‘Why not?’ Ruto slams critics opposing Dangote’s purchase of KPC shares

President Ruto, defending the billionaire’s acquisition of a 24.76 per cent stake in KPC, said he took advantage of the listing of the shares on the Nairobi Securities Exchange (NSE).

Speaking at the groundbreaking of the Ksh.70 billion Devki Group cement plant in Mwingi North, Kitui County, Mr Ruto said that his administration will not be lenient on those using KPC as a political blame-shift.

“I see racketeers of shares have gone to Kenya Pipeline Company and asked why Dangote bought shares there. Why not?” he posed.

“Nobody has been stopped from buying the shares. They are available in the Stock exchange. I am going to deal with those people squarely. Who told them it is only they who can own things in our country? Every citizen in Kenya has a right to own any share they want to buy.”

The Head of State further warned against detractors of economic progression, saying Dangote’s involvement has demonstrated the potential for long-term value growth of the Company.

“We encouraged Dangote to invest in Kenya Pipeline because we know with an investment from a serious long-term investor like him we will improve share earnings on the stock exchange,” he said.

Dangote acquired approximately 4.5 billion shares for about Ksh.42.5 billion, making his group the second-largest shareholder in KPC after the Kenyan government.

The shares were owned by state agencies, among them NSSF and PSSF and were sold to Dangote at a reported exit price between Ksh.9.02 and Ksh.9.36.

The government retains a 35 per cent stake, while the Uganda National Oil Corporation holds approximately 20.15 per cent.

The KPC Initial Public Offering (IPO) was open from January 19 to February 24, and the company was officially listed on the Nairobi Securities Exchange (NSE) on March 9.

Critics have claimed that President Ruto influenced Dangote’s purchase, arguing that it is part of the president’s interest in the newly launched Dangote East Africa Petroleum Refinery in Lamu. 

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