President William Ruto has defended the sale of Kenya Pipeline Company (KPC) shares following criticism over Nigerian billionaire Aliko Dangote’s investment in the state-owned company.
Speaking during a church service at AIC Kasina on October 25, 2026, Ruto said his administration was determined to secure the best value for the shares and protect the interests of Kenyan investors.
The President accused some brokers of opposing the transaction because they had hoped to acquire the shares at lower prices and resell them at a profit.
He maintained that the government would not allow intermediaries to benefit at the expense of the public.
Ruto Defends Kenya Pipeline Shares Sale to Dangote
Ruto said the government had faced criticism over the price at which Kenya Pipeline shares were offered to investors, with some people arguing that the shares had been overpriced.
“The same people, when Kenya Pipeline shares were being sold, were telling us these shares were too expensive. We sold one share at KSh 9. They said we had overpriced them and that the government had taken too much money from the people buying those shares,” he said.
Also Read: Dangote KSh535 Shares Offer Application Deadline Extended
The President argued that the entry of a private investor using personal funds should not attract criticism from people who had previously questioned the share sale.
He accused some brokers of buying the shares cheaply and then selling them at higher prices.
“They wanted to buy those shares at KSh 5, then sell them to someone like Dangote at KSh 10. We used our heads and said we could not sell these shares at such a price. We decided to sell them at KSh 9. Now you hear them complaining and making noise everywhere.”
He further pledged that the government would ensure Kenyans received the value of the shares being sold, warning against transactions that favoured brokers over the public.
“There is no way we are going to undersell Kenya Pipeline shares to benefit brokers and Shylocks like you. What you got away with in the past is enough. Those days are over. For these Kenya Pipeline shares, we are looking for the best price, and the people of Kenya will get the greatest benefit,” he stated.
Dangote announced on October 21 that his business interests had acquired about 25% of KPC in a transaction reportedly worth KSh 42.5 billion. The acquisition involved shares previously held by public entities.
Also Read: Aliko Dangote Acquires Stake in Kenya Pipeline for Ksh42.5 Billion
Ruto Predicts Kenya Pipeline Shares Could Double or Triple
The President also cited a reported 10 per cent increase in the share price within one week, arguing that the company had potential for long-term growth. He predicted that the value of the shares could double or triple over the next four to five years.
“The share price has gone up by 10 per cent in just one week. In four or five years, the value of the shares in Kenya Pipeline is going to double or even triple because we have the right investors.”
Ruto described Dangote as a long-term investor who understood the company’s future value, contrasting him with brokers he accused of seeking quick profits through short-term share trading.
He said the government would manage public resources prudently and prioritise the interests of Kenyans over those of market intermediaries. Ruto also maintained that Dangote’s investment reflected confidence in the company’s long-term prospects.
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