Former Public Service Cabinet Secretary Moses Kuria has weighed in on the ongoing debate surrounding the proposed sale of Safaricom shares, arguing that the controversy misses the real issue affecting Kenya’s financial markets. 

Responding to remarks by Kiharu Member of Parliament (MP) Ndindi Nyoro, who questioned Safaricom’s valuation, Kuria said the discussion should focus on the underlying weaknesses in Kenya’s capital markets, not on the telecommunications giant itself.

In a statement on Monday, December 8, 2025, Kuria criticised the Capital Markets Authority (CMA) for failing to address long-standing structural problems at the Nairobi Securities Exchange (NSE).

“Whereas I find the debate on the Safaricom share sale started by my younger brother Ndindi Nyoro interesting, I think it’s the wrong discussion. How comes most listed companies at the NSE are undervalued by the market? If Safaricom was valued at Ksh45 three years ago, how is it valued at Ksh34 today?” Kuria posed.

Kuria questioned why Kenya, after 71 years of operating a stock exchange, has only 62 listed companies, a figure he says reflects poor market development and weak regulatory oversight. 

“What is wrong with our Equities market? Why is there no liquidity in shares across virtually all counters?  How can there be only 62 listed companies for a market that is 71 years old ?,” he posed.

“Nothing much has changed for the 33 years since I first joined the trading floor as a trader. The elephant in the room is that our capital Markets need a lot of work. Safaricom is NOT the issue.”

Ndindi Nyoro

His remarks come after Nyoro urged the government to sell Safaricom shares through a competitive bidding process rather than to a specific company.

Speaking during a church service in his constituency on Sunday, December 7, 2025, Nyoro expressed concern that the planned sale of Safaricom shares to the South African-based company Vodafone has contributed to the undervaluation of the share price.

He emphasised the importance of opening the process to multiple bidders, arguing that this would allow Kenyans to get full value for the 35 per cent government stake in Safaricom, which he said belongs to all citizens.

“Let us not rush the sale of a 15 per cent share in Safaricom. Let’s give people a chance to compete.”

“Let’s open a competition of bids so that we can have many companies bidding to buy that stake of Safaricom so that Kenyans can get full value for the stake we have in Safaricom, the 35 per cent the government has in Safaricom we own all of as Kenyans,” he said.