Ruto defends Dangote's Kenya Pipeline stake and says any Kenyan can buy the shares
Speaking in Kitui, the President called some critics of the deal share racketeers and said the government's remaining stake could rise in value.
Based on 2 sources, listed at the end of this story.
The Dangote refinery at Lekki, Lagos, Nigeria. File photo, 2026. Photo: FrankvEck / Wikimedia Commons, CC BY-SA 4.0, cropped
President William Ruto on Tuesday defended Nigerian businessman Aliko Dangote's purchase of about a quarter of Kenya Pipeline Company (KPC), saying the shares were open to any buyer after the company listed on the Nairobi Securities Exchange. He spoke at the groundbreaking of a Devki Group cement plant in Mwingi North, Kitui County.
"Every Kenyan citizen has a right to own any share they want to buy," Ruto said, and described some critics of the deal as "extortionists and share racketeers". He said the government had encouraged Dangote to invest because a long-term investor could improve the shares' earnings.
Ruto said the KPC share price rose 10 percent in the week after the investment. He said the government's remaining 35 percent stake could eventually be worth as much as the whole company was worth before the sale.
Dangote's group bought about 4.5 billion shares, a 24.76 percent stake, for about Sh42.5 billion, making it KPC's second-largest shareholder after the government. The sellers included the NSSF and the Public Service Superannuation Fund. Critics have claimed the President influenced the purchase.
