Kenyans Confused As Fact Check Shows KICC, KPC Make More Profit Than What William Ruto Indicated

• William Ruto claimed that the government only got KSh 29 million from KICC, yet there is potential for KSh 300 million in revenues
• Ruto also said KPC is worth KSh 300 billion and has generated more than KSh 1 billion only once
• He also claimed that Posta Bank loses KSh 3 billion daily and KSh 1 billion every financial year

Elijah Ntongai, a journalist at TUKO.co.ke, leverages more than three years of expertise in financial, business, and technology research, providing profound insights into both Kenyan and global economic trends.

Speaking on Sunday, December 17, during a media roundtable at State House, Nairobi, President William Ruto said he was determined to ensure KICC makes value for the government through privatisation despite strong opposition.

According to Ruto, KICC, which he claimed is valued at KSh 30 billion, can generate KSh 300 billion for the government if it is handed over to private investors.

"How much did we get from KICC? Last year, we got KSh 29 million; the other year, we got, I think, KSh 40 million. What a waste," Ruto remarked.

"Kenya Pipeline Company (KPC) is a company worth KSh 300 billion. How much money are the people of Kenya getting from the Kenya Pipeline? I think it's only once that we got over KSh 1 billion," Ruto added.

NTV's fact-check

Following Ruto's statement, NTV conducted a fact check, which revealed discrepancies in the president's report.

According to NTV, the KICC management announced the collection of 956 million for the financial year 2022/23.

NTV further states that the Auditor General's reports show that KPC recorded a KSh 7.5 billion profit before tax in June 2023 and KSh 6.2 billion in June 2022.

Ruto also claimed that the government is losing KSh 3 million every time Post Bank is opened and that the bank loses KSh 1 billion every financial year.

According to the NTV report, Post Bank has been losing about KSh 1.4 billion a year, translating to KSh 5.6 million every working day.

Reactions from Kenyans

Kenyans reacting on social media indicated a division of opinion, with some saying the president lied or was fed the wrong information.

In contrast, others said the NTV fact check could be erroneous.

@farhiyaabass said:

This is some really great investigative work by @ntvkenya. This is the kind of journalism we need – holding government accountable, not just amplifying social media noise. More of this, less githeri (bogus) media reporting.

@Mukwaa3 said:

Was what you are putting here the total turnover or the net profit...stop peddling KOSOKOSO, please.

@sha_songol said:

I got shocked when I heard @WilliamsRuto saying KICC is even lacking facilities and TOILETS! To me, this was the most dishonest statement from a president. Again condemning KICC is meant to lower the actual value. One cannot say her tomatoes are rotten and expect to get a higher price.

@Omwandez_Kevin said:

@OleItumbi, @Terriz_Sam, @SamsonOgola, @DavidNdii, We need serious fact-facing numbers to counter this. Otherwise the communication team from the office of the executive is sleeping on the job.

@real_ag7 said

NTV is doing a good job of debunking Ruto's lies!

@WAZlRl said:

NTV should know the difference between profit and dividends though. The government only receives dividends from KPC, and the rest is ploughed back into the company.

Ruto says KICC is not a place for taking photographs

In other related news on TUKO.co.ke, Ruto hit out at those opposed to the sale of KICC, arguing that many want KICC to remain a place for taking photographs.

Ruto has insisted on privatising KICC despite strong opposition from Kenyans.

"Many people are very sentimental about KICC. We said we wanted to privatise KICC. KICC is an iconic building; it is the centre of the city. When I came first to Nairobi, I came to that photographing place where we were holding KICC at the top. KICC was not built for photographs. It was built as a national asset. Why don’t we transform KICC for it to become the international conference centre that it was built to be?" Ruto posed.