- Kiharu Member of Parliament Ndindi Nyoro has raised concerns about the sale of government shares in the telecommunications company Safaricom
- The MP, who has been a strong critic of President William Ruto’s administration, claimed that the shares are being sold at a low value
- Finance Minister John Mbadi responded to the MP and described his statements as “street gossip”
Kiharu Member of Parliament Ndindi Nyoro has called on the Kenyan government to initiate a competitive bidding process for its 15% shares in Safaricom.
Source: Facebook
The staunch MP warned that if sales continue as they are, billions could be lost.
Why did Ndindi Nyoro question the sale of Safaricom shares?
Nyoro questioned the methodology used to determine the value of KSh 34 per share, claiming that the telecommunications company was undervalued at KSh 150 billion.
He claimed that since the market price was taken as the main criterion, the price of the company’s shares could have been badly lowered or manipulated before the planned sale.
Nyoro stressed that the country cannot sell its valuable assets at a loss, as Kenyans will not benefit from getting better value for those shares.
“There was a recent transfer of 16 billion Safaricom shares by a buyer in June 2025. Have there been any trades in those shares? Before opening an international bid, we have the option of listing Safaricom PLC on an established, global market like the London Stock Exchange to give it the exposure it needs worldwide. There will be more bidders. Why can’t we wait and increase the value of the property?” he asked.
How did John Mbadi respond?
Speaking to NTV, the Minister of Finance John Mbadi he denied Nyoro’s concerns and said it was “street gossip.”
The minister said the member of parliament should show the evaluation method that confirms that the shares had a low value.
“Ndindi Nyoro is just gossiping on the street. He should bring the valuation method he used to show that Safaricom shares were being sold at a low price. Valuing shares is not like selling fish or ‘waru’ in the market,” he said.
What is the future of Safaricom?
As the government plans to sell its 15% stake, Safaricom has eased public concerns about its ownership and future operations by insisting that it will remain a Kenyan company.
The telecommunications company said that the planned change in ownership will not affect its day-to-day operations, administration, or legal management.
Source: Twitter
According to the CEO of Safaricom Peter Ndegwareducing the share of government shares will not affect the national character of the company or legal requirements.
Was Safaricom involved in evaluating the share price?
On Monday, January 19, Ndegwa spoke to MPs about the sale of the company’s shares.
Ndegwa revealed that the National Finance Government decided the price of the shares instead of the company.
Members of Parliament led by Molo Member of Parliament Kuria Kimani raised concerns about the possible loss of M-Money and data to a foreign company.
If the acquisition goes through, Vodacom will have a controlling stake of 55% in the business, raising questions about data security related to regulation.
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