The Cabinet Secretary for the National Treasury and Economic Planning, John Mbadi, has issued a warning to members of staff at the National Treasury over poor timekeeping and lateness.
Speaking during the release of the results of the Kenya Pipeline Company (KPC) Initial Public Offering (IPO), CS Mbadi expressed concern that calling people for 8:30 a.m. meetings often clashes with traffic, making it difficult for staff to attend on time.
He noted that failing to respect schedules and proper time management could negatively affect workplace relationships and efficiency.
“I have a feeling that sometimes we don’t respect time. And here, you call people at 8.30, they are in traffic. That bit of timekeeping, I think, will impair our relationship a bit,” said Mbadi.
CS Mbadi Responds to Claims of Misleading MPs
In the event, CS Mbadi also responded to claims suggesting that he admitted to misleading members of parliament about the National Infrastructure Fund (NIF).
Earlier, media reports indicated that Mbadi admitted in court to having misled MPs about the structure and legal status of the proposed National Infrastructure Fund (NIF).
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The report stated that Mbadi had sworn that NIF existed and was registered, only to inform the court that the Fund had never been incorporated and that not even its name had been secured.
However, Mbadi strongly denied the claims, arguing that there was no contradiction in his statements and insisting that the KSh5 trillion Fund was currently before Parliament, awaiting approval.
“Let me be very clear, the National Infrastructure Fund Bill is in the National Assembly. It is not going to the Senate, and the debate about it is almost concluded, so we have the Fund,” Mbadi said.
Additionally, he noted that NIF is not designed to operate through the usual government budget allocation process but instead as an investment vehicle aimed at attracting private-sector capital into national projects.
“This fund is to pump private sector investment into projects. Do not look at it like a donor somewhere to give money to a project,” Mbadi stated.
Mbadi Announces Results of Kenya Pipeline Company
The Kenya Pipeline Company (KPC) released the results of its Initial Public Offer (IPO), marking a historic milestone in opening public ownership of the state-owned oil infrastructure.
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During the release, CS Mbadi announced that the KPC IPO had attracted applications for 12,486,787,724 shares against 11,812,644,350 shares on offer, translating to an overall subscription rate of 105.7%.
The total allocation according to the released results includes:
- Government of Kenya – 35%
- Institutional Investors – 41%
- East African Community – 21.22%
- Retail Investors – 2.56%
- Foreign Investors – 0.02%
- KPC Employees – 0.06%
- Oil Marketers – 0.014%
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