President William Ruto has strongly defended his administration’s privatisation strategy, dismissing criticism from Kiharu Member of Parliament Ndindi Nyoro as “political conmanship” and “intellectual deceit.”
Speaking at State House, Nairobi, on Friday, January 23, 2026, during an engagement with graduate interns under the Affordable Housing Programme, Ruto said the planned partial divestiture of the government’s stake in Safaricom was a deliberate and transparent move aimed at mobilising resources for large-scale national development.
Government’s Privatisation Strategy
The President explained that divestiture was a prudent way of unlocking capital while expanding public participation in strategic assets. He cited the Kenya Pipeline Company (KPC) initial public offering and the Safaricom share sale as examples of how the government intends to raise funds.
Ruto noted that the government expects to raise:
- Ksh.110 billion from the KPC IPO
- Ksh.240 billion from the Safaricom divestiture
He added that these funds would be leveraged to unlock between Ksh.3 trillion and Ksh.4 trillion for development projects.
“Any Public Listed Company, the tested, proven, transparent valuation is done by the Capital Markets at the Exchange, not in boardrooms or committees,” Ruto stated.
He further emphasised that the initiative was not about politics or elections but about transforming Kenya into a first-world economy, expressing confidence that his administration would raise Ksh.5 trillion by next year to kickstart the transformation process.
Nyoro’s Concerns
Nyoro, speaking before the Joint Committee on Finance and Privatisation on January 20, warned that Kenya risks losing billions of shillings if the Safaricom share sale is not subjected to a competitive international bidding process.
He argued that the proposed pricing undervalued the asset, insisting that each of the six billion shares earmarked for sale should be priced at Ksh.45 per share, not Ksh.34.
“We should not be discussing anything below Ksh.45 per share, but we have been held hostage by the buyer that we are now running out of breath,” Nyoro said.
Stakeholder Support
Despite Nyoro’s objections, other stakeholders have backed the government’s plan. Central Bank of Kenya Governor Kamau Thugge and the Central Organisation of Trade Unions (COTU) have both expressed support, noting that the move would help ease the country’s debt burden.
Conclusion
The clash between President Ruto and Ndindi Nyoro underscores the heated debate surrounding Kenya’s privatisation agenda. While the government insists the Safaricom share sale is a transparent and strategic move to mobilise resources, critics argue that undervaluation could cost the country billions. With stakeholders divided, the outcome of the divestiture will be closely watched as Kenya pursues its ambitious development goals.
