Nyoro Criticizes Government On Uganda Deal in Kenya Pipeline IPO

By Mbungu Harrison

Email, thecoastnewspaper@gmail.com

Kiharu MP Ndindi Nyoro has criticised the government over the sale of shares in the Kenya Pipeline Company (KPC) through an Initial Public Offering (IPO) saying the process allowed Uganda to control the strategic energy asset.

According to him the IPO which raised Sh106 billion was not fully market-driven and faulting the National Social Security Fund (NSSF) for investing workers’ savings in the offer.

The KPC IPO opened on January 19 and closed on February 24, 2026 with the company reporting an overall subscription rate of 105.7 per cent.

According to KPC 11.8 billion shares were offered at Sh9 each while 12.48 billion shares were applied for, indicating the offer was oversubscribed.

Speaking during the 11th Association of Women Accountants of Kenya (AWAK) ladies leadership and accountability conference 2026 in Mombasa, Nyoro disputed the official figures and alleged the IPO attracted minimal investor interest.

The legislator further claimed the government approached Uganda to purchase shares in KPC.

“But Museveni, because he is experienced and is looking for the welfare of Ugandans more than our leaders are looking after the welfare of Kenyans, gave two solid conditions,” he said.

“One, that he be given two board members. And number two, that he holds veto power on the appointment of the chuef executive officer of KPC and the Kenyan government granted him that request.”

Nyoro argued that the arrangement effectively gave Uganda influence over the company.

“Ugandans didn’t buy KPC shares. Ugandans were buying control of Kenya Pipeline because of their need for fuel and the nature of their supply arrangements,” he said.

The MP questioned the reported oversubscription of the shares alleging that by the closing date the IPO had attracted less than five per cent subscription with Uganda purchasing 21 per cent of the shares.

He further alleged that a large portion of the shares reported as being purchased by local companies were acquired by firms affiliated with the government.

“You are seeing the government reporting that 41 per cent was bought by local companies. These are not local companies these are government-affiliated companies.”

The lawmaker criticised the NSSF for investing pension funds in the IPO terming the move as poor investment decision.

“The CEO of NSSF and the trustees and I contribute to NSSF because my salary is deducted. If you cannot invest your own money in Kenya Pipeline, do not put my money into that suboptimal investment,” he said.

Nyoro alleged that senior officials at NSSF and the Public Service Superannuation Fund were instructed through phone calls from senior government offices to invest workers’ funds in the IPO.

At the same time, the MP called for greater inclusion of women in leadership and economic development, urging female accountants to uphold integrity and professionalism in their work.