Kiharu MP Ndindi Nyoro has renewed his allegations of political interference in the Kenya Pipeline Company (KPC) share transactions, claiming President William Ruto pressured state-backed institutions to invest in the company before directing them to sell their holdings to a private investor.
In a statement posted on his X account on Wednesday, October 21, Nyoro outlined what he described as the “truth” behind the transactions, days after his suspension from Parliament for five sitting days over the allegations.
The KPC Initial Public Offering (IPO) opened on January 19, closed on February 24 and the company officially listed on the Nairobi Securities Exchange (NSE) on March 9.
National Assembly Speaker Moses Wetang’ula suspended Nyoro on October 7 after he declined to retract or substantiate claims that the President and other senior officials had pressured government agencies and pension funds to purchase KPC shares.
Questioning why the refinery’s shareholders’ register and investment agreement had not been made public, Nyoro alleged that the arrangements could favour politically connected interests.
“Why is the shareholders register a secret? Because the minority shareholders are led by the President of Kenya,” he stated.
He also claimed the investment agreement contained provisions that could restrict Kenya from importing products manufactured by the refinery, even when their prices were significantly higher than those available in the international market.
“Among the conditions is that Kenya will not import any products made by the refinery even when the prices are double or triple the market price,” Nyoro alleged.
The MP argued that the alleged arrangement could give Ruto influence across the oil industry, from upstream exploration to midstream refining and downstream petroleum marketing.
