The Kiharu MP claims a share sale and proposed rights issue could give a private investor majority ownership, and demands disclosure of the investment agreement.
Kiharu MP Ndindi Nyoro has alleged a plan for Kenya Pipeline control involving President William Ruto and Nigerian billionaire Aliko Dangote. He claims the arrangement could sharply reduce the government’s stake in the Kenya Pipeline Company (KPC).
In a post on X, Nyoro alleged that a company associated with Dangote’s East African Petroleum Refinery acquired a 24.76 per cent stake. He identified the sellers as the National Social Security Fund, Public Service Superannuation Fund, Provident Fund and other shareholders.
The MP described the alleged purchase as one stage of a wider effort to secure majority ownership. He claimed the investor ultimately sought a stake of between 51 and 75 per cent.
Nyoro questions Kenya Pipeline control plan
Nyoro alleged that the public institutions sold their shares at a loss, hurting pensioners’ interests. He also accused Ruto of seeking financial benefit from the arrangement.
However, these remain Nyoro’s allegations, rather than established findings about the transaction or the individuals he named.
The MP further claimed that the next stage would involve a rights issue. Under the process he described, the government and other shareholders would receive allocations of additional shares to purchase.
He argued that the government might decline its allocation because it lacked funds. The private investor could then acquire those shares, he alleged, increasing its ownership of KPC.
Uganda’s participation could affect ownership
Nyoro also linked the potential final ownership structure to Uganda’s participation in the proposed process. He claimed the investor’s stake could reach between 51 and 58 per cent if Uganda retained its rights.
If Uganda did not retain those rights, he alleged, the investor’s holding could approach 75 per cent. His projections therefore depended on how other shareholders responded to the proposed rights issue.
MP demands agreement and shareholder details
Meanwhile, Nyoro called for disclosure of the shareholding structure of Dangote East Africa Petroleum Refinery. He also demanded publication of the investment agreement behind the alleged transaction.
He argued that Kenyans should examine the terms because the arrangement involved public institutions, pension funds and government interests.
Nyoro further alleged a conflict of interest, claiming government leaders responsible for protecting public welfare also held shareholder interests. He accused the government of withholding the agreement because its terms would draw criticism.
