People’s Renaissance Movement (PM) leader Caleb Amisi has called for an independent investigation into the transfer of a 24.6 per cent stake in Kenya Pipeline Company (KPC), raising concerns over transparency and the financial implications of the transaction.
Speaking during a press briefing, Amisi questioned the transfer of the shares to an investor whose identity he said had not been disclosed, arguing that the process required greater public scrutiny.
The party leader said several public institutions, including the National Social Security Fund (NSSF), the Public Service Superannuation Fund, the Unclaimed Financial Assets Authority Fund, the Kenya Ports Authority Pension Fund and the KPC Pension Fund, had purchased shares between January and March at KSh9 per share.
Amisi argued that the shares should have been sold at KSh9.16 each, claiming the 16-cent difference translated into a potential loss of more than KSh700 million.
He called for a detailed examination of the transaction to establish how the sale price was determined and whether public institutions received the full value of their investments.
The PM leader also raised questions over the reported mention of President William Ruto and Nigerian billionaire Aliko Dangote in connection with the transaction. He did not provide further details in the briefing to establish the nature of their alleged involvement.
Amisi described KPC as a strategic national asset, warning that any attempt by private interests to gain influence over the company could raise concerns about Kenya’s economic security.
He urged the government not to dismiss the questions surrounding the share transfer, saying the interests of pensioners and taxpayers needed to be protected.
The party is seeking an independent investigation into the transaction, alongside a comprehensive forensic audit covering transaction records, brokerage fees and the overall financial impact of the sale.
Amisi also called for parliamentary scrutiny and public accountability, arguing that the process should be open to examination to establish whether all relevant procedures were followed.
The demands come amid wider public debate over the sale of shares in state-owned enterprises and the management of public investments.
However, the allegations raised by Amisi require independent verification. The claimed financial loss, the identity of the investor and the alleged connections involving the named individuals have not been independently established in the information provided.
