Editor's Review

Ruto said he will deal with the individuals whom he accuses of shylocking and racketeering of public entities.

President William Ruto has thrown his weight behind billionaire businessman Aliko Dangote amid uproar over his purchase of a 24.76 percent stake in Kenya Pipeline.

Speaking on Tuesday, October 27, during the groundbreaking of the Devki clinker and cement plant in Kitui County, Ruto argued that Dangote, just like any other investor, had the right to buy the shares which were sold publically.

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He added that instead of questioning the investment, they should have also seized the opportunity to buy the Kenya Pipeline Company shares.

"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.

A file photo of President William Ruto with Narendra Raval.

Ruto added that he will not allow certain individuals to keep the country on hold or intimidate investors. He also intimated that his administration was the one that pushed the Nigerian Billionaire to invest in Kenya Pipeline

"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 stated.

The Head of State claimed that one week after Dangote purchased his shares, the stock value of Kenya Pipeline shares increased by 10 percent.

He maintained that he will deal with the individuals whom he accuses of shylocking and racketeering of 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," the President said.

Ruto also addressed a push by Opposition leaders to see the agreement between Kenya and the Dangote Group for the Lamu Oil Refinery.

He said that the deal is an investor agreement which is standard and is available for every investor planning to invest in the country.

During the launch of the plant, Devki Group Executive Chairman  Narendra Raval said that his firm had invested Ksh70 billion in the Kitui project and had employed 4,000 Kenyans so far.