Ndindi Nyoro calls for international bidding in proposed sale of Govt’s Safaricom stake
By Joel Masibo, January 20, 2026Kiharu Member of Parliament Ndindi Nyoro has opposed the government’s proposed sale of its 15 per cent stake in Safaricom PLC, adding that Kenya must open up the transaction to international bidders before it risks losing billions of shillings through an undervalued and poorly structured transaction.
Nyoro formerly presented his views on Tuesday, January 20, 2026, before a joint sitting of the National Assembly Committees on Finance and National Planning, and Public Debt and Privatisation in Nairobi, where he submitted a memorandum challenging the current framework of the deal.
At the centre of his argument is the valuation of Safaricom, one of Kenya’s most profitable companies. Nyoro noted that the telecommunications giant was valued at approximately Ksh1.8 trillion in 2021, even before its expansion into the Ethiopian market.
Stakes valuation
“The valuation is not commensurate with what Safaricom PLC is. The company was valued at Ksh1.8 Trillion in 2021 before the investment in Ethiopia. It should be worth more now,” he said.
The lawmaker further claimed that recent market developments may have been engineered to suppress Safaricom’s share price ahead of the transaction. He pointed to the immobilisation of 16 billion shares in June 2025, said to be owned by the prospective buyer, saying the move sent a signal of imminent large supply to the market and weakened investor confidence.
”The immobilisation of 16Bn shares in June 2025 owned by the buyer was meant to undermine the share price by ostensibly sending a message of imminent supply,” Nyoro said.
According to the legislator, the government also stands to lose over Ksh80 billion through conditions precedent imposed by regulators, which he said unfairly transfer financial risk to Kenyan taxpayers.
International bidding
“Kenya cannot afford to lose over Ksh 80Bn on Conditions Precedent extended by the regulators. Bottomline: open the bid to International Markets, Kenya will definitely get more.” Nyoro stated.
Ndindi Nyoro’s directives come as the National Treasury has begun the process of selling a 15 per cent stake in Safaricom PLC to the Vodacom Group in a transaction aimed at raising funds for development financing and reducing pressure on public borrowing and taxation.
Appearing before a joint committee of the National Assembly on Tuesday, January 13, 2026, Cabinet Secretary for the National Treasury John Mbadi said the proposed partial divestiture is expected to generate about Ksh204.3 billion from the share sale, with total proceeds projected at Ksh244.5 billion after factoring in an upfront dividend monetisation component.
According to the National Treasury, the transaction will see the State’s shareholding in Safaricom reduce to 20 per cent, while Vodacom Group’s stake will rise to 55 per cent, consolidating ownership previously split between the Government and Vodafone if completed.