MOMBASA County—Jan 22, 2026 — Kiharu MP, Ndindi Nyoro has raised concerns over the government’s plan to sell 15 percent of its stake in Safaricom PLC, arguing that the proposed pricing undervalues the company and could cost Kenyans billions of shillings.
Speaking on Thursday during the 10th Minet Kenya Annual Pensions Conference at PrideInn Paradise, Mombasa, Nyoro cautioned against selling the shares at current market prices on the Nairobi Securities Exchange (NSE), noting that Safaricom is a strategic national asset whose true value may not be reflected in day-to-day trading.
He highlighted recent local and international corporate transactions where companies were acquired at significant premiums, emphasizing that Kenya stands to lose out if the government proceeds without a competitive process.
“This is not about politics, but about safeguarding Kenya’s wealth and investing in our future,” Nyoro said, urging the government to subject the Safaricom stake to an international competitive bidding process.
He argued that such a move could attract better offers and generate more revenue, which could be channeled into critical sectors such as education, infrastructure, and healthcare.
Under the current proposal, the government plans to sell 6 billion shares — representing 15 percent of its 35 percent holding — at about KSh 34 per share, expected to raise roughly KSh 244.5 billion, reducing the state’s stake to 20 percent while Vodacom Group increases its controlling shareholding.
Nyoro has also questioned the transparency of the negotiations, pointing out that some intermediaries involved were not publicly mandated and that Parliament should have full oversight.
His stance has found support among other lawmakers, including Mumias East MP Peter Salasya, who has called for public participation before final approval.
Treasury Cabinet Secretary John Mbadi has defended the sale, stating that the pricing reflects market averages and a premium, and that the proceeds will fund the National Infrastructure Fund and other national priorities without raising taxes. He maintains that retaining a 20 percent stake preserves significant government influence.
The National Assembly has opened a portal for public submissions on the offer, and hearings are planned to review the Sessional Paper guiding the divestiture. Consumer and civil society groups have also petitioned Parliament, citing the need for transparency and long-term national interest.
As the debate unfolds, the Safaricom share offer has emerged as a high-profile economic and political discussion, balancing immediate revenue needs with the long-term safeguarding of Kenya’s strategic assets.
