Wiper Party leader Kalonzo Musyoka has launched a blistering attack on the government over its plan to sell a 15 percent stake in Safaricom to Vodafone Kenya, warning that the transaction is opaque, undervalued, and potentially driven by corruption.
Speaking on Monday, December 8, the former Vice President accused the Kenya Kwanza administration of “disposing of a national jewel in broad daylight” without meaningful public involvement.
“Safaricom belongs to the people of Kenya, and it cannot just be auctioned,” Kalonzo declared.
He revealed that he has assembled a 100-member team of advocates ready to file a legal challenge to stop what he called “a dangerous and reckless sale.”
Kalonzo claimed the government is attempting to offload the shares at a suspiciously low price, saying the Ksh34 valuation per share points to collusion and kickbacks.
“If the Safaricom shares are sold under value, we all know there is a big cut. Somebody is about to steal big time,” he warned, insisting that the deal must be halted.
The Wiper leader argues that the sale violates fundamental principles of public participation, transparency, and accountability, accusing top officials of “treating Safaricom like their private kiosk.”
Safaricom announced on Thursday, December 4 that Vodafone Kenya intends to buy 6 billion ordinary shares, representing 15% of the telco, from the government.
Key figures in the transaction:
Sale price: Ksh34 per share
Total cash value: Ksh204.3 billion
Additional dividend compensation: Ksh40.2 billion
Total deal value: Ksh244.5 billion
If completed, Vodafone’s stake will rise from 39.9% to a controlling 55%, making it the majority and dominant shareholder.
The Kenyan state’s share will drop to 20%, with public investors retaining 25%.
Kiharu MP Ndindi Nyoro is among those who believe the government is underselling.
He reminded Kenyans that:
In 2021, Safaricom shares traded at an average of Ksh45
Safaricom’s value then stood at Ksh1.8 trillion — before expansion into Ethiopia
Today, the telco should be worth well above Ksh2.5 trillion
Nyoro argued that selling shares at Ksh34 is either
“economic incompetence or a conflict of interest benefiting the buyers.”
National Treasury CS John Mbadi dismissed the criticism, insisting that the price is fair and based on globally accepted valuation methods.
“The value of the shares is not equal to the value of the firm,” he said.
Mbadi explained that the price was set by averaging Safaricom’s market performance over six months, then adding a premium.
The CS also assured Kenyans that:
No staff jobs are at risk
Governance of the company will remain Kenyan-controlled
The CEO and Chairman will remain Kenyan
A majority of independent directors will be Kenyans
With Kalonzo vowing to “stop the nonsense,” and opposition leaders sharpening their legal tools, the Safaricom sale is poised to ignite a high-stakes national showdown.
The government insists the deal strengthens Kenya’s economic position.
Critics call it a sellout of a national treasure.
One thing is certain:
Safaricom’s 15% stake sale just became Kenya’s newest political earthquake — and the tremors are only beginning.
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