President William Ruto has said that Nigerian billionaire Aliko Dangote’s purchase of a stake in Kenya Pipeline Company (KPC) will raise the value of the company and the shares held by the government and Kenyan investors. He added that KPC shares could double or triple in value within four to five years.
Speaking at the groundbreaking ceremony for the Sh70 billion Devki cement plant in Kitui County on Tuesday, October 27, 2026, the President said the shares had already gained in value after the deal was announced.
“In just one week of Dangote investing in KPC, the share price had gone up by 10 per cent,” he said.
He said the government’s remaining stake in KPC could soon be worth as much as the whole company was worth before it was listed.
“That 35 per cent may be of the same value as the 100 per cent we initially owned in just a few years,” Ruto said.
The President hit out at critics of the deal, describing them as share racketeers and extortionists who want to keep investment opportunities to themselves.
“I see racketeers of shares have gone to Kenya Pipeline Company and asked why Dangote bought shares there. Why not?” he said. “Nobody has been stopped from buying the shares. They are available on the stock exchange.”
He vowed to protect investors and act firmly against those who frustrate them.
“We will protect investors from extortionists,” Ruto said. “I am here. I am going to deal with those people squarely. They have undermined our country for far too long.”
He said ownership of shares was open to everyone.
“Who told them that it is only they who can own things in this country?” he asked. “Every Kenyan citizen has a right to own any share they want to buy.”
He said the government had encouraged Dangote to invest because a long-term investor would strengthen the company’s performance, adding, “With an investment from a serious long-term investor like him, we will improve share earnings on the stock exchange.”
Dangote announced the deal on October 21, 2026, at the Financial Times Africa Summit in London. His group bought about 4.5 billion shares, a 24.76 per cent stake, for about Sh42.5 billion, which works out at about Sh9.02 to Sh9.36 per share.
The shares were sold by state agencies, including the National Social Security Fund (NSSF) and the Public Service Superannuation Fund (PSSF).
The purchase makes the Dangote group KPC’s second-largest shareholder after the government, which holds 35 per cent, while the Uganda National Oil Company holds about 20.15 per cent.
On October 22, the day after the announcement, KPC shares rose to an intraday high of Sh9.78 from a previous close of Sh9.06, a gain of almost eight per cent. KPC was listed on the Nairobi Securities Exchange on March 9, 2026, after an initial public offering (IPO) at Sh9 per share.
Speaking at a church service at AIC Kasina in Mwingi on Sunday, October 25, the President accused the critics of shifting their position.
“I hear some making noise about Dangote because he has bought shares in Kenya Pipeline Company,” he said. “The same people, when the shares were being sold, said the shares were overpriced. They said the government forced parastatals to buy the shares. Now Dangote came and bought the shares, and now they are again complaining. What is it that they want?”
He said those opposing the deal were brokers seeking quick profits.
“Those making noise are shylocks, brokers, if you did not know. They have been used to con Kenyans. I am telling them we will not allow them to do that,” Ruto said.
“We do not want people who want to buy today and sell the shares tomorrow. Dangote is a long-term investor.”
He linked the deal to the government’s drive to attract foreign investment, saying foreign direct investment had grown from $1.5 billion in 2022 to $3.2 billion this year and was expected to reach $5 billion next year.
“In the next four years, we want to grow FDI to between $8 billion and $10 billion every year,” he said. “That is how we are going to grow wealth in our nation and create opportunities for our people.”
He urged leaders to keep politics away from investment.
“We must keep petty politics out of investors and investment opportunities as a nation,” he said.
The deal has been questioned by Kiharu MP Ndindi Nyoro, who claims that public pension funds were directed to buy KPC shares during the IPO and later to sell them to Dangote. He has said he will raise the matter in Parliament.
National Treasury Cabinet Secretary John Mbadi dismissed the claims, saying the sale was a normal commercial deal.
“This is a commercial transaction,” Mbadi said. “Who forced Dangote to buy the shares?”
He cautioned leaders against remarks that could scare off investors.
“We should not make comments which will deter foreign investments,” he said.
Dangote is also planning to build a Sh2.2 trillion oil refinery in Lamu, where President Ruto presided over the groundbreaking on September 30, 2026.
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