DCP Party Leader Rigathi Gachagua has criticised the Government for what he described as the irresponsible sale of vital government assets.
Speaking on Sunday, December 7, during a church service at Dominion City Church in Kasarani Constituency, Nairobi County, Gachagua condemned the Ruto administration for selling Safaricom shares, asserting that the government has incurred losses amounting to billions through what he termed a corruption-led sale.
Gachagua also criticised President William Ruto for divesting shares in Safaricom without involving the public, arguing that such actions contravene the Public Procurement and Disposal Act.
“The country is being sold every day. Safaricom has been one of the greatest revenue generators for our country, about Ksh18B to Ksh20B every year. Sasa share moja imeuzwa Ksh34, whereas the real value is Ksh70 to KSh80, so the country is losing around Ksh250 billion,” he said.
The former DP further alleged that the Ruto government is effectively selling off everything, including the cancellation of the Rironi-Mau Summit highway contract, which he claimed was done to facilitate corruption.
He pointed out that Kenyans continue to bear the heavy burden of debt incurred through these questionable dealings.
“The road from Rironi to Mau summit was supposed to be built by the French at Ksh150 billion. Ruto cancelled that and gave it to the Chinese at Ksh200 billion, so they have stolen Ksh50 billion. Kenyans will pay that debt for 35 years, and that is why I am saying we must liberate this country,” said Gachagua.
Safaricom on Thursday, December 4, announced that it has received a notice of intention by Vodafone Kenya to acquire an additional 6,009,814,200 ordinary shares owned by the Kenyan government, representing 15 per cent.
The company noted that the Kenyan government will sell the shares at a cost of Ksh34.00 per share, totalling to Ksh204.3 billion ($1.6 billion).
“Safaricom PLC has been formally served with a notice of intention regarding a significant Proposed Transaction. We are announcing the intention of Vodafone Kenya Limited (“Vodafone Kenya”) to acquire an additional 15% of the issued shares in Safaricom from the Government of Kenya (GOK), representing 6,009,814,200 ordinary shares.
“The acquisition price is KES 34.00 per share, valuing the transaction at Ks204.3 billion (approx. $1.6 billion),” Safaricom stated.
