Opposition leaders led by Wiper Party leader Kalonzo Musyoka have welcomed the High Court decision nullifying the sale of a 15 per cent stake in Safaricom Plc, describing the ruling as a victory for Kenyans and the Constitution.
Speaking on Wednesday, Musyoka said the three-judge bench had declared the transaction unconstitutional, null and void, and ordered the shares to be restored to the Government on behalf of the people of Kenya.
He said the court had quashed the transaction, including the parliamentary approval, arguing that the process had failed to meet constitutional and legal requirements.
Musyoka alleged that there was inadequate public participation in the transaction, claiming that the Government had selected the buyer, negotiated the agreement and determined the price before consulting Kenyans.
He further alleged that the buyer was changed during the process without adequate disclosure to the public, while key transaction documents were concealed.
According to Musyoka, the transaction also involved the improper procurement of transaction advisers, contrary to requirements under the Public Procurement and Asset Disposal Act.
He said the Government sold 6.01 billion Safaricom shares, representing 15 per cent of the company, at Sh34 per share, translating to Sh204.3 billion.
Musyoka said the Treasury also received Sh40.2 billion as an advance against future dividends on the 20 per cent stake retained by the Government, bringing the total amount involved to Sh244.5 billion.
He questioned the valuation process used to determine the price of the shares, saying the Government had not disclosed the methodology used to arrive at the figure.
Musyoka described Safaricom as a strategic national asset because of its role in telecommunications, mobile money and the economy, noting that its services are used by millions of Kenyans.
He said the court had also raised concerns over the absence of a national security impact assessment in relation to the transfer of control of a strategic asset to a foreign entity.
The opposition leader said the court’s decision demonstrated the importance of constitutional safeguards in the management and disposal of public assets.
Musyoka cautioned against any attempt to transfer, encumber or exercise rights over the affected shares in defiance of the court’s decision, saying such action could attract legal consequences.
He thanked the petitioners, civil society organisations and Kenyans who participated in the legal challenge, describing the outcome as a victory for present and future generations.
Musyoka said the opposition would continue scrutinising transactions involving strategic national assets, citing the ongoing court matter concerning the Kenya Pipeline Company.
He also linked the issue to the 2027 General Election, urging Kenyans to register as voters and remain vigilant.
“On 10 August 2027, we will answer at the ballot box,” Musyoka said.
The opposition leaders accused the Government of mishandling public assets and vowed to continue challenging transactions they said were not conducted in accordance with the Constitution and existing laws.