Kenya: Court Cites Public Participation, Security Breaches in Safaricom Stake Sale Nullification
Finance Minister John Mbadi said the National Treasury will challenge a ruling that voided the $1.6 billion sale and returned the stake to the government.
- On Wednesday, Finance Minister John Mbadi announced that Kenya will appeal a High Court ruling ordering the cancellation of a 15% stake sale in Safaricom to South Africa's Vodacom.
- Completed in June, the $1.6 billion deal was part of Kenyan President William Ruto's efforts to bolster public finances, as East Africa's economy faces debt repayments absorbing 40% of government revenue.
- On Tuesday, Kenya's High Court ordered the 15% stake returned to the government, ruling the sale did not 'adequately involve the public' and involved 'concealment of material information.'
- Mbadi expressed confidence the transaction followed the law, stating, 'We intend to make that case fully on appeal. The National Treasury will pursue this appeal vigorously.'
- Vodacom also confirmed plans to appeal the High Court judgment, while Safaricom indicated it is currently reviewing the legal decision and its implications.
11 Articles
11 Articles
Kenya: Court Cites Public Participation, Security Breaches in Safaricom Stake Sale Nullification
Nairobi -- The High Court has cited flawed public participation, national security concerns as well as breaches of public finance and equity principles among the reasons for nullifying the Kenyan Government's sale of its 15 percent stake in Safaricom to South Africa's Vodacom Group.
On 15 September 2026, the High Court of Kenya cancelled the transfer by the state of 15 per cent of Safaricom to Vodacom, depriving the government of a source of financing for its infrastructure programme. The operation, estimated at about S204.3 billion (almost $1.6 billion), was to provide a national infrastructure fund and a...
Kenya continues chaotic record of bungling telecoms deals
from MARIA MACHARIA in Nairobi, Kenya Kenya Bureau NAIROBI, (CAJ News) – The controversy around the transaction between Kenya and the Vodacom Group, culminating in the company assuming majority control of Safaricom, reveals a recurring, troubled track record of the government’s handling of large telecommunications deals. It is a poor streak of unpredictable management, where […] The post Kenya continues chaotic record of bungling telecoms deals …
Kenyan High Court rules to unwind Vodacom’s Safaricom takeover
Just months after celebrating taking control of Safaricom as a ‘defining moment’, Vodafone’s African arm now faces prospect of enforced €1.4bn deal unwind. From Midrand to London, execs must now confront complex balance-sheet unravelling and regulatory exposure.
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