Ruto Cites Corruption as Major Hindrance to Big Foreign Investments

By PCS

He defended the Government’s efforts to attract foreign capital, citing the KSh2.2 trillion Dangote Refinery in Lamu as one of the major investments expected to boost the economy.

"Those making noise are shylocks and brokers. They are used to conning Kenya and manipulating the sale of Government companies' shares by buying at low prices and making a kill by selling at a premium. I am telling them we will not allow them to do that again," President Ruto said. 

The President also disclosed that the same leaders have extorted investors in the past, pushing them to give them a stake. As a result, the investors went elsewhere. 

The President made the remarks  at the Africa Inland Church (AIC) Kasina in Mwingi Central Constituency, Kitui County, during an interdenominational church service on Sunday. 

He accused those opposed to Nigerian investor Aliko Dangote's acquisition of National Social Security Fund's (NSSF) Kenya Pipeline Company shares of having sought to profit from the shares through short-term trading, saying the Government wanted to ensure Kenyans received the best possible value from the sale.

The President cited a leader who has a huge investment in Kenya Power shares, and criticised his opposition to privatisation of Government companies.

"Another one bought Kenya Power shares at KSh2 and is now selling at KSh19. Now that they have no other way to extort investors, they are complaining out there," he said. 

President Ruto said: “I hear some making noise about Dangote because he has bought Kenya Pipeline Company shares. The same people have been complaining that the Government forced parastatals to buy the shares. Now that the parastatal has sold the shares at a profit, they are still complaining."

He scoffed at leaders who had previously complained that the shares were overpriced and opposed the sale, but were now questioning the transaction following Dangote’s entry.

"We must keep petty politics out of investors and investment opportunities as a nation,” he said. 

Additionally, the President noted that the Government was engaging potential investors as it seeks to increase Foreign Direct Investment (FDI) from $3.2 billion recorded this year to $5 billion by next year.

“In 2022, Foreign Direct Investment totalled $1.5 billion. In 2015, it rose to $3.2 billion. By next year, it is expected to rise to $5 billion,” he said.

President Ruto added: "The Government is targeting annual FDI inflows of between $8 billion and $10 billion in the next four years. Increased investment will expand wealth creation and employment opportunities."

Likewise, the President explained that Dangote’s acquisition of a 24.76 per cent of KPC shares from the NSSF, telling off critics of contradicting their earlier position on the sale of the State-owned company’s shares.

Mr Dangote acquired the KPC shares, making his group the second largest shareholder in the company after the Government.

The Government retains a 35 per cent stake, while the Uganda National Oil Corporation holds 20.15 per cent.

At the same time, President Ruto  told off leaders misleading Kenyans that a law has been passed in the National Assembly scrapping live coverage of election results. 

The President particularly took issue with who he termed as clueless individuals spreading rumours, propaganda and falsehoods to achieve selfish ends, saying they are bankrupt of ideas. 

The President insisted that the Government has no intention of stopping live coverage of elections.

"Nonsense. Propaganda. Fake news. Why would anyone want to stop livestreaming of results? The sooner Kenyans get to know the results of an election, the better for our nation," he said.

President Ruto told leaders to present an alternative agenda instead of misleading the country. 

"I am asking those who are bankrupt of ideas to stop abusing and misusing young people to achieve selfish ends. Instead, they should have a better engagement with the people of Kenya," the President stated. 

A section of leaders have been spreading fake news online that laws on live streaming of results have been changed. 

But the National Assembly has since dismissed such reports, explaining that the requirement was retained in the Elections (Amendment) (No. 2) Bill, 2024.

In an explainer issued last week, Parliament said it deleted Clause 22 of the Bill, which had proposed to repeal and recast Section 39 of the Elections Act, thereby retaining the legal provision requiring the Independent Electoral and Boundaries Commission (IEBC) to establish a mechanism for livestreaming results announced at polling stations.

On politics, President Ruto stated that the era of tribalism, hate and politics of discrimination is a thing of the past.

The President assured residents of Kitui that development initiatives going on in other parts of the country are also being implemented in the region. 

"I want to assure Kenyans that politics of discrimination, hatred and tribalism will never again have room in this country. No part of Kenya will be left behind in development," President Ruto reiterated. 

Cabinet Secretaries Alfred Mutua (Labour) and Rebecca Miano (Tourism) were present.  Others were MPs Vincent Musyoka (Mwala), Beth Syengo (Nominated), Mwengi Mutuse (Kibwezi West), Joshua Mwalyo (Masinga), Caleb Mule (Machakos Town), Rachel Nyamai (Kitui South) and Charles Nguna (Mwingi West), among others. 

The leaders told the residents of Kitui County to unite behind President Ruto for development and more opportunities. 

"Our community has historically benefited more when it worked closely with the Government rather than in the opposition," Dr Mutua said. 

Mr Musyoka pointed out that, under the leadership of President Ruto, many road, housing, modern markets and student hostels projects have been implemented more than by any other administration.

At the same time, President Ruto inspected the construction of the KSh670 million Enziu Bridge in Mwingi Central Constituency, Kitui County.

The bridge, which connects Mwingi Central to Mwingi East, will provide a permanent and safe crossing, ending years of danger posed by heavy rains and flooding. It is unfortunate that hundreds of lives have been lost at the spot.

"The project is in its final stages of completion and will protect lives while ensuring communities remain connected throughout the year to schools, hospitals and markets, and also boost trade," said President Ruto.