The shares, valued at about Ksh 244.5 billion, form part of the state’s investment in the country’s largest telecommunications company.
Speaking to the press on Thursday, Nyoro described the plan as risky and poorly thought out.
He warned that selling such a significant portion of the company would weaken the government’s long-term financial position.
According to him, Safaricom remains one of Kenya’s most profitable enterprises, and reducing state ownership could harm public revenue in the future.
Nyoro argued that the move raises a serious financial red flag. He reminded the public that the government previously sold part of its Safaricom shares at Ksh 45 per share before channeling money into the company’s expansion into Ethiopia.
Safaricom Ethiopia received its operating licence in 2021, a project that required heavy investment and is still in the growth phase.
The MP questioned why the government would now dispose of more shares when the company is starting to strengthen its regional footprint.
He added that selling these shares at this point sends the wrong message to investors and citizens.
In his view, the government should be looking for ways to grow its stake in profitable institutions rather than shrinking its ownership.
Nyoro stressed that public assets must be protected, especially those that contribute significantly to national revenue.
The MP also raised concerns about transparency, urging the government to explain the reason behind the sale and how the proceeds will be used.
He insisted that citizens have a right to know why such a valuable asset is being offloaded and whether the decision truly benefits the country in the long term.