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    Home ยป David Ndii Clears Up $2B Bribe Allegation in JKIA Deal
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    David Ndii Clears Up $2B Bribe Allegation in JKIA Deal

    ianBy ianSeptember 12, 2024No Comments2 Mins Read
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    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.

    “JKIAโ€™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 JKIAโ€™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.

    Ndiiโ€™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

    ADANI HOLDINGS DAVID NDII JKIA
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