The High Court in Milimani has issued directions in a petition challenging the reported sale of a 24.76 per cent stake in Kenya Pipeline Company (KPC) to an entity linked to Nigerian billionaire Aliko Dangote.
Justice Patricia Mande Nyaundi directed that the matter be mentioned on November 30, 2026, when the court will give further directions.
In orders issued on November 10, the judge directed human rights activist Francis Awino, who filed the petition, to serve all respondents with the application and petition by November 13.
The respondents were given 14 days from the date of service to file their responses, with November 27 set as the deadline.
The court declined to certify the matter as urgent, with Justice Mande stating that it was not an appropriate case for the issuance of ex parte orders.
Petition questions KPC share transactions
In his petition, Awino is seeking judicial scrutiny of the reported disposal of a 24.76 per cent stake in KPC by institutional investors to a company associated with Dangote.
He wants the court to establish how public institutions and pension funds acquired, held and eventually sold their shares in the pipeline company.
Among the details he is seeking are the identities of the institutions involved, the number of shares each sold, the dates of the transactions and the proceeds received.
The case, registered as Constitutional Petition No. HCCHRPET/E764/2026, names the National Treasury, Privatisation Authority, KPC and Capital Markets Authority among the respondents.
Several pension institutions and Dangote East Africa Petroleum Refinery and Petrochemicals SEZ are also listed in the proceedings.
Pension funds’ investments under scrutiny
The petition specifically raises questions about the participation of institutional investors, including the National Social Security Fund (NSSF), Public Service Superannuation Fund (PSSF) and County Pension Fund (CPF).
Awino also cites reports that several smaller pension schemes exited their shareholding positions, arguing that the circumstances surrounding the transactions should be examined.
The reported share disposals followed the government’s February 2026 initial public offering (IPO), through which 65 per cent of KPC was offered to investors at KSh9 per share.
Results announced on March 4 indicated that Kenyan institutions received 7.45 billion shares under the allocation.
Seeks disclosure of investment records
Awino wants the respondents compelled to disclose documents detailing how the shares were acquired and disposed of.
The records sought include investment appraisals, board and trustee resolutions, instructions issued to fund managers, transaction agreements and payment records.
He is also seeking a breakdown of acquisition costs, sale proceeds, dividends, brokerage fees and other expenses to establish the financial outcome of the transactions.
The petition further seeks temporary court orders barring additional transfers, sales or other dealings involving the disputed shares while the case is pending.
However, the court has not determined the petition or made any findings on the allegations raised by Awino.
The November 30 mention will provide an opportunity for the court to issue further directions after the parties have filed their respective responses.
