Kiharu MP Ndindi Nyoro, chair of the National Assembly’s Budget & Appropriations Committee, cemented his place as the single largest individual shareholder in the State-controlled power distribution monopoly, Kenya Power, as he recently acquired an additional 5.2 million shares in the company.
As disclosed in regulatory filings, the lawmaker and entrepreneur increased his holding in the firm to 32.5 million shares or a 1.67 percent% stake in Kenya Power, at the end of June 2023 up from 27.29 million shares as of June 2022.
His stake in the company is valued at Ksh48.75 million. He spent an estimated Ksh7.92 million on increasing his Kenya Power holdings in the past year. His Kenya Power stock forms only part of his vast portfolio, with Nyoro having invested over the years in financial services and telecommunications among other sectors.
Kenya Power’s shares on the Nairobi Securities Exchange (NSE) are up 4.83 percent over the past twelve months. Nyoro has previously argued that he believes in the company’s ability to boost its financial performances despite years of missteps, including expensive, flawed contracts signed with Independent Power Producers (IPPs) responsible for exorbitant power costs.
In 2013, Ndindi was appointed them Chairperson of Kiharu Constituency Development Fund (CDF), a position he held until 2016. Nyoro successfully ran for the Kiharu MP seat a year later.
According to the MP, he has dealt in stocks since 2006 when he was hired by Ngenye Kariuki Stock Brokers while he was attending Kenyatta University, pursuing an Economics degree. Later that year, he opened his own agency, Stock Bridge Brokers under Dyer & Blair Investment Bank, and ran the business until he graduated from Kenyatta University.
“Stock broking will forever remain my number one business because I have been in it for almost a decade now. It is a lucrative business and my future plans are to strengthen the company,” he told People Daily in a 2017 interview.
Nyoro’s Stockbridge Securities found itself facing numerous challenges as it failed to complete trades on time, partly due to internet connectivity challenges. This led Nyoro to set up Afrisec – an internet provider, in 2010. He raised Ksh500,000 to secure a dealership license from Liquid Telecom, formerly Kenya Data Networks (KDN).
Afrisec provides enterprise technology solutions including internet services, software solutions, networking and surveillance solutions.
In 2016, with Nyoro reportedly co-founded Investax Capital – a new stock agency alongside a friend. He reportedly invested Ksh5 million into the firm and became an equal partner. This, however, meant that he had to withdraw his shareholding and resign from Stockbridge to avert a possible conflict of interest.