Court cites public participation, security breaches in Safaricom stake sale nullification
In the full judgment, Judges F. Gikonyo, R.E. Aburili and T.W. Ouya also found that the Government erred in appointing KCB Investment Bank as the transaction’s lead adviser and that there was misrepresentation and concealment of information surrounding the deal.
The High Court in Kenya has ruled to nullify the government's sale of a 15 percent stake in Safaricom to Vodacom Group, citing a variety of issues including inadequate public participation, national security concerns and breaches of financial and equity principles. The court also criticized the government for appointing KCB Investment Bank as the transaction's lead adviser without proper justification.
Judge Lawrence Mugambi had earlier temporarily halted the transaction in March 2026 after being concerned about data sovereignty and constitutional issues. The government, however, intends to appeal the decision, claiming it adhered to proper procedure by involving the Cabinet and Parliament in the sale. Vodacom also plans to appeal the ruling and seek a temporary suspension of the transaction.
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