NAIROBI, Kenya – President William Ruto has challenged critics of Nigerian billionaire Aliko Dangote’s acquisition of a 24.76 per cent stake in Kenya Pipeline Company (KPC), arguing that the investor had every right to buy shares offered on the Nairobi Securities Exchange (NSE).
Ruto defended the transaction during the groundbreaking of Devki Group’s Sh70 billion cement and clinker plant in Ngaaie, Mwingi North, Kitui County, warning that his administration would not tolerate attempts to undermine investors through political disputes.
“I see racketeers of shares have gone to Kenya Pipeline Company and asked why Dangote bought shares there. Why not?” the President posed.
“Nobody has been stopped from buying the shares. They are available in the Stock Exchange. I am going to deal with those people squarely. Who told them it is only they who can own things in our country? Every citizen in Kenya has a right to own any share they want to buy.”
Dangote acquired approximately 4.5 billion KPC shares worth Sh42.5 billion, equivalent to 24.76 per cent of the company, making his group the pipeline operator’s second-largest shareholder after the Kenyan government.
Ruto Defends Dangote as Questions Over Share Sale Persist
The President’s latest remarks come amid growing scrutiny of the transaction, particularly the decision by state-backed institutions to sell a substantial block of shares less than eight months after participating in KPC’s initial public offering.
The shares were sold by public institutions, including the National Social Security Fund (NSSF) and the Public Servants Pension Scheme (PSSS), among other state-backed investors.
Reports put the sale price at about Sh9.02 per share, compared with the IPO price of Sh9, raising questions about the financial rationale for the institutions’ initial purchases and subsequent disposals.
People’s Party of Kenya leader and former Kiharu MP Ndindi Nyoro has questioned the circumstances surrounding the sale, alleging that the government pressured state-backed institutions to purchase shares during the IPO before they were transferred to Dangote-linked interests.
Treasury Cabinet Secretary John Mbadi has rejected claims of an improper takeover, describing the transaction as a commercial deal between a willing buyer and willing sellers.
President Says Dangote Is a Long-Term Investor
Ruto argued that Dangote’s entry into KPC should be viewed as an opportunity to strengthen the company’s long-term performance rather than as a political controversy.
“We encouraged Dangote to invest in Kenya Pipeline because we know with an investment from a serious long-term investor like him we will improve share earnings on the stock exchange,” he said.
The President also criticised those questioning the purchase, accusing them of using the transaction to advance political interests rather than support economic development.
Dangote’s 24.76 per cent holding gives his group a significant position in the listed company, although the Kenyan government remains the largest shareholder with a 35 per cent stake. The Uganda National Oil Corporation holds approximately 20.15 per cent.
The acquisition also expands Dangote’s presence in Kenya as his group pursues major investments in the region’s energy and industrial sectors.
KPC Listing Opens Door to Wider Share Ownership
KPC was listed on the NSE on March 9, 2026, following a government-led IPO that offered shares to local and international investors. The offer was priced at Sh9 per share and formed part of the government’s plan to divest a portion of its holding in the company.
The subsequent sale of the 24.76 per cent stake has brought renewed attention to how state-backed institutions manage public investments, the terms under which large share blocks change hands and the distinction between commercial transactions and political allegations.
