Kalonzo Faults Government Over Safaricom Share Sale, Vows Fresh Legal Challenge

By Our Reporter Maurice Momanyi

NAIROBI – Wiper Party leader Kalonzo Musyoka has criticised the Government’s decision to proceed with the sale of its 15 per cent stake in Safaricom PLC to Vodacom, arguing that the transaction was completed while a constitutional petition challenging the deal remains pending before the High Court.

In a statement on Friday, Kalonzo said the National Treasury moved too quickly to finalise the sale after the Court of Appeal lifted conservatory orders on June 26, despite the substantive constitutional case having already been heard and awaiting judgment.

According to the former Vice President, the High Court had twice issued conservatory orders halting the transaction pending determination of the petition and is expected to deliver its ruling within the next two weeks.

Kalonzo argued that while the Court of Appeal lifted the interim orders, it did not determine the legality of the transaction or rule on whether the public had been adequately consulted, whether the shares were fairly valued, or whether the Government was constitutionally entitled to dispose of what he described as a strategic national asset.

“The Government must not be allowed to outrun the court process,” Kalonzo said, adding that constitutional litigation would lose meaning if disputed public assets could be transferred before courts rendered final decisions.

He questioned the urgency with which the Government completed the transaction, noting that Safaricom remains one of the country’s most profitable companies and a key pillar of Kenya’s digital economy through its telecommunications infrastructure and M-Pesa mobile money platform.

Kalonzo claimed the Government sold approximately six billion Safaricom shares at KSh34 each, reducing its stake from 35 per cent to 20 per cent and increasing Vodacom’s ownership to about 55 per cent.

He further alleged that the shares were undervalued, citing expert evidence presented in court which, he said, placed the fair value at about KSh57.90 per share. He argued that if M-Pesa were valued independently as a fintech platform, the potential loss to taxpayers could amount to hundreds of billions of shillings.

The Wiper leader also questioned the timing of the transaction ahead of an expected dividend payout, arguing that the Government had surrendered a significant source of annual dividend income without waiting for either the dividend distribution or the High Court’s judgment.

Describing the transaction as “opaque, rushed and constitutionally suspect,” Kalonzo said his legal team would continue pursuing all available constitutional and public-interest avenues to challenge the sale.

He maintained that the case raises broader questions about transparency, public accountability, valuation of strategic state assets and adherence to the rule of law.

Kalonzo also used the statement to criticise President William Ruto’s administration, accusing it of presiding over widespread corruption, conflicts of interest and poor governance. He called on Kenyans to register as voters and support a change of government in the 2027 General Election.

The Government has not publicly responded to Kalonzo’s latest claims.