Ruto advisor responds over $2B bribe Adani paid for JKIA deal
Ruto economic advisor, David Ndii refutes claims Adani paid a Ksh258 Billion ($2B) bribe to secure JKIA deal
Ruto economic advisor, David Ndii refutes claims Adani paid a Ksh258 Billion ($2B) bribe to secure JKIA deal.
The Chairperson of the Presidental Council of Economic Advisors, David Ndii on Thursday dismissed allegations that Adani paid a Ksh258 billion bribe to secure the Jomo Kenyatta International Airport (JKIA) revamp deal.
Taking to his X account, the economist argued that it was illogical for the Indian company to pay such a huge amount of money for a deal that would last for over 30 years.
Ndii in his remarks claimed that Adani company had several investment options besides the JKIA deal and thus could not pay such an amount of bribe to secure the JKIA tender.
“So Adani paid a $2b bribe! for the JKIA deal. Why not invest the $2.6b in bonds at 5% and watch it grow to $11b in 39 years,” Ndii charged.
“Let’s do the math. Adani proposal is a $2 billion investment. 30% equity = $600. 18% equity return (ask, actual will be less) = $108 p.a X 30 = $3.24b,” he added.
According to the president’s advisor, Adani could have made more money over the same period by merely investing in government securities.
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Ndii further stated that it was impractical for the Indian company to pay such a bribe yet there were better investment options in Kenya like KeGen whose market capitalization stood at Ksh16.5 billion as of September 12.
“JKIA profit as is best case scenario is Ksh2 billion per annum. KenGen which is a better company is currently valued at Ksh16 billion,” Ndii claimed.
Ndii while insisting on the matter, underscored the need for a better airport particularly following the recent backlash about the leaking roofs at JKIA.
He was forced to issue clarity on the matter after a section of online users alleged the company allegedly paid a Ksh258 billion bribe to convince top government officials to hand it the deal.
“Allegations of a $2 billion bribe in the JKIA deal raise serious concerns about transparency and accountability, especially when the math points to massive long-term profits,” claimed an online user.
Ndii’s sentiments come a day after activities at the country’s main airport were brought to a standstill after aviation workers resorted to staging protests inside the facility.
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