By Bill Abuyeka,July 3,2026
Wazalendo Wenzangu,
We are deeply concerned that the National Treasury has proceeded to complete the sale of theGovernment’s 15% stake in Safaricom PLC to Vodacom, while our substantive constitutional petitionremains pending before the High Court.This transaction has been closed under a cloud of unresolved constitutional questions.The HighCourt had, on two separate occasions, found sufficient basis to issue conservatory orders stopping thesale, until the constitutional petition was heard and determined. That petition has already been heard,and the High Court is expected to pronounce itself within the next two weeks.It is therefore deeply troubling that, almost immediately after the Court of Appeal lifted theconservatory orders on 26 June 2026, the Government moved with such speed to dispose of the veryasset that is the subject of the pending constitutional proceedings.
We respect the courts. But Kenyans are entitled to ask: if a matter is still pending before the High Court, and if the asset in dispute can be transferred before the hearing, what protection does constitutional litigation truly offer the ordinary citizen?
Let us be clear: the Court of Appeal did not declare this transaction lawful. It did not determinwhether 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. The Court of Appeal only dealt with the question of conservatory orders.
The Government must not be allowed to outrun the court process. The due process of the law oughtto have been allowed to take its course to its proper legal conclusion. This is a matter of great public interest because public wealth belongs to the people of Kenya – not to temporary office holders, Treasury mandarins, private interests or foreign corporations.
This is not an ordinary share sale. Safaricom is not just another company. It is the backbone of Kenya’s digital economy. M-Pesa moves trillions of shillings every year. Safaricom’s infrastructure supports payments, communications, businesses, public services, sensitive data and the daily lives of millions of Kenyans.
Kenyans are therefore entitled to ask a simple question: why was the Government in such a hurry to sell a highly profitable and strategic national asset before the High Court could pronounce itself? The Government has sold approximately 6 billion shares at KES 34 per share, reducing its ownership from 35% to 20% and giving Vodacom effective majority control at about 55%. We maintain that this
sale was undervalued, opaque, rushed and constitutionally suspect.
Expert evidence placed before the court indicated that the fair value of the shares was at the very least, approximately KES 57.90 per share. 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.
There is also the dividend question. At Safaricom’s latest total dividend level of about KES 1.20 per share, the Government’s former 35% economic interest represented roughly KES 16 billion in annual dividend income. With a dividend payout very imminent – in just a few days – Kenyans deserve an explanation as to why the Government chose to surrender 16 billion shillings so casually. Why not wait a few days for the dividend? Why not wait for the High Court ruling? Why the haste?
Why give up billions in future annual public income, year after year, for a one-off upfront payment for dividends equivalent to only about 2 years of annual dividends. Why rush to give up a strong long-term income stream for a short-term cash receipt?
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. 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.
We respect the courts and we will await the High Court’s determination of the matter. And we also reserve every legal, constitutional and public-interest avenue available, to challenge this transaction and to protect the wealth of the Kenyan people.
Safaricom was built by Kenyans. It grew from the trust, loyalty and daily economic activity of Kenyans and its value must not be traded away in haste, behind closed doors, and without full accountability to the public. Aside from this Safaricom issue which amounts to economic abduction,- it must now be very clear in the minds of all Kenyan who love this Nation that there are many things being done by this Government that are against the interests of the Kenyan people. The levels of impunity, conflict of interest and outright theft in this Government have reached an unacceptable level and it is simply abhorrent.
I am calling on all Kenyans who love this country to unite, register to vote and ensure that in August 10, 2027, we send a very clear message to economic abductor – in – chief William Ruto that a Government lacking in accountability and focused on theft, corruption and conflict of interest cannot be tolerated by the people of Kenya.
Good bless and Komboa Kenya.
