Kenyans will get raw deal from Safaricom shares sale, Nyoro says
Business
By
Irene Githinji
| Feb 17, 2026
Kiharu MP Ndindi Nyoro addresses the Press over the sale of Kenya Pipeline Company shares in Nairobi on February 16, 2026. [Wilberforce Okwiri, Standard]
Even with the conclusion of public hearings on the government’s partial sale of Safaricom shares, Kiharu MP Ndindi Nyoro insists that the sale must be halted immediately and advertised internationally.
On Monday, Nyoro claimed there were ulterior motives in the sale of shares.
He said the Sh34 offer per share is below the market price and, beyond grossly losing on the price, Kenya risks losing much more on conditions allegedly issued irregularly by the regulator after being pushed by the government.
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If not halted, he said, those responsible must answer to Kenyans, adding that the call he is making is not for additional shares to the market but for an international competitive bid.
“The price is now above Sh34. If they do not, we will share numbers of Vodacom directors for Kenyans to engage them directly, starting with the chairman and chief executive officer, who was in the country to sign the deal,” Nyoro said at a press conference in Nairobi yesterday.
According to Nyoro, markets have exposed and betrayed incompetence and self-interest on the side of government which must not be allowed to continue.
“After Kenyans raised valid concerns, those in government came with their usual arrogance, calling people names and lecturing Kenyans about the markets and how prices are not set in boardrooms. Kenyans do not need big worded lectures, they need accountability,” he said
He has also raised concern over sale of Kenya Pipeline Company (KPC) shares saying that the Initial Public Offer (IPO) was not meant for the public but a way of taking over the asset.
Nyoro stated that it is a takeover from upstream to downstream, describing it as full grade patronage.
He alleged that some Kenyans were hiding behind Ugandan investor saying that they should come out in the open to declare their interest since the highest allocation will be publicized at the end of the IPO.
“They must know that we know them and Kenyans will know them soon,” he said.
His remarks come against the backdrop of the Finance Committee concluding the public hearings on Safaricom divestiture over the weekend, having traversed 30 counties.
Finance Committee chair Kuria Kimani said the views of the public would shape the Committee’s report to the House on the matter.
“We are delighted that across the 30 counties that we have visited, the members of the public have come out to candidly give their views on what direction they wish the Safaricom divestiture process to take. Your views are not in vain and they will enrich our report to the House,” he said.
Among key issues that emerged during the public hearings and the preceding stakeholder engagements, was the prudent use of proceeds should the transaction go through.
The public called on the Committee to put in place a framework before giving a nod to the transaction, to ensure that the proceeds are directed to critical national infrastructure as was earlier intended.
The Committee is set to retreat to prepare its report for consideration.
Meanwhile, the National Infrastructure Fund Bill, 2026 has now been read for the first time in the National Assembly, paving the way for the process of public participation on the proposed law.