Ruto Dismisses Nyoro’s Claims on Safaricom Sale, Calls Critics “Political Conmen” in Fierce Defence of Privatisation Plan

President William Ruto has dismissed claims by Kiharu MP Ndindi Nyoro over the planned sale of part of the government’s stake in Safaricom. He accused Nyoro of misleading the public and turning an economic issue into politics.

Ruto spoke at State House in Nairobi. He was addressing graduate interns under the Affordable Housing Programme. He defended the privatisation plan. He said it was deliberate. He said it was transparent. He said it was meant to unlock funds for national development.

The President said the government expects to raise KSh110 billion from the Kenya Pipeline Company IPO. He added that another KSh240 billion will come from the Safaricom sale. He said the money will help leverage between KSh3 trillion and KSh4 trillion for development projects.

Ruto rejected claims that the shares were undervalued. He said valuation is done through the capital markets. He said it is handled by the stock exchange. He said it is not done in boardrooms or political committees.

He accused critics of “political conmanship and intellectual deceit.” He said some of those now opposing the plan supported it in the past. He insisted the process follows global standards. He said it remains open and transparent.

Nyoro has not backed down. He raised his concerns before the Joint Committee on Finance and Privatisation. He warned that Kenya could lose billions. He said the sale should go through competitive international bidding.

Nyoro said the proposed price of KSh34 per share is too low. He said the shares should be sold at not less than KSh45 each. He argued that Safaricom is being undervalued. He said the country should not sell a strategic asset cheaply.

He also warned against relying on one buyer. He said this limits competition. He said it denies Kenya the best possible value. He urged the government to look at global markets.

Despite the debate, other institutions support the plan. Central Bank Governor Kamau Thugge backs the sale. COTU also supports it. They say it will ease debt pressure. They say it will free funds for development.

Ruto remains confident. He said the government plans to raise KSh5 trillion by next year. He said the goal is economic transformation. He said the plan is not about politics. He said it is about Kenya’s future.