Ruto to Ndindi Nyoro: We Won’t Let You Con Kenyans Over KPC Shares as You Did With KPLC

KITUI, Kenya — President William Ruto has launched a sharp political attack against People’s Party of Kenya (PPK) leader and Kiharu MP Ndindi Nyoro, accusing market intermediaries of attempting to exploit taxpayers over the Kenya Pipeline Company (KPC) share transaction.

Speaking in Kitui County on Sunday, October 25, 2026, President Ruto defended Nigerian billionaire Aliko Dangote’s recent acquisition of a 24.76 per cent stake in KPC for Ksh42.5 billion. The President dismissed critics who initially claimed the shares were overpriced at Ksh9 and sought to force their valuation down to Ksh5.

“Yaani, the same people who said KPC shares were overpriced at Ksh9 and wanted them sold at Ksh5 are now complaining when a private investor comes in with real money,” Ruto said, accusing “shylocks” of trying to acquire public shares cheaply to resell them at secondary market rates.

Comparing the current KPC transaction to past trading in Kenya Power and Lighting Company (KPLC) equity, Ruto declared that speculative profit-making at the expense of the public would not be tolerated.

“Mr. Shylock wa shares, huwezi kutapeli watu wa Kenya vile ulitapeli… mambo ya Kenya Power. Hii Kenya Pipeline, nimeweka macho and the people of Kenya will get the true value,” Ruto asserted, adding that KPC share prices had already risen by 10 per cent in the week following Dangote’s investment.

The President’s remarks follow allegations by Nyoro, who claimed that the government directed public pension funds to buy and subsequently offload KPC shares at a loss to facilitate an ultimate majority takeover—potentially up to 75 per cent—by Dangote through a future rights issue. Ruto rejected the takeover claims, framing Dangote as a strategic long-term investor and assuring prudent management of state assets.

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