Ndindi Nyoro vs John Mbadi: Heated Debate Over Safaricom Share Sale and Kenya’s Crucial National Interests

Kiharu MP Ndindi Nyoro has raised concerns over the sale of the government’s 15% stake in Safaricom. He argued that the shares are undervalued. The country could lose billions of shillings. Nyoro called for competitive international bidding. He wants Kenyans to get the best value.

The MP questioned the KSh 34 per share valuation. He claimed Safaricom could be undervalued by KSh 150 billion. He pointed to 16 billion shares immobilized by a buyer in June 2025. Were these shares traded? Were they manipulated before the sale? Nyoro suggested listing Safaricom on a global exchange like London’s. This would attract more bidders and secure higher value. “Selling this key national asset cheaply will hurt Kenyans,” he said.

Treasury Cabinet Secretary John Mbadi fired back. He dismissed Nyoro’s claims as “street talk.” Mbadi asked the MP to show a proper valuation method. “Valuing shares is not like selling fish in the market,” he said. Mbadi clarified that the Treasury, not Safaricom, sets the share price.

Safaricom assured the public that operations, governance, and regulatory oversight will remain intact. CEO Peter Ndegwa said the company will remain Kenyan despite the partial divestment.

Other MPs, including Molo’s Kuria Kimani, raised concerns about foreign control of M-Pesa and sensitive data. If the sale goes through, Vodacom will hold a 55% stake. This has sparked debates about national security and data protection.

The government now faces pressure to ensure transparency and fair pricing. Kenyans and investors are watching closely. They want assurance that the nation’s most valuable asset is protected.