By Billy Mijungu
Speaking to the press, Ndindi Nyoro offered his take on the recent proposed IPO of Kenya Pipeline Company, describing it as both a national embarrassment and, strangely, a potential opportunity.
According to Nyoro, the IPO was initially structured as a public offering meant to allow ordinary Kenyans to own a stake in the strategic pipeline operator. But the response from the market was dismal. Subscriptions barely reached five percent, signaling deep skepticism among investors about the transaction.
“It was clear the market was not interested,” Nyoro said. “The government then extended the subscription period, and Uganda stepped in with a huge commitment. It was not market-driven. It was political. But perhaps that is the silver lining.”
Nyoro argued that Uganda’s presence on the board of KPC could introduce an unexpected form of discipline in the management of the pipeline network. For years, the company has faced allegations of inefficiency, mismanagement and losses linked to theft of petroleum products.
“Maybe with Uganda on the board we can steal less from KPC,” he quipped. “That might actually be the silver lining here.”
The lawmaker went further and suggested that the government should think more boldly about regional ownership. With the pipeline system already serving the wider region, Nyoro said there is little reason to limit participation to Kenya alone.
“Nothing stops us from selling another fifteen percent of KPC to Rwanda and Burundi,” he argued. “If Uganda is already committed, why not bring in other East African neighbours? In fact, that offer should have come earlier, before Uganda made its huge pipeline commitment through Tanzania.”
Nyoro also sharply criticized how the government handled the share uptake. He revealed that many of the shares supposedly bought by “local companies” were in fact taken up by state-linked institutions such as the National Social Security Fund and the Kenya Parliamentary Service Commission Superannuation Scheme.
“If you cannot invest your own money in KPC, do not put workers’ money into this politically influenced transaction,” he said.
From my perspective, the episode exposes the dangers of political interference in capital markets, but it may also point to a pragmatic regional future. If neighboring states begin to treat the pipeline as shared infrastructure rather than a purely national asset, governance could improve through mutual oversight.
In that spirit, I proposed a symbolic but strategic renaming.
Uganda, having taken a significant stake, could even demand that the company be renamed the East African Pipeline. If the asset is evolving into a regional energy corridor, the name should reflect that reality.
Political interference in capital markets is dangerous, but Uganda’s involvement could force more transparency and accountability. It may finally push KPC to operate like a proper commercial enterprise rather than a politically managed utility.
Maybe, just maybe, Uganda’s involvement will help control our appetite for thievery.
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