Kenyans risk losing billions in the deal in which powerful government officials plan to disguise themselves as foreign investors to grab shares in the Kenya Pipeline Company (KPC), Kiharu Member of Parliament Ndindi Nyoro has said.
Nyoro has exposed what he terms a scheme to hijack the sale of KPC shares through proxy arrangements masked as regional investments.
Speaking at the Vijana Uongozini Event in Embu on January 28, the legislator warned that certain individuals intend to purchase shares while pretending to be Ugandan investors.
The MP claims these so-called Ugandan investors are actually Kenyans seeking to acquire substantial stakes in the strategic national asset through deceptive means.
“Many Kenyans want to understand their assets, and I am willing to be on the frontline to explain to Kenyans what is happening to their KPC shares,” stated Ndindi Nyoro.
Nyoro’s allegations come as the government sells 11.81 billion shares, representing 65 per cent of KPC, through an Initial Public Offering (IPO) running from January 19 to February 19, 2026.
The shares are priced at Ksh9 each, targeting to raise Ksh106.3 billion for infrastructure development and reducing Kenya’s mounting public debt burden.
According to the IPO structure, 60 per cent of shares are reserved for Kenyan investors, 20 per cent for foreign investors, and 20 per cent for regional investors.
It is within this 20 per cent regional allocation that Nyoro believes the fraud will occur, with local elites masquerading as Ugandan investors to secure preferential access.
“You are allocating 20-25 per cent to what you call regional investors, and you are talking about Uganda. We know that it is the people in the government of Kenya who want to buy these shares in the name of regional investors in Uganda,” stated Ndidi Nyoro.
The legislator has strongly opposed the current Nairobi Stock Exchange (NSE) listing, warning citizens that share prices could collapse shortly after purchase, leaving ordinary investors with massive losses.
Nyoro called for transparency, demanding that all public transactions related to KPC be conducted in good faith rather than serving the interests of cartels.
President William Ruto, on the other hand, dismissed these concerns from Nyoro regarding KPC, calling them “political conmanship and intellectual deceit” aimed at misleading Kenyans.
President Ruto stated that his administration’s privatisation drive aims to transform Kenya and raise Ksh5 trillion for the National Infrastructure Fund (NIF) and the Sovereign Wealth Fund (SWF).
The KPC sale forms part of Ruto’s ambitious “journey to Singapore” plan to transform Kenya into a first-world economy through massive infrastructure investments.
Legal challenges have emerged, with concerned lawmakers and members of the United Opposition, such as Wiper Party Leader Kalonzoi Musyoka and Leader of the People’s Liberation Party (PLP) Martha Karua, filing court cases alleging that the privatisation lacks adequate public participation, transparency, and proper valuation of national assets.