Kalonzo Condemns Government Over Safaricom Stake Sale, Questions Timing Ahead of High Court Ruling

By Gedion Nzyoki -

NAIROBI, Kenya, July 3, 2026 — Wiper Front Patriotic Party leader Dr. Stephen Kalonzo Musyoka has accused the Government of undermining the judicial process by finalising 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.

Wiper Patriotic Front Party leader Kalonzo Musyoka addressing members of the media on Friday at SKM command Centre Nairobi. Photo: Kalonzo Musyoka (Facebook)

Speaking on Friday afternoon during a press briefing at the SKM Command Centre in Karen, the Wiper leader argued that the National Treasury acted with unusual haste despite the matter remaining active before the High Court, saying the move raises serious constitutional, legal and public interest concerns.

"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," he said.

Questions Over the Court Process

The former Vice President noted that although the Court of Appeal lifted conservatory orders blocking the transaction on June 26, the substantive constitutional petition challenging the sale has already been heard and is awaiting judgment.

He said the Government should have waited for the High Court's determination instead of completing the transaction while key constitutional questions remain unresolved.

"It is therefore deeply troubling that, almost immediately after the Court of Appeal lifted the conservatory orders, the Government moved with such speed to dispose of the very asset that is the subject of the pending constitutional proceedings," Kalonzo said.

While affirming his respect for the judiciary, Kalonzo questioned what constitutional litigation means for ordinary Kenyans if disputed public assets can be disposed of before courts issue their final decisions.

"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 said.

He emphasised that the Court of Appeal neither declared the transaction lawful nor determined whether there had been adequate public participation, a fair valuation of the shares, or compliance with the Constitution.

"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. It did not determine whether the Government can lawfully sell a strategic national asset merely to raise short-term revenue," he added.

Concerns Over Valuation and Public Wealth

The Wiper leader described Safaricom as one of Kenya's most strategic national assets, saying its role extends far beyond telecommunications through its M-Pesa platform, which underpins payments, commerce, communications and public services.

He questioned why the Government chose to dispose of a profitable State investment before the High Court issued its ruling.

According to Kalonzo, the Government sold about six billion shares at KES 34 per share, reducing its shareholding from 35 per cent to 20 per cent while handing Vodacom what he termed effective majority control of approximately 55 per cent.

He claimed the shares were sold below their fair market value, citing expert evidence presented in court that allegedly valued them at around KES 57.90 each.

"If M-Pesa is properly valued as a standalone fintech platform, the public value potentially lost runs into hundreds of billions of shillings. That is not a minor pricing dispute. It is a matter of our national wealth, public accountability and the safeguarding of Kenya's strategic interests," Kalonzo said.

Dividend Timing Questioned

The Wiper leader also questioned why the Treasury proceeded with the sale just days before Safaricom's expected dividend payment, arguing that the State stood to lose significant recurring income.

"With a dividend payout very imminent—in just a few days—Kenyans deserve an explanation as to why the Government chose to surrender KES 16 billion so casually. Why not wait a few days for the dividend? Why not wait for the High Court ruling? Why the haste?" he asked.

He argued that the Government had traded a reliable long-term revenue stream for what he described as a short-term financial gain.

Legal Challenge Still on the Table

Kalonzo insisted that the transaction does not bring the matter to an end, maintaining that the constitutional and public interest questions surrounding the sale remain unresolved.

"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. The accountability questions remain alive."

He said his team would await the High Court's judgment while pursuing every available legal and constitutional avenue to challenge the transaction if necessary.

"We respect the courts, and we will await the High Court's determination of the matter. We also reserve every legal, constitutional and public-interest avenue available to challenge this transaction and to protect the wealth of the Kenyan people," the Wiper leader said.

Broadside Against the Kenya Kwanza Administration

Beyond the Safaricom sale, Kalonzo accused the Kenya Kwanza administration of pursuing policies that he said undermine public interest and accountability.

He described the transaction as "economic abduction" and alleged that the Government had become synonymous with impunity, conflict of interest and corruption.

Calling on Kenyans to prepare for the next General Election, Kalonzo urged citizens to register as voters and use the ballot to hold the current administration accountable.

"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 to the economic abductor-in-chief, William Ruto, that a Government lacking accountability and focused on theft, corruption and conflict of interest cannot be tolerated by the people of Kenya," he said.