A fierce war of words has erupted in the corridors of power over the government’s plan to sell a 15% stake in Safaricom. At the center of the storm is Kiharu MP Ndindi Nyoro, who accuses the Treasury of plotting to auction Kenya’s "crown jewel" at a throwaway price.

The dispute centers on the valuation of the telco giant. Treasury Cabinet Secretary John Mbadi has defended the proposed sale price of KSh 34 per share, arguing it represents a premium on the current market trading price of roughly KSh 25. But Nyoro, famously dubbed the "woke economist" of the ruling coalition, is having none of it. In a blistering attack, he claims the company is being undervalued by a staggering KSh 150 billion.

"Street Talk" vs. True Value

"You cannot value a giant like Safaricom based on a bearish market," Nyoro argued, challenging the CS to a televised debate. "The Nairobi Securities Exchange (NSE) has been depressed for months. Selling now, at this price, is economic sabotage. We are giving away our most profitable asset for a song."

Nyoro insists that the "intrinsic value" of the company—considering its M-Pesa dominance and infrastructure—is far higher than what the market screen shows. He warns that the sale will benefit wealthy investors at the expense of the common Mwananchi.

• The Numbers: The government hopes to raise over KSh 200 billion from the sale to plug budget deficits.
• The Defense: CS Mbadi dismissed Nyoro’s figures as "street talk," stating that the KSh 34 price was arrived at by independent transaction advisors and is the best deal possible in the current climate.
• The Stakes: Safaricom is not just a company; it is the engine of Kenya’s economy, contributing over 5% to the GDP.

Privatization Panic

The clash highlights a deeper ideological rift within the government regarding privatization. While the Treasury is desperate for liquidity to service debt, lawmakers like Nyoro are wary of stripping state assets. "We must choose between short-term cash and long-term wealth," Nyoro warned. "Once these shares are gone, they are gone forever."

As the debate moves to Parliament, Kenyans are watching closely. The question remains: Is the government making a prudent financial decision, or is it pawning the family silver to pay the rent?