Kalonzo questions haste in Safaricom stake sale ahead of High Court ruling
Wiper Party leader Stephen Kalonzo Musyoka addresses the media, questioning the Government’s sale of its Safaricom stake before the High Court determines a constitutional petition challenging the transaction. Nairobi. July 3, 2026.
Wiper Party leader Stephen Kalonzo Musyoka has faulted the Government for completing the sale of its remaining 15 per cent shareholding in Safaricom PLC to Vodacom, arguing that the transaction was concluded before the courts had an opportunity to determine the constitutional questions surrounding the deal.
Kalonzo said the sale was finalised despite a substantive constitutional petition remaining pending before the High Court, whose judgment is expected within the next two weeks.
According to the former Vice President, the Government moved swiftly to complete the transaction after the Court of Appeal lifted conservatory orders on June 26, even though the High Court has yet to pronounce itself on the legality of the sale.
“We respect the courts. But Kenyans are entitled to ask: if a matter is still pending before the High Court, and if the asset in dispute can be transferred before the hearing, what protection does constitutional litigation truly offer the ordinary citizen?” Kalonzo posed.
He maintained that the appellate court only determined whether conservatory orders should remain in force and did not rule on the legality of the share sale or the constitutional issues raised in the petition.
“The Court of Appeal did not declare this transaction lawful. It did not determine whether Kenyans were properly consulted, whether Safaricom was fairly valued or whether the Government can lawfully dispose of a strategic national asset merely to raise short-term revenue,” he said.
Kalonzo argued that the Government should have allowed the judicial process to run its full course before proceeding with the transaction, describing the matter as one of significant public interest because it involves a strategic national asset.
He said Safaricom plays a critical role in Kenya’s economy through its telecommunications infrastructure and mobile money platform, making any change in ownership deserving of greater public scrutiny.
“This is not an ordinary share sale. Safaricom is the backbone of Kenya’s digital economy. Its infrastructure supports communications, businesses, public services and the daily lives of millions of Kenyans,” he said.
The opposition leader questioned the urgency with which the Government disposed of the shares, saying it should have waited for both the High Court ruling and the company’s imminent dividend payment before concluding the transaction.
He claimed the Government sold about six billion shares at Sh34 each, reducing its shareholding from 35 per cent to 20 per cent while increasing Vodacom’s ownership to approximately 55 per cent.
Kalonzo further alleged that expert evidence presented before the court valued the shares at about Sh57.90 each, arguing that the sale price significantly undervalued the public asset.
“If M-Pesa is properly valued as a standalone fintech platform, the public value potentially lost runs into hundreds of billions of shillings. This is not merely a pricing dispute but a matter of national wealth and accountability,” he said.
He also questioned the financial rationale behind disposing of the shares shortly before dividend payments were due, claiming the Government had forgone billions of shillings in annual dividend income.
“Kenyans deserve an explanation as to why the Government chose to surrender billions in annual dividend income and why it could not wait a few more days for the dividend or for the High Court’s decision,” he said.
Kalonzo said the transaction raises broader concerns over transparency, accountability, valuation and sovereignty, maintaining that the constitutional and public interest questions surrounding the sale remain unresolved despite its completion.
“We issue a clear caveat emptor buyer beware. This matter is not closed simply because the transaction has been rushed through. The constitutional, valuation and accountability questions remain alive,” he said.
He added that his team would await the High Court’s judgment while pursuing all available legal and constitutional avenues to challenge the transaction if necessary.
Beyond the Safaricom transaction, Kalonzo accused the Government of presiding over rising impunity, conflict of interest and corruption, urging Kenyans to register as voters ahead of the 2027 General Election.
“I am calling on all Kenyans who love this country to unite, register to vote and ensure that in 2027 they send a clear message that a Government lacking in accountability cannot be tolerated,” he said.
