Kalonzo Condemns Government Over Safaricom Stake Sale, Vows Legal Challenge

 By Faith wanza 

Photo from left:Tony Gachoka, Kalonzo Musyoka,wiper party leader,Justin Muturi party leader PNU

Wiper Party leader Dr. Stephen Kalonzo Musyoka has criticised the government's decision to complete the sale of its 15 per cent stake in Safaricom PLC to Vodacom before the High Court delivers its judgment on a constitutional petition challenging the transaction.

Speaking during a press conference on Friday, Kalonzo accused the National Treasury of rushing the sale despite the substantive constitutional case having already been heard and awaiting determination by the High Court.

"We are deeply concerned that the National Treasury has proceeded to complete the sale of the Government's 15 per cent stake in Safaricom PLC to Vodacom while our substantive constitutional petition remains pending before the High Court," Kalonzo said.

He argued that although the Court of Appeal lifted conservatory orders on June 26, it did not rule on the legality of the transaction itself. According to him, the appellate court neither determined whether the public had been adequately consulted nor whether the shares were fairly valued.

"Let us be clear the Court of Appeal did not declare this transaction lawful. It did not determine whether Kenyans were properly consulted. It did not determine whether Safaricom was fairly valued," Kalonzo said.

Kalonzo maintained that the government should have waited for the High Court's ruling before disposing of what he described as one of Kenya's most strategic national assets.

"The Government must not be allowed to outrun the court process. The due process of the law ought to have been allowed to take its course to its proper legal conclusion," Kalonzo stated.

Describing Safaricom as the backbone of Kenya's digital economy, Kalonzo noted that the company's M-Pesa platform facilitates trillions of shillings in transactions annually while supporting businesses, public services and millions of citizens.

He further claimed that the government sold approximately six billion shares at KSh34 per share, reducing its ownership from 35 per cent to 20 per cent while handing Vodacom effective majority control of about 55 per cent.

Citing expert evidence presented before the court, Kalonzo said the shares were worth at least KSh57.90 each, arguing that the transaction may have cost taxpayers hundreds of billions of shillings.

"We maintain that this sale was undervalued, opaque, rushed and constitutionally suspect," Kalonzo said.

The former Vice President also questioned why the government proceeded with the sale just days before Safaricom's dividend payout, arguing that Kenya stood to lose approximately KSh16 billion in annual dividend income.

"Why not wait a few days for the dividend? Why not wait for the High Court ruling? Why the haste?" Kalonzo posed.

Kalonzo said the transaction raises serious concerns over transparency, accountability, valuation, sovereignty and adherence to the rule of law.

"This transaction raises grave questions of transparency, accountability, valuation, sovereignty and respect for the rule of law. It is clear that there is more to this matter than meets the eye," he said.

He maintained that the completion of the sale does not end the legal dispute and pledged to pursue every available constitutional and legal avenue to challenge the transaction.

"For that reason, we issue a clear caveat emptor: buyer beware. This matter is not closed simply because the transaction has been rushed through. The constitutional questions remain alive, the public-interest questions remain alive, the valuation questions remain alive and the accountability questions remain alive," Kalonzo said.

In his closing remarks, Kalonzo accused the Kenya Kwanza administration of failing to uphold accountability and called on 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 on August 10, 2027, we send a very clear message that a government lacking in accountability and focused on theft, corruption and conflict of interest cannot be tolerated by the people of Kenya," Kalonzo said.