Kenyans risk losing billions through a covert plan to grab KPC shares, Kiharu MP Ndindi Nyoro has warned. He says powerful insiders plan to disguise themselves as foreign investors to hijack the sale of Kenya Pipeline Company shares.
Speaking publicly, Nyoro accused elites of using Uganda-based proxies to bypass safeguards meant to protect ordinary investors.
As the government pushes a massive privatization drive, his claims raise serious questions about transparency, valuation, and who truly benefits from the sale of a strategic national asset.
Ndindi Nyoro has placed the KPC shares sale at the center of a growing national debate. The government is selling 11.81 billion shares, which represent 65% of Kenya Pipeline Company, through an Initial Public Offering running from January 19 to February 19, 2026. Authorities have priced the shares at Ksh9 each, with a target of raising Ksh106.3 billion. Officials say the money will fund infrastructure projects and help reduce public debt.
The IPO structure divides KPC shares into three pools. Kenyan investors get 60 per cent. Foreign investors get 20 per cent. Regional investors get another 20 per cent. On paper, the structure appears balanced. In practice, Nyoro says it creates a loophole ripe for abuse.
Speaking at the Vijana Uongozini Event in Embu on January 28, Nyoro said local elites plan to exploit the regional investor category. He warned that these individuals intend to pose as Ugandan investors while remaining Kenyan beneficiaries. He described the plan as a proxy scheme designed to lock out ordinary citizens while insiders quietly consolidate control.
Nyoro said he feels a duty to explain the issue to the public. He insisted that Kenyans deserve clear answers about who is buying shares and under what terms. He rejected secrecy and accused unnamed officials of manipulating the process to serve private interests.
Nyoro directly linked the risk to the 20 per cent regional allocation. He said officials already know who intends to benefit from that pool. According to him, the buyers are not genuine Ugandan investors. He said they are Kenyans using cross-border fronts to gain preferential access.
“You are allocating a large portion to regional investors and talking about Uganda,” Nyoro said. “We know it is people in the government of Kenya who want to buy these shares in that name.” His statement sharpened public concern and fueled calls for tighter scrutiny.
Nyoro warned that this approach undermines fairness and trust in the market. He argued that the scheme shuts out retail investors who follow the rules and pay taxes. He also warned that it exposes the country to long-term risks by allowing cartels to dominate a strategic asset.
He went further and challenged the Nairobi Stock Exchange listing itself. He said poorly structured privatizations often lead to a price crash after the initial excitement fades. He warned that ordinary Kenyans could buy KPC Shares at Ksh9 only to watch the value sink while insiders exit with profits.
Government Pushback and Rising Legal Battles
President William Ruto has rejected Nyoro’s claims. He dismissed the allegations as political conmanship and intellectual deceit. He said his administration aims to transform Kenya through privatization, not to enrich cartels. He framed the KPC Shares sale as part of a broader plan to raise Ksh5 trillion for the National Infrastructure Fund and the Sovereign Wealth Fund.
Ruto has linked the KPC sale to his “journey to Singapore” vision. He says the plan will move Kenya toward a first-world economy through large-scale infrastructure investment. His allies argue that delaying or blocking privatization would hurt growth and scare investors.
Despite this defense, legal pressure continues to mount. Opposition leaders and concerned lawmakers have gone to court. Wiper Party leader Kalonzo Musyoka and People’s Liberation Party leader Martha Karua have filed cases challenging the process. They argue that the government failed to ensure public participation, transparency, and proper valuation.
These cases place KPC Shares under intense judicial scrutiny. Courts will now examine whether the sale protects public interest or exposes national assets to capture. The outcome could reshape Kenya’s privatization agenda.
Nyoro has welcomed the legal challenges. He says courts provide a critical safeguard when political processes fail. He has urged Kenyans to stay alert and demand accountability. He insists that KPC belongs to the people and that its sale must reflect good faith, not greed.
As the IPO clock ticks, the stakes keep rising. If Nyoro’s claims hold, Kenyans could lose billions through a silent transfer of wealth. If the government proves him wrong, it must do so with full transparency. Either way, the fight over KPC Shares has become a defining test of trust, governance, and economic justice in Kenya.
