Kalonzo, Wamalwa and Muturi Rally Behind Court Decision to Halt Safaricom Stake Sale.
BY FRIDE AMIANI
NAIROBI, September 16, 2026 Opposition leaders have welcomed the High Court’s decision to overturn the Government’s sale of a 15 per cent stake in Safaricom PLC, with Wiper Party leader Stephen Kalonzo Musyoka describing the judgment as an important victory in the effort to protect strategic national assets.
Kalonzo, who was the lead counsel representing the petitioners in the case, spoke during a media briefing in Nairobi where he praised the three-judge bench for nullifying the transaction and directing that the 15 per cent stake be returned to the Government.
He said the ruling went beyond the legal dispute and touched on questions of national ownership and sovereignty.
“The people have won. Safaricom is coming home. This is not merely a legal victory. It is a declaration that Kenya’s sovereignty is not for sale,” Kalonzo said.
The Wiper leader maintained that Safaricom holds a unique place in Kenya’s economy, given its contribution to telecommunications, financial services and the livelihoods of millions of citizens through services such as M-Pesa.
Kalonzo argued that the company should not be treated like an ordinary commercial asset because of its strategic importance to the country.
“Safaricom is a national institution, conceived in Kenya, built by Kenyans and sustained every single day by more than 30 million of our people who depend on it. Such an entity cannot be handed to an outside interest in the dark,” he said.
According to Kalonzo, the court’s decision effectively overturned the share transaction, Session Paper No. 3 of 2025 and the parliamentary approval connected to the sale.
He said the court had further directed that the 15 per cent stake be restored to the Government on behalf of Kenyan citizens.
Kalonzo provided details of the transaction, saying it involved approximately 6.01 billion Safaricom shares sold at KSh34 each. The value of the shares, he said, amounted to about KSh204.3 billion, while a further KSh40.2 billion had been received as an advance against future dividends.
“Let Kenyans hear the arithmetic plainly. On 30th June 2026, the Government sold 6.01 billion Safaricom shares, fifteen per cent of the company, at KSh34 per share KSh204.3 billion for the stake alone,” he said.
He also raised concerns over the valuation of the shares, questioning the process used to arrive at the KSh34 price.
Kalonzo claimed that the Government had not adequately explained the methodology used to establish the value of the stake, raising questions about the transparency of the transaction.
He further criticised the manner in which the sale was conducted, pointing to what he described as shortcomings in public participation, disclosure of information and the undertaking of relevant assessments.
“The Government chose the buyer, drafted the agreement, and fixed the price before pretending to consult the people. The buyer was switched without a word to Kenyans, information was concealed, and even the advisors were improperly procured,” Kalonzo said.
DAP-K party leader Eugene Wamalwa also welcomed the judgment, congratulating Kalonzo, the petitioners and Kenyans on the outcome.
Wamalwa said the decision was particularly important because of Safaricom’s extensive customer base and the millions of people who depend on its telecommunications and M-Pesa services.
“I would like to congratulate the people of Kenya for this victory. It is a victory not just for Kalonzo Musyoka and the petitioners, it is a victory for all Kenyans,” Wamalwa said.
He said the case had also demonstrated the Judiciary’s role in examining decisions made by other arms of Government.
Wamalwa described the Judiciary as an important constitutional institution capable of providing oversight when major Government decisions are challenged in court.
“And today we say thank you that the Judiciary remains our shield and defender, as our national anthem sings. This is not just the first case, and we will continue fighting for the people,” he said.
Wamalwa also questioned Parliament’s handling of the transaction, alleging that lawmakers approved the relevant Session Paper even though court proceedings had already begun.
He said opposition leaders would remain vigilant in monitoring Government economic decisions, particularly those involving State-owned enterprises and other strategic assets.
“We remain vigilant, and we are hopeful and happy that indeed our Judiciary remains our last line of defence. This is proof that indeed Kenya is a functioning democratic state,” Wamalwa said.
DP party leader Justin Muturi similarly backed the petitioners and congratulated the legal team led by Kalonzo.
“I want to associate myself with the sentiments expressed by my colleagues, and more particularly to congratulate the team led by His Excellency Kalonzo Musyoka in pushing a matter that indeed belongs to the people of Kenya,” Muturi said.
Muturi said the ruling was relevant not only to the current generation but also to future generations of Kenyans.
He added that opposition parties would continue examining Government economic policies and proposed transactions involving State-owned enterprises.
The opposition leaders’ statements came a day after the High Court delivered its September 15, 2026 ruling declaring the Safaricom share sale unconstitutional, null and void and ordering the restoration of the 15 per cent stake to the Government.
The Government is expected to challenge the ruling before the appellate courts, meaning the dispute over the Safaricom stake could continue through the judicial process.
The court decision has therefore opened a new chapter in the debate over the management, valuation and disposal of strategic State assets, while opposition leaders have vowed to maintain scrutiny of similar Government transactions.
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