Ruto vows to block brokers from profiting in Kenya Pipeline share sale

President William Ruto during a Sunday service at the Africa Inland Church (AIC) Kasina, Mwingi Constituency, Kitui County on October 25, 2026. [PCS].

President William Ruto has defended the government’s handling of the  planned sale of Kenya Pipeline Company (KPC) shares, vowing that the state will secure the best possible price and prevent a few brokers and wealthy investors from benefiting at the expense of ordinary Kenyans.

Ruto accused some brokers and what he described as shylocks of opposing the transaction because they had allegedly grown accustomed to acquiring shares cheaply and reselling them at higher prices for personal gain.

Speaking at Kasina AIC church, Kitui County, the President said his administration would not allow the country’s strategic assets to be undervalued, insisting that the government was committed to protecting public resources and ensuring Kenyans receive fair value from investments.

“There is no way we are going to undersell Kenya Pipeline shares to benefit a few brokers and shylocks. We will sell it for the best price,” Ruto said.

He cited the pricing debate surrounding the share sale, claiming that some critics had previously argued that the proposed price of Sh9 per share was too high and should instead have been set at Sh5.

“The same people, when shares of Kenya Pipeline were being sold at Sh9, were telling us the shares were too expensive and wanted them to be Sh5,” he said.

Ruto questioned the criticism following the reported entry of Nigerian billionaire Aliko Dangote as an investor, arguing that the government was being challenged despite attracting an investor willing to commit capital to the company.

The President alleged that some brokers wanted the shares sold cheaply so they could purchase them at a lower price and later resell them at a premium.

“Those who are making noise are brokers of shares who are used to getting things for free from the government by buying at Sh5 and selling to someone like Dangote at Sh9 plus,” he said.

He compared the situation with Kenya Power shares, claiming that some investors had bought the stock at Sh2 and were now selling it at Sh19.

“Mimi nimewaambia hizo biashara watafanyia mahali pengine, not when I am the President. Huwezi tapeli Wakenya in Kenya Pipeline the way you did with Kenya Power,” Ruto said.

The President maintained that his administration would exercise caution in managing public resources and would not grant preferential treatment to individuals seeking to profit from the transaction.

“I want to assure you that we are going to be prudent stewards of the resources of the Republic of Kenya,” he said.

He added: “I don't work for you; I work for the people of Kenya,” directing the remarks at brokers and investors he accused of attempting to influence the sale for their own benefit.

Ruto defended his administration’s broader investment strategy, arguing that Kenya must maintain a favourable investment climate to create jobs, expand economic opportunities and accelerate development across the country.

He urged political leaders to separate partisan disputes from investment matters, warning that political hostility could undermine efforts to attract capital.

“Keep petty politics out of our investors and our investment opportunities as a nation,” he said.

Ruto cited an industrial investment in West Pokot, saying a factory established in an area previously affected by cattle rustling had created approximately 2,500 jobs and helped reduce conflict associated with livestock theft.

He said he had subsequently asked the investor to consider establishing another factory in Taita Taveta, describing such projects as examples of how private capital could support employment and regional development.

He claimed that foreign direct investment had increased from Sh194.76 billion in 2022 to Sh415.49 billion by 2026.

He said the government was targeting between Sh649.2 billion-Sh908.88 billion in annual foreign investment by 2027, rising to between Sh1.04 trillion -Sh1.30 trillion annually over the following four years.

Ruto said the investment drive would benefit Kenyans through employment, wider markets for locally produced goods and increased foreign exchange earnings.

He specifically pointed to the proposed investment in Ngaie, Kitui North, saying its products would be sold across the country while creating jobs for local residents.