Nyoro Suspended Over Claims NSSF, PSSF, Kenya Re Were Pressured to Buy KPC Shares

• Kiharu MP Ndindi Nyoro was suspended from Parliament for five sitting days after refusing to apologize for alleging public institutions were pressured to invest in the Kenya Pipeline Company (KPC) IPO.
• Nyoro claimed NSSF, PSSF, and Kenya Re received calls from 'the high office' to invest in the KPC IPO, which he stated was nearing failure.
• Parliamentary leaders demanded Nyoro substantiate his claims or apologize, with Majority Leader Kimani Ichung’wah noting PSSF had gained from its KPC investment.
• Nyoro declined to apologize, asserting 'the truth rides higher than the rules,' leading Speaker Moses Wetangula to rule his conduct 'grossly disorderly.'
• Post-suspension, Nyoro maintained his allegations, questioned KPC's share performance, and vowed to continue scrutinizing public resource management, urging institutions to follow constitutional mandates over political pressure.

He maintained that his assertions represented the truth, declaring that "the truth rides higher than the rules" and that he could not apologize for what he considered to be obvious facts.

Kiharu Member of Parliament Ndindi Nyoro faced a five-sitting-day suspension from the National Assembly following his refusal to retract allegations concerning undue pressure on state-owned financial institutions. The suspension, ordered by National Assembly Speaker Moses Wetangula on a Wednesday, came after a contentious debate sparked by remarks Nyoro made the previous day. The lawmaker had asserted that key public entities, specifically the National Social Security Fund (NSSF), the Public Service Superannuation Fund (PSSF), and Kenya Re, were compelled by directives from a "high office" to invest in the Kenya Pipeline Company (KPC) initial public offering (IPO).

Nyoro's claims centered on the assertion that this alleged pressure occurred as the KPC IPO approached its subscription deadline, reportedly facing difficulties in attracting sufficient investment. During the parliamentary session, he was challenged to either provide concrete evidence for his allegations or issue an apology to the House. This demand for substantiation or retraction became the focal point of the heated discussion that ultimately led to his disciplinary action.

Minority Leader Junet Mohamed emphasized the necessity for evidence to back any claims made on the parliamentary floor, stating that Nyoro needed to table proof of the alleged phone calls. Similarly, Majority Leader Kimani Ichung’wah accused Nyoro of misleading the House, citing parliamentary documents that indicated PSSF had actually realized gains from its KPC investment. Ichung’wah further argued that an apology was due not only to the legislative body but also to the professionals whose reputations could be undermined by such unsubstantiated allegations.

Despite the calls for evidence or an apology, Mr. Nyoro steadfastly declined to withdraw his statements when directed by Speaker Wetangula. He maintained that his assertions represented the truth, declaring that "the truth rides higher than the rules" and that he could not apologize for what he considered to be obvious facts. This defiance prompted Speaker Wetangula to invoke parliamentary disciplinary procedures.

Speaker Wetangula ruled that Nyoro's conduct constituted "grossly disorderly conduct." He then imposed the suspension, describing it as the "most lenient" penalty available under parliamentary regulations. The Speaker further informed Nyoro that he was now considered "a stranger in the House" for the duration of his suspension, characterizing such behavior as "totally unhelpful" to parliamentary proceedings. The incident highlighted the stringent rules governing speech and accountability within the legislative body.

The core of the controversy revolves around the allegations that NSSF, PSSF, and Kenya Re were pressured to invest in the KPC IPO, particularly as it neared failure. Mr. Nyoro has consistently argued that public institutions should operate free from political influence when making critical investment decisions. He views it as fundamentally incorrect for political offices to dictate investment strategies for pension funds or other independent bodies, advocating for decisions to be made strictly in accordance with constitutional principles rather than political directives.

Beyond the alleged pressure, Nyoro also raised concerns about the performance of the KPC investment itself. He pointed out that the company's share price stood at Sh9.02, which he contended represented only minimal growth when compared against an approximate inflation rate of six percent. This questioning of investment returns further underscored his broader concerns about the prudent management of public resources and the potential negative impact of politically motivated financial decisions.

Speaking to journalists outside Parliament following his suspension, Mr. Nyoro expressed his disappointment, stating that he felt he had been denied the opportunity to substantiate his claims. He reiterated his commitment to responsible discourse, asserting that he never intended to be a "rabble-rouser" or make unsubstantiated statements, but that time for substantiation was not afforded to him during the debate. He reaffirmed his belief that NSSF, Kenya Re, and PSSF were indeed compelled to invest in Kenya Pipeline after the IPO struggled.

Despite the disciplinary action, the Kiharu MP vowed to continue his scrutiny of how public resources are managed. He declared that some leaders would never "betray the reason why we are leaders in this country." He concluded by urging NSSF, Kenya Re, PSSF, and other public institutions to prioritize investment decisions based on constitutional mandates over political instructions, advising them to "do the right thing and don’t follow political phone calls."

Source: Original reporting via Capital News