President William Ruto has strongly defended the government’s ongoing Kenya Pipeline Company (KPC) Initial Public Offering (IPO) and the planned partial divestiture of shares in Safaricom, dismissing critics as engaging in “political conmanship and intellectual deceit.”
President Ruto emphasized that valuations for publicly listed companies occur transparently at the stock exchange, not in private boardrooms.
He urged Kenyans to invest in these opportunities, highlighting that the KPC IPO is priced at KSh9 per share, allowing broad participation.
The President projected that the initiatives would raise approximately KSh110 billion from the KPC IPO and around KSh240 billion from the Safaricom stake sale, totaling about KSh350 billion.
These funds, he said, would be leveraged to mobilize between KSh3.5 trillion and KSh4 trillion for national development, reducing reliance on debt while deepening capital markets.
He stressed that proceeds—primarily directed to a National Infrastructure Fund—would support roads, energy, ports, and other projects without directly funding salaries or debts.
Ruto’s remarks, captured in a widely shared NTV Kenya clip, come amid ongoing debates, including criticism from figures like MP Ndindi Nyoro questioning valuation transparency.
The KPC IPO, Kenya’s first major offering in over a decade, opened earlier in January and aims to sell a 65% stake, while the Safaricom transaction involves reducing the government’s holding.
The President called on citizens to seize the chance to own stakes in key national assets, framing it as democratizing wealth creation.
Author: Bashirjuma
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