Kiharu MP Ndindi Nyoro has raised concerns over the proposed sale of the Government of Kenya’s (GoK) 15% stake in Safaricom, warning that the current process could result in massive financial losses for the country.
In a statement shared on X, Nyoro argued that the deal heavily favors the buyer, with the government appearing desperate for funds, which has allowed potential buyers to undervalue the nation’s most prized asset.
“Listening to all GoK representatives, they are speaking the language of the buyer, not the seller. The government accentuated the desperation for money, the buyer noticed and proposed to buy the 15% stake for a song. Kenya is losing Billions in UNDERVALUATION,” he said.
Nyoro stressed the importance of a robust and transparent process that opens opportunities to multiple bidders, including Kenyans, to secure the highest possible value for the country.
“The process must be robust, opened up for other bidders including Kenyans and get the optimum value for our Country,” he added.
Safaricom, East Africa’s largest mobile network operator, is partially owned by the Kenyan government, and the proposed divestment has sparked debate over valuation, transparency, and public interest.
Nyoro also appealed to national pride, emphasizing that African assets should be managed to benefit African stakeholders.