Nyoro: Safaricom stake sale could cost Kenya Sh150bn

Kiharu MP Ndindi Nyoro has opposed the planned sale of a Safaricom stake to Vodafone, warning the deal could cost Kenya up to Ksh150bn and breach public finance rules...

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Kiharu MP Ndindi Nyoro is opposing the Treasury's plan to sell a 15 percent stake in Safaricom PLC to Vodafone Kenya, warning it could cost taxpayers an estimated Ksh 150 billion due to a restricted sale structure.

Nyoro argues that limiting the transaction to a single strategic partner undervalues the asset, advocating for international competitive bidding to maximize returns to the Consolidated Fund.
He criticized the deal as a “securitisation of dividends” that violates the Public Finance Management Act, potentially creating a dangerous revenue mismatch.
The Treasury plans to sell 6.01 billion shares at Ksh 34 per share to capitalize the Sovereign Wealth Fund and finance infrastructure projects.

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