The Lower Eastern Times Opening The Third Eye
Wiper Party leader Stephen Kalonzo Musyoka has lauded the High Court’s landmark decision declaring the multi-billion shilling sale of a 15 percent government stake in Safaricom PLC unconstitutional, hailing the verdict as a historic triumph for the public.
Addressing a press conference at the SKM Centre on Wednesday, Kalonzo—who served as the lead counsel for the petitioners challenging the transaction—announced that a three-judge bench had completely quashed both the sale and its parliamentary approvals, ordering that the shares be restored to the state.
“The people have won. Safaricom is coming home,” Musyoka declared.
Flawed Valuation and Process
Kalonzo noted that the judgment effectively validated concerns raised regarding transparency, procurement of advisers, and public participation. He heavily criticized the government’s financial accounting of the transaction, pointing out that the state sold 6.01 billion shares at Sh34 each, netting Sh204.3 billion.
He added that an extra Sh40.2 billion taken as an advance against future dividends on the remaining state-held shares brought the total value stripped from public books to Sh244.5 billion.
“You cannot price what you refuse to value,” Kalonzo asserted, emphasizing that officials failed to transparently disclose the methodology behind the share pricing. Furthermore, he noted the court found the deal compromised intergenerational equity, national security, and competition laws.
Strategic National Asset
Arguing that Safaricom is far more than a standard commercial enterprise, Kalonzo underscored its irreplaceable role in Kenya’s telecommunications network and financial landscape—particularly through the M-Pesa ecosystem. He argued that such critical national infrastructure requires exceptional protective safeguards.
The former Vice President also took aim at the administration for rushing to finalize the deal after the Court of Appeal lifted conservatory orders, clarifying that the appellate court had never ruled on the underlying legality of the transaction itself.
Legal Battles and Political Horizon
While the state is expected to seek a legal stay and press forward with appeals, Kalonzo sternly warned any interested parties against trading or transferring the contested shares, cautioning that doing so would invite immediate contempt of court proceedings.
Expanding his remarks beyond the courtroom, Kalonzo tied the asset protection debate directly to the upcoming 2027 General Election, urging citizens to safeguard national resources and register as voters.
“The courts have given us a reprieve, but only the ballot can give us a remedy,” he said.
What aspects of this developing legal story would you like to explore further, such as the government’s impending appeal or the economic implications for Safaricom?
