Ruto says all Kenyans will have chance to own shares in Lamu oil refinery

President William Ruto has said the planned Lamu oil refinery will be structured to allow ordinary Kenyans to acquire shares, with the government expected to retain a stake in the project.

Ruto said the investment would be handled transparently, with members of the public given an opportunity to participate through the Nairobi Securities Exchange (NSE).

He said the ownership structure would not be limited to wealthy investors, arguing that ordinary Kenyans should also have an opportunity to benefit from major national projects.

“The investment in the Lamu oil refinery is entirely open and transparent. The Government of Kenya will hold a stake in this refinery, and all Kenyans will have the opportunity to purchase shares in it,” Ruto said.

Shares to be offered through NSE

According to the President, shares in the refinery will be made available to the public through the Nairobi Securities Exchange, giving citizens an opportunity to acquire an ownership stake.

Ruto said the process would be designed to ensure that access to the investment is not restricted to a small group of wealthy individuals.

“This will be conducted transparently through the Nairobi Securities Exchange, where shares will be made available to the public. Every citizen will have access,” he said.

The President said the government would also undertake public education to help ordinary Kenyans understand how they can participate in the ownership of major companies and infrastructure projects.

Ruto calls for wider public participation

Ruto criticised the idea that ownership of strategic companies should be concentrated among a small group of investors.

He argued that Kenyans should be empowered with information and opportunities to participate in the country’s investment landscape.

“We will educate ordinary citizens so they, too, can buy shares and participate. Everyone will be included, and we will not allow anyone to take ordinary Kenyans for granted,” he said.

The President cited companies such as Kenya Power while making the case for broader participation in share ownership.

“Do not assume you are the only smart ones or that ownership in companies like Kenya Power belongs solely to a select few,” he said.

Lamu refinery investment

The proposed refinery forms part of wider plans to develop Lamu as an energy and industrial hub.

Ruto’s remarks indicate that the government intends to retain an equity stake while opening part of the project to public ownership.

If implemented through the NSE, the proposed share offering would give Kenyan investors an opportunity to participate directly in the refinery’s ownership and any returns associated with their investment.