Kiharu MP Ndindi Nyoro has criticized the government’s sale of Safaricom shares, alleging that the transaction was conducted at a price significantly below market value, resulting in billions of shillings in losses for Kenyans.

Speaking on the matter, Nyoro said public assets should always be managed in a manner that protects the interests of all citizens, adding that he had consistently voiced his opposition to the sale of the Safaricom stake.

“The issue of public assets must always be to the interest of all Kenyans. I attended all the forums and gave my views on the selling of Safaricom shares,” he said.

According to the MP, the government finalized the transaction last week after receiving payment from the buyers, despite concerns over what he described as an “underwhelmingly low” transaction price.

“The government actually accepted the money last week. The price Kenya received is very low. It is clear the transaction price is underwhelmingly low, yet they still went ahead to transact and money changed hands,” Nyoro said.

He claimed that Kenya received less than the prevailing market price for the shares, arguing that the off-market transaction should have been concluded at a significantly higher valuation.

“It seems as though we sold to our buyers at a discount. We are receiving money lower than the market price, and after the transaction the share price has already started going up,” he added.

Nyoro called on the Nairobi Securities Exchange (NSE) and the Capital Markets Authority (CMA) to investigate all Safaricom share trades conducted over the past eight months, alleging possible price manipulation and deliberate suppression of the share price ahead of the transaction.

“NSE and CMA must investigate all trades in the last eight months involving Safaricom shares. There has been price manipulation and price suppression,” he said.

He further argued that public concerns raised during consultations had warned that the sale would disproportionately benefit buyers at the expense of Kenyan taxpayers.

“Wakenya walitoa maoni kwamba selling of shares ilikuwa faida kwa wanunuzi na hasara kwa Wakenya,” he said.

Nyoro alleged that Kenyans had lost more than Ksh. 12 billion as of Wednesday through the transaction, maintaining that regulators must explain the circumstances surrounding the sale.

“CMA and NSE must answer to Kenyans because those involved manipulated the Safaricom share price. Siku chache kabla pesa kubadilishana mikono, tuliona bei zikianza kupanda,” he stated.

He also questioned why the transaction proceeded while there was an active court process challenging the sale, arguing that the disposal of what he described as one of Kenya’s most valuable public assets was not undertaken properly.

“The process of selling the Safaricom shares was not done properly. We undersold our most prized asset,” Nyoro said.