Ruto Hits Back at Critics of Dangote’s KPC Deal: “Go Buy Shares”

President William Ruto has defended billionaire businessman Aliko Dangote’s purchase of a 24.76 percent stake in Kenya Pipeline Company (KPC), saying the shares were publicly available to any investor.

Speaking on Tuesday, October 27, at the groundbreaking ceremony for Devki’s clinker and cement plant in Kitui County, Ruto said critics should have bought shares themselves instead of questioning Dangote’s investment.

“I see extortionists and share racketeers asking why Dangote has bought shares at KPC. Why not? The shares are available at the Nairobi Stock Exchange. Nobody has been stopped from buying them. Go buy shares,” the president said.

Ruto said he would not allow individuals to hold the country back or intimidate investors. He also said his administration had encouraged Dangote to invest in KPC, arguing that a long-term investor could help improve the company’s performance on the stock exchange.

“We encouraged Dangote to invest in our Kenya Pipeline because we know with an investment of a serious long-term investor like him, we are going to improve the share earnings of Kenya Pipeline on the stock exchange,” he said.

KSh70 billion Devki Group cement and clinker manufacturing plant at Ngaaie in Mwingi North

The president claimed that KPC’s share price rose by 10 percent in the week after Dangote bought his stake. He also vowed to confront people he accused of racketeering and exploiting public entities.

“Forget the racketeering and shylocking; it will not get you anywhere. I am here. I am going to deal with those people squarely because they have undermined our country for far too long,” he said.

Ruto also responded to opposition leaders calling for the release of the agreement between Kenya and the Dangote Group for a Lamu oil refinery. He described it as a standard investor agreement, available to anyone planning to invest in the country.

At the ceremony, Devki Group executive chairman Narendra Raval said the company had invested KSh70 billion in the Kitui project and had employed 4,000 Kenyans so far.

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