COFEK petitions Parliament to block Safaricom sale
NAIROBI, Kenya, Jan 20 - The Consumer Federation of Kenya (COFEK) has petitioned the National Assembly to halt the government’s proposed sale of a 15 Kenya breaking news | Kenya news today |..
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The Consumer Federation of Kenya (COFEK) has petitioned the National Assembly to block the proposed sale of a 15 percent stake in Safaricom PLC to Vodafone Kenya, citing concerns over national economic sovereignty and lack of public scrutiny. This divestment would reduce the state’s shareholding to a minority 20 percent, consolidating majority control under Vodacom.
- The transaction involves 6.01 billion shares valued at approximately Ksh 244.5 billion, with shares being offered at Ksh 34 each.
- COFEK Secretary General Stephen Mutoro argues Safaricom’s M-Pesa dominance makes it a critical national asset, questioning the block sale to a foreign entity over local investors.
- The Kenya Bankers Association (KBA) proposed a modified deal, reserving 300.4 million shares for the Kenyan public, while Safaricom CEO Peter Ndegwa reassured lawmakers the sale is merely a "shareholder realignment."
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Petition and Opposition over Proposed 15% Safaricom Sale to Vodafone Kenya - January 2026
The Consumer Federation of Kenya (COFEK) has petitioned the National Assembly to block the proposed sale of a 15 percent stake in Safaricom PLC to Vodafone Kenya, citing concerns over national economic sovereignty. The divestment would reduce the state’s shareholding to a minority 20 percent. Kiharu MP Ndindi Nyoro has also strongly opposed the Treasury’s plan, arguing the restricted sale could cost taxpayers an estimated Sh150 billion. Nyoro advocates for an open tender process, stating the current deal violates the Public Finance Management Act. In response to the developments, Safaricom has assured Kenyans that its ownership and operations will remain unchanged despite the proposed share sale and that changes in shareholding will not affect its governance or regulatory oversight.
