The Lower Eastern Times Opening The Third Eye
Kiharu Member of Parliament Ndindi Nyoro has renewed his allegations of political interference in the Kenya Pipeline Company (KPC) share transactions, accusing President William Ruto of influencing state-backed institutions to acquire shares before allegedly pushing them to sell their stakes to a private investor.
In a statement shared on his X account on Wednesday, October 21, Nyoro presented what he termed the “truth” behind the transactions, days after being suspended from Parliament for five sitting days over his claims.
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KPC launched its Initial Public Offering (IPO) on January 19, closed the offer on February 24 and subsequently listed on the Nairobi Securities Exchange (NSE) on March 9.
Nyoro’s suspension was announced by National Assembly Speaker Moses Wetang’ula on October 7 after the MP declined to withdraw or provide evidence supporting his allegations that the President and senior government officials had pressured state agencies and pension funds to invest in KPC shares.
The legislator also questioned why the company’s shareholders’ register and investment agreement had not been made public, arguing that the lack of transparency raised concerns about the interests benefiting from the transactions.
“Why is the shareholders register a secret? Because the minority shareholders are led by the President of Kenya,” Nyoro stated.
He further alleged that the investment agreement included conditions that could limit Kenya’s ability to import petroleum products manufactured by the refinery, even when international market prices were significantly lower.
“Among the conditions is that Kenya will not import any products made by the refinery even when the prices are double or triple the market price,” he claimed.
Nyoro argued that such an arrangement could potentially give President Ruto influence throughout the petroleum value chain, spanning upstream oil exploration, midstream refining and downstream fuel marketing.
The renewed allegations have brought fresh attention to questions surrounding transparency, the management of public investments and the terms governing the KPC share transactions. The claims remain allegations made by the MP.
