The National Assembly has opened public participation on the government’s plan to sell a 15% stake in Safaricom PLC, a move expected to raise approximately Ksh 244.5 billion.
The proposal, contained in Sessional Paper No. 3 of 2025, has sparked debate, with some Kenyans raising concerns about the potential undervaluation of one of Kenya’s most profitable companies and questioning why the government is rushing to sell its Safaricom shares without public input.
In a notice dated December 8, 2025, the Departmental Committee on Finance and National Planning, together with the Public Debt and Privatization Committee, is now inviting Kenyans, including shareholders, customers, employees, regulators, and the general public, to submit memoranda before January 8, 2026.
“Now therefore, in compliance with Article 88(1)(b) of the Constitution, the Clerk of the National Assembly hereby invites the public and stakeholders, including shareholders, management, employees, customers, regulators and interested parties to submit memoranda on the Sessional Paper to the Departmental Committee on Finance and National Planning and the Public Debt and Privatization Committee,” read the notice.
National Assembly Opens Public Participation on Govt’s Safaricom Stake Sale
The government plans to sell 6 billion shares of Safaricom PLC, representing 15% of its ownership, while retaining a strategic 20% stake. This sale could bring in KSh 204.3 billion if the share price reaches KSh 34.
Additionally, Vodacom Group will pay KSh 40.2 billion upfront instead of future dividends. The Treasury argues that the partial divestment aims to mobilize non-tax revenue to fund critical infrastructure projects in sectors such as energy, roads, aerospace, water, and digital transformation.
Also Read: Safaricom Confirms Acquisition Plans of Govt’s Stake by Vodafone Worth Ksh 244.5 Billion
The government also states that this move will expand fiscal space, reduce reliance on debt, and enhance Safaricom’s competitiveness within a more market-driven ownership structure.
However, critics, including political leaders, have questioned whether the proposed KSh 34 share price reflects the company’s true value, given Safaricom’s market capitalization and historical performance.
Leaders Oppose Govt’s Plan to Sell its 15% Stake to Vodafone
Former Deputy President Rigathi Gachagua condemned the proposed sale during a church service at Christian Dominion Ministries in Kasarani, Nairobi, on December 7, 2025.
He framed it as part of a broader pattern in President Ruto’s administration of “selling everything that works” without public input, citing other assets such as Kenya Pipeline, Kenya Ports Authority, and airports as examples.
Gachagua echoed sentiments from Wiper leader Kalonzo Musyoka, who vowed legal action to block the deal.
“The country is being sold every day. Safaricom has been one of the greatest revenue generators for our country, about KSh 18 billion to KSh 20 billion every year. Now one share is sold for KSh 34, whereas the real value is KSh 70–80, so the country is losing around KSh 250 billion. It is like having a high-yielding cow at home. This cow provides milk for your children, but you sell it and have nothing to feed them. You eat the food, but you have no cow left to milk,” said the former Deputy President.
Kiharu lawmaker Ndindi Nyoro described the deal as a “reckless” undervaluation of Kenya’s “most prized asset,” accusing the government of incompetence and self-interest.
“The Government is underselling Safaricom & should reconsider. The valuation is grossly bad for Kenya. Safaricom shares were trading at Ksh 45 in 2021, valuing the company at Ksh 1.8T. Now, the government of Kenya is selling at Ksh 34 per share, with a valuation below Ksh 1.4T. A 24% discount from the 2021 valuation. Either there was self-interest or incompetence in negotiating for a better deal for Kenyans,” said Nyoro.
Also Read: Mbadi Explains How Govt Will Use KSh 244.5B from Sale of Safaricom Shares
Despite the concerns, the government maintains that it will retain significant influence after the transaction, including two board seats and oversight mechanisms to safeguard national interests.
Vodacom Group, the expected buyer, has committed to maintaining Kenyan leadership at the board level, supporting the Safaricom Foundation, and avoiding redundancies for at least three years.
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