Mbadi defends KPC share sale, warns Ndindi Nyoro against scaring off investors

Treasury Cabinet Secretary John Mbadi has dismissed claims by People’s Party of Kenya (PPK) leader Ndindi Nyoro of an alleged takeover of the Kenya Pipeline Company (KPC) by President William Ruto through Nigerian billionaire Aliko Dangote.

Speaking to Citizen TV, CS Mbadi said the sale of 25 per cent of KPC shares was an above-board commercial transaction between a willing seller and a willing buyer.

CS Mbadi called on the PPK party leader to stop making political statements that could scare off foreign investors.

“Who forced Dangote to buy the shares? When we sell shares at Safaricom, underpriced. When we sell shares at KPC, overpriced. These shares have been sold at the NSE. Those who held the shares decided democratically to sell the shares, and there is nothing wrong with that. This is a commercial transaction," Mbadi stated.

The CS fired back at Nyoro, dismissing his claims, which he said had not been backed by any facts.

"It is the same Ndindi Nyoro who said we had overpriced the same KPC shares. Now a strategic investor has come to buy the same shares at a price slightly higher. Then he is complaining. It is the same Ndindi Nyoro who called NSSF, PSSF, all these other parastatals have been forced to buy these shares,” he said.

Mbadi urged legislators to stop cheap political games aimed at scoring political points.

“We should not make comments which will deter foreign investments. And then you stand here because of partisan cheap politics, you start downplaying, attacking and scandalising such a transaction," he noted.

The CS also dismissed claims that President Ruto was the invisible hand behind the KPC takeover.

“They are the ones saying, ‘Don’t buy those shares because they are overpriced.’ Now they are saying there is an invisible hand. So what? That invisible hand ameona kuna profit," he added. 

Mbadi's remarks come as Nyoro renewed allegations that Ruto had instructed chief executives of public institutions holding shares in the company to sell their stakes to Dangote, citing that the transaction sought to benefit the President and the Nigerian tycoon.

“I'm going to Parliament now when I'm vindicated that the same shares Ruto called them to buy, he called them last week to sell the same shares to himself and Dangote,” Ndindi stated at PPK headquarters.