Former Presidential Economic Advisor Moses Kuria has stirred fresh national debate just a day after Kiharu Member of Parliament Ndindi Nyoro raised concerns over the alleged undervaluation of Safaricom shares.
Nyoro had accused the government of selling the shares at a loss and demanded that Kenyans be allowed to participate openly in the purchase process, insisting on full transparency regarding the deal.
However, according to Moses Kuria, the Safaricom issue is merely “a drop in the ocean” compared to deeper structural problems affecting Kenya’s entire capital market.
In a strongly worded statement, Kuria argued that the real crisis lies in the persistent undervaluation of companies listed at the Nairobi Securities Exchange (NSE), a problem he says has been ignored for decades.
Kuria questioned how Safaricom’s share value could fall from KSh 45 three years ago to the current KSh 34 despite its strong market presence and consistent profitability.
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He attributed this trend to a broader collapse in investor confidence, low liquidity, and stagnation within the NSE.
In his statement, Kuria lamented that despite the NSE being 71 years old, it hosts only 62 listed companies an unusually low number for an economy of Kenya’s size.
He further noted that in over three decades since he first joined the trading floor, very little progress has been made in strengthening the capital markets or expanding investment avenues for ordinary Kenyans.
Kuria emphasized that the focus should shift from Safaricom alone to the underlying weaknesses dampening market performance and limiting economic growth.
“The elephant in the room is that our capital markets need a lot of work. Safaricom is NOT the issue,” Kuria insisted.
His remarks have triggered renewed calls for reforms aimed at restoring investor trust, enhancing transparency, and revitalizing Kenya’s financial markets ahead of the 2027 economic and political transition.
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