MPs urged to fast-track Safaricom shares sale as 90-day deadline nears

National Assembly’s Finance Committee chairman Kuria Kimani has urged MPs to fast-track consideration of the proposed sale of Safaricom shares, warning that the sessional paper will be deemed passed by default if Parliament fails to act.

The Public Finance Management  (PFM) Act, he noted, gives the House 90 days for lawmakers to consider the sessional paper or it is automatically deemed to have been approved.

Through Sessional Paper No. 3, the government seeks Sh204 billion from the sale of a 15 per cent stake in Safaricom, priced at a 23.6 per cent premium above the six-month volume-weighted average as of December 2, 2025.

Addressing the House during the legislative retreat in Mombasa, the Molo MP said the 90 days lapses on March 26, 2026.

He called on lawmakers to make a decision to avoid an automatic approval.

“If you don’t make a decision by March 26, that decision would have been deemed to have been made,” Kuria said.

The Molo MP drummed support for the government’s intention to offload its stake in Safaricom saying the country is getting a better deal from the sale.

The push comes amid sharp scrutiny of the process, with Treasury Principal Secretary Chris Kiptoo coming under fire from MPs over the valuation of the shares.

Legislators questioned whether the methodology used was transparent and whether the proposed sale represents value for money for taxpayers.

Several MPs demanded detailed disclosures on the valuation assumptions and safeguards to protect public interest, even as the committee races against time to steer the proposal through Parliament before the deadline.

Lawmakers however raised questions on the proposed sale with concerns being raised on the valuation criteria and whether there is value for money in the proposed Sh34 per share.

 “My question is before the government agreed on any sale; the government should have done an independent survey on divesture. What we have here is an exclusive divestiture,” Caroli said.

He also raised issues on where the proceeds will be invested when the proposed infrastructure fund is yet to be put in place.

Machakos Woman Representative Joyce Kamene also sought answers as to why the government sold its shares at a ‘throw away price’ yet it would have gotten a better deal should it have flouted it in the market.

“How did they arrive on the share price. This is the same thing that happened at EAPC because the market value of the shares was Sh69 yet we sold at Sh29. We would like to know what methodology was used. We asked this and this matter was dillydallied and we never got responses,” she stated.

“The mystery about this is wanting. Kenya we all know is a corrupt country, how are we going to ensure that this money is used properly. Also we want to know why were our shares sold at throw away price.”

Ikolomani MP and Trade and Cooperatives Committee chairperson Bernard Shinali demanded that the National Treasury tables a report from independent valuation and from the Competition Authority to determine whether the government is getting a god deal out of the sale.

“We would like to know whether the public has been involved in the whole place, how much shares owned by National Treasury was sold. So far we have not seen a report from an independent valuation and competition authority,” he said.

“It is not prudent to reduce the government shares. It’s not about making profits but how strategic Safaricom is to the country. Don’t even listen to the pricing issue,” added Mumias East MP Peter Salasya.

Kiptoo however defended the deal saying the Sh34 per share is the best price in the market.

“Actually the average price of shares initially was Sh 27.5 but what we agreed with Vodacom was Sh34. This sale is being done at the best premium. Here we are getting value for money. I also want you to know that before we settled on Vodacom, we did an in-house valuation,” he stated.