Wiper Party leader Kalonzo Musyoka has criticised the government's sale of a 15 per cent stake in Safaricom PLC to Vodacom, describing the transaction as an "economic abduction" and raising concerns over transparency, valuation and constitutional compliance.
Speaking at a press briefing in Karen, he questioned the timing of the transaction, noting that it was concluded while a constitutional petition challenging the sale remains pending before the High Court.
"We are deeply concerned that the National Treasury has proceeded to complete the sale of the government's 15 per cent stake in Safaricom while our substantive constitutional petition remains pending before the High Court," Kalonzo said.
He argued that the High Court had previously issued conservatory orders halting the sale pending the hearing and determination of the case and questioned why the government moved swiftly to finalise the transaction after the Court of Appeal lifted the orders on June 26, 2026.
"The High Court is expected to pronounce itself within the next two weeks. One wonders why there was such a rush to conclude the sale before the court could issue its ruling," he stated.
Kalonzo described Safaricom as a strategic national asset whose influence extends beyond telecommunications, citing its central role in Kenya's digital economy through M-Pesa, communications infrastructure, payments systems and public services.
"Safaricom is not just another company. It is the backbone of Kenya's digital economy. Millions of Kenyans rely on its services every day," he said.
According to Kalonzo, the government sold approximately six billion shares at Sh34 per share, reducing its ownership in Safaricom from 35 per cent to 20 per cent and giving Vodacom an effective majority control of more than 55 per cent.
He claimed the shares were undervalued, saying expert evidence presented in court estimated their fair market value at about Sh57.90 per share.
"We maintain that this sale was undervalued, opaque, rushed and constitutionally suspect," he said.
The opposition leader also questioned the economic rationale behind disposing of a profitable public asset ahead of an imminent dividend payout.
He said the government's former 35 per cent stake generated an estimated Sh16 billion annually in dividends and asked why it would relinquish a stable long-term income stream for what he described as a short-term cash injection.
"Kenyans deserve an explanation as to why the government chose to surrender billions in future public income for a one-off payment equivalent to only a few years of dividend returns," Kalonzo said.
He maintained that the legal battle over the transaction was far from over and indicated that the petitioners were prepared to pursue the matter to the highest judicial levels if necessary.