President William Ruto has brushed off criticism over the government’s plan to sell part of its Safaricom stake, terming the objections as political posturing and intellectual dishonesty.
Speaking on Friday, January 23, the President defended his administration’s privatization agenda, insisting it is designed to drive national transformation rather than advance political interests ahead of the next election.
Ruto was responding to concerns raised by MP Nyoro, who warned that Kenya could lose billions by skipping a competitive international bidding process in the Safaricom share sale.
President Ruto Rebuts Ndindi Nyoro Over Safaricom Stake Disposal. Photo: Courtesy.
The President maintained that the strategy forms part of a broader plan to raise Ksh5 trillion by next year to fund development projects nationwide.
Ruto went on to state that the government is targeting Ksh110 billion from the Kenya Pipeline Company Initial Public Offering (IPO) within the next month, alongside a further Ksh240 billion from the planned Safaricom divestiture.
He explained that the combined proceeds of about Ksh350 billion would be used as leverage to unlock between Ksh3.5 trillion and Ksh4 trillion for major infrastructure and development projects.
Ruto also dismissed concerns over the valuation of Safaricom shares, arguing that pricing of publicly listed companies is determined openly through capital markets and stock exchanges, rather than through closed-door negotiations or ad hoc committees.
