Nyoro Alleges Ruto Used Proxies in KPC Deal
Nyoro claims Ruto used proxies in Ksh42bn KPC deal
Kiharu MP Ndindi Nyoro has made allegations against President William Ruto, claiming he used private entities and proxies to acquire a majority stake in the Kenya Pipeline Company (KPC).
A recent transfer on the Nairobi Securities Exchange saw state-owned entities offload 4.5 billion KPC shares to an anonymous private investor, valued at approximately Ksh42 billion.
Alleged Pressure on Public Pension Funds
Nyoro alleges that President Ruto intervened, instructing CEOs of state agencies to purchase KPC shares during the IPO and later to offload them to a private investor at a loss to public funds.
Nigerian billionaire Aliko Dangote has since confirmed that he bought the 24.76 percent stake in KPC for about Sh42.5 billion.
Source: Nairobi Wire. AI-assisted summary.
