People’s Party of Kenya (PPK) leader Ndindi Nyoro said the sale of 4.5 billion Kenya Pipeline Company (KPC) shares, worth about Sh42 billion, benefitted a private investor while costing public pension funds.

The shares, representing 24.76 percent of KPC’s stock, were sold on the Nairobi Securities Exchange below the 25 percent threshold that would trigger Capital Markets Authority approval, and the buyers and sellers were not disclosed in market information.

Nyoro alleged that public institutions were instructed by President William Ruto to purchase the shares against professional advice, then to forge and back‑date board minutes to justify the transactions.

He further claimed the President called CEOs again a week later to order the resale of the shares to a private investor, with the transaction priced between Sh9.02 and Sh9.36 per share, cum‑dividend, allowing the buyer to maximise benefits.

Nyoro said brokerage fees of about 1.5 percent reduced proceeds further, creating losses for the pension funds, and argued that the time value of money meant the funds could have earned higher returns in bank deposits.

He also alleged that the investment bank handling the deal was owned by President Ruto and was newly licensed, linking the share transfer to conditions for the Lamu refinery project and broader oil‑industry interests tied to the President.

President Ruto defended the transaction at Mashujaa Day celebrations, saying the private‑investor acquisition of a 25 percent stake reflected confidence in Kenya’s capital markets and would help mobilise private capital for strategic infrastructure.

Ruto did not disclose the identity of the private investor or the specific terms of the share sale, while the government continues to promote private‑sector participation in infrastructure financing.