Public participation on the proposed divestiture of the government’s stake in Safaricom Plc is underway across all 30 counties, and early feedback shows broad acceptance of the plan, though residents are calling for clear safeguards to protect public interest.
The proposal includes the sale of 15% of Safaricom shares to Vodacom at Sh34 per share. The government currently owns 35 per cent of Safaricom valued at between Sh280 billion and Sh300 billion.
The consultations, which follow parliamentary hearings on the matter, revealed that many Kenyans appreciate the need for alternative funding mechanisms that avoid higher taxes or additional public debt.
Already public participations have been held in Counties such as Kitui, Nairobi and Nakuru and host of participants have observed that proceeds from the sale of part of the state’s shareholding could finance critical national projects, including infrastructure, housing, and social programmes, without increasing the financial burden on ordinary citizens.
The residents told the National Assembly’s Joint Committees on Finance and National Planning, and Privatisation and Public Debt, that Parliament must enact a law to ensure proceeds from the partial divestiture of 15 per cent government shareholding in Safaricom are ring-fenced and used strictly for their intended purpose.
They also stressed that the sale must not compromise local control of Safaricom, lead to job losses, raise consumer costs, or expose the company to undue foreign influence.
Supporters of the divestiture framed it as a strategic recalibration of state assets. Many highlighted the scale of the national debt and the need for innovative financing solutions.
Others noted that selling part of the shares could bring in around Sh200 billion, which could be redirected to stalled projects, while avoiding heavier taxation or further borrowing.
Speaking during the consultations, Moro MP Kimani Kuria said the government is selling the shares to Vodafone, a long-standing partner with sector expertise, rather than an unfamiliar buyer.
He argued that the sale would help reduce debt inherited from previous administrations and accelerate infrastructure development.
“The government is only selling 15 percent, and the buyer is purchasing at Sh34 per share, compared to the current market rate of Sh28,” he said.
Residents expressed strong support for the move, often highlighting both the practical benefits and the broader impact on development.
Jerusha Muthoni, from New Mukuru Estate, said the funds should be used to deliver tangible development projects.
“I fully support the move 100 percent because the money will be for development,” she said, praising the government’s affordable housing initiatives.
Samson Kumenda, from Njiru Sub-County in Nairobi, welcomed the divestiture but stressed the importance of transparency.
He pointed out that the government had always envisioned selling the shares at some point.
“I support the move, but there needs to be transparency in the dealing. Before the government bought Safaricom shares, they had envisioned that they would sell them one day,” he said.
Other participants shared similar sentiments. Eddie Odongo, a resident of Bahati Constituency, said the sale was preferable to overtaxing citizens.
“This is a good move. The money will be used for development purposes,” he said, adding that the proceeds should be channeled responsibly.
John Maina, also from Bahati, emphasized that the funds should accelerate infrastructure development across the Country.
“I support the proposed sale of the government’s stake in Safaricom since it will help accelerate infrastructure development. Once the money is obtained, it should be used wisely,” he said.
Residents also highlighted local priorities and the symbolic impact of the funds.
Elizabeth Kosgei, from Rongai Constituency, jokingly urged the government to prioritize visible projects in local communities.
“Don’t forget us! Pesa ikitoka, construct roads for us as we pregnant women have been suffering and we will appreciate it,” she said.
Gideon Muthoka, from Kitui, echoed similar sentiments noting that the sale would reduce Kenya’s reliance on foreign loans while allowing stalled projects to be completed.
“The government is just selling what they own — you sell what is yours, and this is what they are doing,” he said.
Nicholas Musili underscored the financial logic of the move, saying it could help the government avoid excessive borrowing.
“Instead of borrowing and overtaxing Kenyans, let the government sell the shares,” he said.
More Stories
CoA overturns NG-CDF annulment, finds Senate input unnecessary
Kang’ata, Mutuma named among Most Impactful Men in Timely Kenya Index
Kakuzi Turns to Local Tea Sales to Cushion Against Export Risks