“The People Have Won”: Kalonzo Musyoka Hails High Court Ruling Quashing Safaricom Share Sale

By Gedion Nzyoki -

Nairobi, Kenya | September 16, 2026 — Wiper Patriotic Front Party leader Dr. Kalonzo Musyoka has welcomed the High Court decision quashing the sale of a 15 per cent stake in Safaricom PLC, describing the judgment as a victory for Kenyans and a defence of the country’s sovereignty.

Wiper Patriotic Front Party leader Dr. Stephen Kalonzo Musyoka during a press briefing on Wednesday afternoon. Photo: Kalonzo Musyoka/Facebook

Speaking during a press briefing on Wednesday, September 16, 2026, at the SKM Command Centre in Karen, Nairobi, Kalonzo, who served as lead counsel in the constitutional petition challenging the transaction, said a three-judge bench of the High Court’s Constitutional and Human Rights Division had declared the sale unconstitutional, null and void.

“THE PEOPLE HAVE WON. SAFARICOM IS COMING HOME,” Kalonzo said.

High Court Quashes Safaricom Share Sale

Kalonzo said the court had quashed the transaction, Sessional Paper No. 3 of 2025 and the parliamentary approval relating to the sale.

The former Vice President further said the court had ordered the 15 per cent stake to be restored to the Government of Kenya on behalf of the Kenyan people.

“This is not merely a legal victory. It is a declaration that Kenya's sovereignty is not for sale,” he said.

Kalonzo Lists Reasons Behind Safaricom Sale Ruling

According to the Wiper leader, the court identified several shortcomings in the process leading to the sale of the Safaricom shares.

He said the court found that there had been no genuine public participation, alleging that the Government had selected the buyer, prepared the agreement and determined the price before seeking public views.

The Wiper boss also claimed that the buyer was changed from Vodacom to Vodafone without Kenyans being informed.

“The buyer was switched without a word to Kenyans. Cabinet and Parliament approved Vodacom. The Government then substituted Vodafone. Kenyans were never told,” Kalonzo said.

He further said the court found that transaction documents had not been properly disclosed and that advisers involved in the deal had been procured in breach of the Public Procurement and Assets Disposal Act.

Kalonzo Questions Safaricom Share Valuation

Kalonzo said the Government sold 6.01 billion Safaricom shares, representing 15 per cent of the company, at KSh34 per share on June 30, 2026.

According to his statement, the transaction amounted to KSh204.3 billion for the shares, while the National Treasury received a further KSh40.2 billion as an advance against future dividends on the 20 per cent stake retained by the Government.

This brought the total amount involved to KSh244.5 billion, according to Kalonzo.

He questioned the valuation process used to arrive at the sale price, saying the Government had not disclosed the method used to value the shares.

“You cannot price what you refuse to value,” he said.

Kalonzo also argued that the value of Safaricom, including the standalone value of its M-Pesa business, could have been significantly higher.

He noted, however, that the court did not determine what the actual value of the company should have been, saying the judges instead found the process leading to the transaction arbitrary.

Safaricom and M-Pesa Described as Strategic National Assets

The former Vice President also highlighted what he said were the court’s findings on the strategic importance of Safaricom and M-Pesa to Kenya.

He said the court found that transferring majority control of Safaricom to a foreign entity without a National Security Impact Assessment violated Article 238 of the Constitution.

“M-Pesa is not a mobile-money app to be traded like any other line item. It is the financial nervous system of this Republic,” he said.

Kalonzo further said the court found that the transaction had not been subjected to the Competition Act, arguing that the deal had effectively been treated as a financial transaction rather than a merger.

“In substance, this was a merger. In law, it is now nothing at all,” he said.

Kalonzo Questions Timing of Safaricom Sale

The former Vice President also criticised the Government’s decision to complete the transaction after the Court of Appeal lifted conservatory orders on June 26, 2026.

He said the High Court had twice issued orders stopping the sale while constitutional questions surrounding the transaction were being considered.

According to Kalonzo, the Court of Appeal’s decision was interim and procedural and did not determine whether the sale complied with constitutional requirements.

“Let this be understood: the Court of Appeal never declared this transaction lawful. It never ruled on public participation or fair valuation,” he said.

Court Declines Request to Halt Judgment

Kalonzo said the respondents had asked the High Court to allow the transaction to remain in place as they prepared a formal application for a stay of the judgment.“The Court declined,” he said.

He warned parties against attempting to trade, transfer or encumber the shares in defiance of the High Court judgment.

“I say again, now with the authority of the High Court behind me: caveat emptor. Whoever buys a public asset from a government acting outside the Constitution buys a quarrel, not a company,” Kalonzo said.

Kalonzo linked the Safaricom case to the broader question of the management of public assets and called on Kenyans to remain vigilant.

He argued that while a court judgment could overturn a transaction, it could not address what he described as the political appetite behind the sale.

“The courts have given us a reprieve but ONLY the ballot can give us a remedy,” he said.

Kalonzo urged Kenyans to register as voters and safeguard their voter cards, while warning that the Government would appeal the High Court decision