COFEK moves to stop Safaricom stake sale, warns of foreign control

COFEK has petitioned Parliament to stop the planned sale of a 15% Safaricom stake to Vodacom, warning it threatens Kenya’s economic sovereignty and M-Pesa’s strategic role...

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The Consumer Federation of Kenya (COFEK) has petitioned the National Assembly to stop the Kenyan government's proposed sale of a 15 per cent stake in Safaricom PLC, warning it could lead to foreign control of critical financial infrastructure.

COFEK argues the Sh244.5 billion sale of 6.01 billion shares to Vodafone Kenya would reduce the state’s shareholding from 35 per cent to 20 per cent, effectively giving Vodacom control of 55 per cent.
Stephen Mutoro, COFEK Secretary General, emphasized that Safaricom’s M-Pesa makes it a national security asset, questioning the deal's opacity and "foreign preference."
The petition also cited concerns over the undervaluation of shares and accused the Treasury of "asset stripping" without proper public participation, echoing previous objections from the Law Society of Kenya (LSK) regarding the 2023 Privatisation Act.

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