Safaricom Share Sale Declared Unconstitutional

By Violet Kerubo

H E Stephen Kalonzo Musyoka leader of wiper Patriotic Front today at SKM command centre together with other leaders of opposition held a press to talk about the sale of safari on shares on September 16th
A three-judge bench of the High Court has reportedly quashed the government’s planned sale of a 15 percent stake in Safaricom PLC, according to a statement made following yesterday’s court proceedings.
Kalonzo Musyoka said the court declared the transaction unconstitutional, null and void, and quashed Sessional Paper No. 3 of 2025 as well as the parliamentary approval relating to the sale.
According to the statement, the government had sold approximately 6.01 billion Safaricom shares at KSh34 per share on June 30, 2026, raising about KSh204.3 billion. He further claimed that Treasury received an additional KSh40.2 billion as an advance against future dividends from the remaining government stake.
He also argued that the transaction violated constitutional requirements on public participation, disclosure of information, fair valuation, national security and competition oversight.

The statement also alleged that the government changed the identity of the buyer without adequately informing the public and failed to disclose key transaction documents and the valuation methodology used to determine the share price.
On national security, he said the court found that the transfer of control of a strategic national asset required greater scrutiny, particularly because Safaricom handles telecommunications, financial services and data belonging to millions of Kenyans.
Kalonzo Musyoka further argued that the transaction should have been subjected to competition-law scrutiny, describing it as a substantive merger rather than a simple financial transaction.
The remarks also referenced earlier conservatory orders issued by the High Court and a subsequent Court of Appeal decision that lifted those orders on June 26, 2026. The speaker maintained that the Court of Appeal had not determined the substantive constitutional questions surrounding the sale.
H E Stephen Kalonzo Musyoka described the ruling as a significant development in the dispute over government ownership of transaction records.
The opposition leaders also said that president William Ruto is a one term president