David Ndii Clears Up $2B Bribe Allegation in JKIA Deal
David Ndii, Chair of the Presidential Council of Economic Advisors, dismissed claims that Adani paid a Ksh258 billion bribe to secure the revamp of Jomo Kenyatta International Airport (JKIA).
Posting on X, Ndii questioned the logic behind the Indian conglomerate paying such a massive amount for a project spanning over three decades.
Ndii noted that Adani had multiple investment opportunities beyond JKIA, making it unreasonable to pay such a hefty bribe for the airport contract.
“Did Adani pay $2 billion in bribes for the JKIA project? Why not invest the $2.6 billion in bonds at 5% and watch it grow to $11 billion over 39 years?” Ndii remarked.
He further explained that Adani’s proposal involved a $2 billion investment, with 30% equity equating to $600 million, and an 18% equity return translating to $3.24 billion over 30 years.
Ndii pointed out that Adani could have potentially earned more by investing in government bonds rather than securing the JKIA deal.
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He highlighted that it made no sense for Adani to pay such a bribe when alternative investments, like KenGen, offered more profitable returns with a market value of Ksh16.5 billion as of September 12.
“JKIA’s best-case scenario brings in Ksh2 billion annually, while KenGen, a stronger company, is valued at Ksh16 billion,” Ndii emphasized.
He also stressed the urgent need for an improved airport, especially after recent public outrage regarding JKIA’s leaking roofs.
Ndii felt compelled to clarify after online users suggested that Adani had bribed top officials with Ksh258 billion to secure the project.
“Claims of a $2 billion bribe in the JKIA deal raise serious transparency concerns, particularly given the potential long-term profits,” commented a user online.
Ndii’s comments follow protests by aviation workers, which caused operations at the airport to halt.
David Ndii Clears Up $2B Bribe Allegation in JKIA Deal
