Nairobi — A Nairobi-based lawyer has warned the National Social Security Fund (NSSF) and the Public Service Superannuation Fund (PSSF) against using pension savings to buy shares in Kenya Pipeline Company (KPC), citing concerns over possible overvaluation and misuse of public funds.
In a letter dated January 20, 2026, Advocate Francis Wanjiku cautioned the two pension schemes and their trustees against approving the purchase of KPC shares at Sh9 per share, alleging that the price may be inflated to artificially boost demand during the planned sale.
Wanjiku said pension trustees and investment managers have a legal and fiduciary duty to protect workers' retirement savings and must make decisions based on sound investment principles, free from political or external pressure.
He warned that approving such a transaction, if it results in losses, could amount to a breach of trust and fiduciary duty, exposing trustees, fund managers and other officials to personal liability, civil suits and possible criminal action.
Follow us on WhatsApp | LinkedIn for the latest headlines
"Any losses incurred to the pension funds as a result of this proposed trade will not go unchallenged," Wanjiku said, adding that those involved could face claims for negligence, breach of trust and abuse of public funds.
The lawyer urged the funds to halt any planned purchases, conduct an independent valuation of KPC shares, and ensure full transparency in investment decisions made on behalf of contributors.
He has demanded a formal response within 14 days, warning that failure to address the concerns could see the matter escalated to court.
The letter was also copied to the Kenya Association of Stockbrokers and Investment Bankers, as scrutiny grows over the planned sale of government shares in Kenya Pipeline Company.
