President William Ruto has defended Nigerian billionaire Aliko Dangote’s acquisition of a stake in state-owned Kenya Pipeline Company (KPC), accusing critics of seeking to profit from government share sales and warning that political interference could drive investors away.
Ruto said Dangote’s acquisition of a 24.76% stake in KPC from the National Social Security Fund (NSSF)was part of efforts to attract foreign capital and maximise returns for Kenyans.
“I hear some making noise about Dangote because he has bought Kenya Pipeline Company shares,” Rutotold a church service in Mwingi. “The same people have been complaining that the Government forced parastatals to buy the shares. Now that the parastatal has sold the shares at a profit, they are still complaining.”
Dangote Group is now KPC’s second-largest shareholder after the Kenyan government, which has a 35% stake. Uganda National Oil Corporation holds 20.15%.
Ruto accused unnamed leaders of previously seeking stakes in foreign investments and driving away investors through demands for personal gain. He said the government would not allow intermediaries to manipulate public share transactions for short-term profits.
“Those making noise are shylocks and brokers,” Ruto said, adding that Kenya must keep “petty politics out of investors and investment opportunities”.
The president also cited a proposed Ksh 2.2 trillion Dangote refinery investment in Lamu as a major project expected to stimulate economic growth, although the project’s implementation details were not provided.
Ruto said Kenya was seeking to increase annual foreign direct investment (FDI) inflows to $5 billion by next year, from $3.2 billion recorded this year, and to between $8 billion and $10 billion within four years.
“Increased investment will expand wealth creation and employment opportunities,” he said.