce government ownership of the strategic energy firm.

In a statement outlining what he described as a takeover plan, Nyoro claimed that the recent sale of a 24.76 per cent stake in KPC to a private investor associated with Dangote’s business interests was the first phase of a broader strategy to acquire control of the company.

The allegations come after Dangote confirmed acquiring approximately a quarter of KPC in a transaction valued at about Sh42.5 billion, involving shares previously held by state-linked institutions.

The shares changed hands on the Nairobi Securities Exchange on October 19, 2026, with the transaction representing approximately 4.5 billion shares. The buyer’s identity was initially undisclosed before Dangote confirmed the acquisition.

According to Nyoro, the alleged plan began when the President instructed chief executive officers of public institutions holding KPC shares to sell their stakes to a private investor.

He claimed that institutions, including the National Social Security Fund (NSSF), the Public Servants Pension Scheme (PSSF) and other public funds, sold shares at a loss, exposing pensioners’ savings to financial losses.

Nyoro further alleged that the transaction was designed to benefit private interests at the expense of public institutions.

However, his assertion that the institutions incurred losses remains contested and requires examination of their individual purchase prices, sale proceeds and transaction costs.

Nyoro claimed that the ultimate objective was to secure majority ownership of Kenya Pipeline, with a target of at least 51 per cent and potentially 75 per cent if the plan proceeded as he described.

He alleged that the remaining shares held by public institutions could be sold to the same private investor, paving the way for further consolidation of ownership.

The legislator also claimed that the next phase could involve a rights issue, through which existing shareholders would be offered additional shares in proportion to their holdings.

According to Nyoro, the government could decline to exercise its rights, citing a lack of funds, allowing the private investor to acquire additional shares and increase its stake.

He further alleged that the plan would depend partly on whether Uganda, which also holds a significant stake in KPC, agreed to participate in or decline the proposed share offer.

Nyoro estimated that the investor and its alleged associates could eventually control between 51 and 58 per cent of the company if Uganda retained its position, or approximately 75 per cent if the plan unfolded as he claimed.

These projections are allegations by the MP. The proposed rights issue, the alleged arrangements surrounding it and the projected ownership figures have not been independently established.

The Kiharu MP called for the publication of the shareholding register of Dangote East African Petroleum Refinery, arguing that Kenyans should know the identities of the individuals and entities behind the investment.

He also demanded the disclosure of the investment agreement, claiming that its terms would reveal how the government negotiated the deal and whether the public interest had been adequately protected.

Nyoro alleged that the government’s reluctance to make the agreement public raised questions about the interests involved in the transaction.

He further argued that potential conflicts of interest should be examined where individuals involved in government decision-making could also have interests in businesses participating in major public-sector transactions.

The legislator’s claims about undisclosed personal interests and the reasons for withholding the agreement have not been independently substantiated.

Dangote’s acquisition has intensified scrutiny of ownership changes at Kenya Pipeline, a strategically important company responsible for transporting petroleum products across Kenya and into regional markets.

The government retains a 35 per cent stake in KPC, while Uganda National Oil Company holds approximately 20.15 per cent, according to published reports following the transaction.

The acquisition gives Dangote a substantial position in the company as he expands his investments in East Africa’s energy sector, including plans for a major petroleum refinery in Lamu.

The transaction has also renewed debate over the role of public institutions in the original KPC initial public offering and the subsequent disposal of their shares.

Nyoro’s allegations now place the spotlight on the identities of the selling institutions, the terms of the share transfer, the ownership structure of the acquiring entity and whether any future capital-raising exercise could alter the balance of control.

The government and the relevant institutions would need to clarify the circumstances surrounding the transaction and respond to the specific allegations raised by the legislator.

For now, Nyoro’s proposed takeover scenario remains an allegation rather than an established outcome, with the future ownership of Kenya Pipeline likely to remain a subject of public and regulatory scrutiny.

BMBoniface MulyungiReporter, Uzalendo News.