With its eye-catching and fun headlines, all in the interest of sustaining relevance and resonance with readers, Taifa Leo could easily get dismissed as a “non-serious” publication. However, yesterday’s editorial, “Maoni ya raia yahusishwe kuhusu uuzaji ” (Consider the public’s views on sale (of public assets)) showed that this newspaper indeed speaks for the ordinary Kenyan on important national issues.
The editorial highlighted the importance of public participation, as provided for in the Constitution, and the need for views presented to be taken into account in making decisions. When sessions are convened to get the views of the public on an issue, they should be about listening to Kenyans, not talking down at them.
The Taifa editorial referred to the spectacle in Migori where a convening attended by Treasury Cabinet Secretary John Mbadi was hijacked by political rhetoric and the “Tutam” slogan. If this meeting was about getting the views of Kenyans on the sale of public assets, then it totally failed to achieve its agenda. On television, we saw a CS, seemingly possessed by an evangelising spirit, preaching at the top of his voice about the recent decision by the State to sell Safaricom shares. Nothing from the members of the public attending the event.
However, if the Taifa editorial puts the government on the spot regarding public participation, the Public Editor suggests that all Nation platforms play a more significant role in not only creating awareness about what is happening in this space, but also in educating Kenyans on the issues.
Take the Kenya Pipeline initial public offer (IPO) that was announced on Tuesday. This, as far as State assets go, can only be compared to the KenGen and Safaricom IPOs, especially in terms of size. It should, therefore, generate great public interest given what is at stake. This is a public interest issue, not a niche business topic. Regrettably, the Nation’s coverage of this IPO has largely been confined to the Business Daily, a niche publication whose target reader may already have the information it presents and the knowledge to make decisions regarding the issue.
However, even the Business Daily’s coverage is reportage, lacking depth and analysis. There is little discussion on what is contained in the prospectus, which would help investors to make decisions. Some editors attribute this lack of debate and analysis to the apparent haste with which the IPO was launched, compared to the Safaricom and KenGen ones. They say that for the first two IPOs, there was a long period between the announcement of the IPO and the release of the prospectus, which allowed for broader conversations.
However, this does not justify the lack of analysis of Kenya Pipeline’s performance over the recent years, including what the Auditor-General’s reports on the company have contained. Prospective investors have not been given the company’s history and how it has been managed over the years, to help them project its future. The public has not been reminded about how the previous IPOs were handled, and how they performed, or how other public institutions in which Kenyans invested have fared. Interestingly, even the “haste” or “hurry” in the announcement of the IPO and release of the prospectus has received little media attention.
There have been two schools of thought about the Kenya Pipeline IPO, with some supporting it, and others opposing it. Because of the conflicting information before the IPO was allowed to proceed, many Kenyans may be confused about it. The media owes the public the duty of dissecting the information and answering the difficult questions about it. The media should provide platforms for Kenyans to debate and thrash out the contentious issues.
The Kenya Pipeline IPO is a matter of public interest for more reasons, other than investor education. The proceeds of this IPO are to go into the Infrastructure Fund, an entity that is yet to be understood by most Kenyans. There is no clarity on how this fund will run, how it will be protected, and what it means for Kenyans beyond political platitudes. The devil is in the details.
Beyond daily survival, many Kenyans are preoccupied with how to increase their earnings and build wealth. That’s why some have fallen victim to charlatans who promise to use prayers or magic to multiply their cash. Here, they are being told they can invest as little as Sh900 (the allowed minimum of 100 shares) to own a piece of the Kenya Pipeline pie. They would like to know if they should put their hard-earned cash into this venture or elsewhere.
At a time when people are looking to media, not for breaking stories, but to help them to understand what is going on around them, the Nation team is missing an opportunity to be relevant. Instead, the task has been left to a few investment firms and individuals on social media.
Public education should not be about serving as a conveyor belt for information from the government, but providing the required information and analysis that will help Kenyans make decisions. Hopefully, the media will make better use of their platforms in the remaining life of the IPO.
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