President William Ruto has strongly defended the government’s plan to partially sell its stake in Safaricom, pushing back against criticism from Kiharu Member of Parliament Ndindi Nyoro, whom he accused of misleading the public on how State assets are valued and sold.
Speaking at State House in Nairobi during a meeting with graduate interns enrolled under the Affordable Housing Programme, the President said the planned divestiture was a deliberate and well-thought-out strategy aimed at raising money for large national development projects. He argued that the move was not political, but a practical way to unlock capital while giving more Kenyans an opportunity to participate in owning strategic national assets.
Ruto explained that the government had agreed that partial divestiture of mature public investments was a prudent approach to financing development without over-reliance on borrowing. He pointed to the planned Kenya Pipeline Company initial public offering and the proposed Safaricom share sale as key examples of this strategy in action. According to the President, the government expects to raise about Ksh.110 billion from the Kenya Pipeline IPO and an additional Ksh.240 billion from selling part of its Safaricom stake. He said these funds would be used to unlock between Ksh.3 trillion and Ksh.4 trillion through leveraging and partnerships, creating resources for infrastructure, housing, and other long-term development projects.
Ruto dismissed claims that the Safaricom share sale was being mishandled, insisting that the valuation of shares in a publicly listed company is determined openly through capital markets, not through closed-door negotiations or special committees. He said the Nairobi Securities Exchange provides a transparent and tested system for price discovery, allowing investors to determine the true value of shares.
The President also expressed confidence that his administration would raise up to Ksh.5 trillion by next year to begin what he described as Kenya’s transformation toward first-world status. He said the fundraising process was already underway and would not be delayed.
His remarks came in response to concerns raised earlier in the week by Ndindi Nyoro during a session of the Joint Committee on Finance and Privatisation. The Kiharu MP warned that Kenya risked losing billions of shillings by not subjecting the Safaricom share sale to a competitive international bidding process. Nyoro argued that the proposed price of Ksh.34 per share undervalued the company and said the shares should be sold at around Ksh.45 each to protect public value.
However, the government’s position has received backing from other key stakeholders. Central Bank of Kenya Governor Kamau Thugge and the Central Organisation of Trade Unions have supported the planned divestiture, saying it could help ease pressure on public finances and reduce the country’s growing debt burden.
As debate continues, the Safaricom share sale remains one of the most closely watched economic decisions, with significant implications for Kenya’s capital markets, public finances, and long-term development agenda.