The National Assembly has resumed public hearings on the proposed sale of a 15% stake in Safaricom PLC, a move that has sparked intense debate among Kenyans. The government plans to offload approximately 6.01 billion shares, reducing its ownership to 20%. The proposed price is KSh34 per share, expected to generate gross proceeds of about KSh204 billion.
The funds are earmarked for supporting infrastructure projects, mainly through the National Infrastructure Fund. However, concerns have been raised about the transparency of the process, valuation, and potential foreign control. Kiharu MP Ndindi Nyoro has warned that the deal could short-change taxpayers by as much as KSh150 billion, urging the government to consider open bidding to maximize revenue.
Safaricom CEO Peter Ndegwa has assured that the deal will not affect the company’s operations, governance, or regulatory oversight. The Consumer Federation of Kenya (COFEK) has petitioned Parliament to halt the sale, citing constitutional concerns and lack of public participation. COFEK argues that the sale would compromise national security and public interest, given Safaricom’s critical role in Kenya’s digital infrastructure.
The hearings, which will run until February 14, 2026, are being conducted jointly by the Departmental Committee on Finance and National Planning and the Select Committee on Public Debt and Privatisation. The committees will review feedback from stakeholders, including investors, industry experts, and civil society organizations, before preparing a final report for debate in the House.
The National Assembly will then decide whether to approve, amend, or reject the sessional paper. The proposed sale has sparked intense debate, with some arguing it’s an opportunity to raise funds without increasing public debt, while others see it as a threat to national interests. As the hearings continue, Kenyans are watching closely, eager to see how their elected representatives will navigate this critical issue.
The outcome of this process will have far-reaching implications for Kenya’s economy, governance, and telecom sector. With Safaricom being a dominant player in the market, any changes in its ownership structure could impact the country’s digital landscape and economic stability.”
A critical juncture for kenya’s Telcom Giant
