Kiharu Member of Parliament Ndindi Nyoro has criticized President William Ruto’s government over its decision to sell the 15% stake in Safaricom for KSh 244.5 billion.
Speaking during a press conference on Thursday, December 4, 2025, Nyoro argued that the government had undervalued the telecom giant, insisting that Safaricom should be valued at KSh 2.5 trillion.
“The problem is that we are selling this asset for a song. There is no way the government can purport to sell Safaricom at a valuation of less than KSh 2.5 trillion,” Nyoro said.
Nyoro Accuses Govt of Undervaluing Safaricom
Nyoro further claimed that there was no reasonable explanation for valuing Safaricom below KSh 2.5 trillion, alleging either self-interest or incompetence on the part of the government.
“There is no way other than self-interest or incompetence on the side of the government,” he said.
According to Nyoro, instead of selling its 15 % stake, the government could have pursued internal restructuring within Safaricom, created three separate entities, valued them independently, and sold them separately if a sale was necessary.
Also Read: Mbadi Explains How Govt Will Use KSh 244.5B from Sale of Safaricom Shares
Additionally, the lawmaker claimed the government may be tempted to sell more shares before the 2027 general election, alleging that some of these shares could be offloaded to the National Social Security Fund (NSSF).
“The government is now selling 15 percent. You can be sure that before elections, they will have sold the other stake. And I can actually tell you, some of it will be sold to NSSF because you don’t need to be inside government to know how it is thinking,” Nyoro said.
He accused the government of being unwilling to grow the economy, arguing that sustainable infrastructure funding comes from economic expansion, not asset sales.
Nyoro Warns of Looming Sale of Major State-Owned Firms
Nyoro also warned that the government may soon sell stakes in other major state-owned enterprises.
“Since there is no growth in the economy, we are now looking for shortcuts. This is just the beginning, they will divest even from the other stake. You now hear about selling a stake in KCB, where the government owns around 19 %. Very soon you will also hear the same in the energy sector. And that’s not even the problem. The problem is that we are selling these assets for a song,” he said.
Also Read: Ndindi Nyoro Flies Teachers to Dubai for Motivation
Nyoro’s criticism comes after Safaricom confirmed an ownership restructuring that could see Vodafone Kenya Limited acquire the Government of Kenya’s 15 percent stake for KSh 244.5 billion.
In a public announcement issued on Thursday, December 4, 2025, Safaricom, through its Company Secretary Linda Wambani, revealed it had received a Notice of Intention from Vodafone Kenya indicating plans to purchase 6.01 billion ordinary shares held by the government at KSh 34.00 per share, representing a 21 percent premium over Safaricom’s closing price of KSh 28.20.
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