Kiharu MP Ndindi Nyoro has accused President William Ruto and Nigerian billionaire Aliko Dangote of orchestrating a plan to acquire majority control of Kenya Pipeline Company (KPC) through the purchase of shares held by public institutions and a proposed rights issue that could significantly reduce the government's ownership.
In a statement published on Thursday, October 22, 2026, Nyoro claimed that the recent acquisition of a 24.76% stake in KPC by a company associated with Dangote East African Petroleum Refinery was the first stage of a wider takeover strategy.
He says that Ruto personally instructed the management of the National Social Security Fund (NSSF), Public Service Superannuation Fund (PSSF), County Pension Fund (CPF) and other public institutions to dispose of their KPC shares at a loss, exposing workers' retirement savings to financial losses while benefiting private investors. The allegations concerning presidential instructions, financial losses and Ruto's purported business interests have not been independently established.
According to Nyoro, the proposed takeover would involve a fresh issue of KPC shares through which existing shareholders would be invited to purchase additional equity. He claimed that the government would deliberately decline to exercise its rights on the grounds of insufficient funds, allowing the private investor to acquire shares that would otherwise have been available to the state.
Nyoro further states that NSSF could be pressured to surrender its remaining stake, while Uganda, which also has an interest in KPC, could be persuaded not to participate in the proposed rights issue. Under this arrangement, he claimed, the investor could eventually control between 51% and 75% of KPC, potentially reducing the Kenyan government's stake to below 20%.
The MP also questioned the secrecy surrounding the shareholding structure of Dangote East African Petroleum Refinery and the investment agreement associated with the proposed Lamu refinery, stating that the President has undisclosed personal interests in the transactions.
Nyoro called for the publication of the refinery company's shareholder register and the investment agreement, arguing that Kenyans deserve to know who stands to benefit from the proposed investments and whether public officials have conflicts of interest in transactions involving strategic national infrastructure. He maintained that the arrangements could place government officials on both sides of negotiations that should ordinarily be conducted solely in the public interest
DANGOTE, PRESIDENT WILLIAM RUTO AND THE KENYA PIPELINE TAKEOVER PLAN: By now and through earlier posts on this page, it must be clear that President William Ruto and Dangote are working together in business.
Below is the plan for the take over of KPC and how it is unfolding;
1. The President last week instructed the CEOs of public institutions that held KPC shares to sell them to a “Private Investor”. That is how a company associated with Dangote East African Petroleum Refinery ended up buying 24.76% from NSSF, PSSF, PCF and others at a LOSS. Pensioners lost money for President William Ruto to make money.
2. The end plan is to take over the majority shares in KPC. Their target is 51 % on a bad day and 75 % if everyone plays ball.
3. NSSF and other Public Institutions will be forced to sell the remaining stakes to the same “Private Investor”.
4. The next phase of the take over will be through a RIGHTS ISSUE. The assurance Dangote has been given is that President Ruto will instruct Kenya Pipeline to open a share sale of KPC shares through a Rights issue. All this was part of the Conditions Precedent. They are also exploring Private Placement but would raise Market related questions and judicial actions.
5. The Government of Kenya will decline to take the rights due to “unavailability of Funds”. The 35% allocation of the Rights to GoK will be taken over by Dangote where the President also has vested personal interests. NSSF which still has a stake will also decline if they will not have sold. There are plans to convince President Museveni and Uganda not to take up the rights.
6. If President Museveni refuses to play ball, the Dangote/William Ruto consortium will end up with between 51% to 58% of Kenya Pipeline. If he does, their target is approximately 75% of KPC.
7. This will lead to the dilution of Government owned stake in KPC at slightly below 20%. NSSF will also be diluted if they will not have sold the remaining stake. Museveni could play hard and snap one rights to avoid dilution of the Uganda stake.
8. These plans are to start in earnest.
The shareholding register of Dangote East Africa Petroleum Refinery must be made public.
The Investment Agreement will expose the incompetence of these his regime in negotiating for Kenyans. The problem here is that the same team that should be looking at the welfare of Kenyans as elected leaders of Government are also on the other side of the table as Shareholders. That’s why the government is adamantly refusing to share it with Kenyans. It is just crap at best and no Kenyan would stand the terms.