Safaricom has sought to calm public concerns over its ownership, assuring Kenyans that the company will remain firmly rooted in Kenya despite the government’s plan to sell part of its shareholding.
Appearing before a joint sitting of the Parliamentary Committees on Finance & National Planning and Public Debt & Privatisation, Safaricom Chief Executive Officer Peter Ndegwa said the proposed partial divestiture by the government will not affect the company’s operations, governance, or legal standing.
The session was held as lawmakers reviewed Sessional Paper No. 3 of 2025, which outlines the State’s intention to reduce its stake in the telecoms firm.
Ndegwa told MPs that Safaricom will continue to operate fully under Kenyan law, regardless of any changes in share ownership.
He emphasised that the company remains licensed, supervised and regulated by Kenyan institutions, including the Communications Authority of Kenya, the Central Bank of Kenya, the Capital Markets Authority and the Competition Authority of Kenya.
“It is important to state clearly that the proposed transaction does not alter Safaricom’s governance framework, regulatory oversight, or national jurisdiction,” Ndegwa said.
He added that Safaricom will remain listed on the Nairobi Securities Exchange and will continue to be subject to all local enforcement and compliance requirements. According to the CEO, there will be no changes to the company’s board, management structure or decision-making processes.
“There is no transfer of operational control, no dilution of regulatory authority, and no weakening of governance standards,” Safaricom said.
35 per cent govt stake
The government plans to sell part of its 35 per cent stake in Safaricom as part of broader efforts to raise funds for development projects without increasing public debt.
The proposed sale has sparked debate among Kenyans, given Safaricom’s position as the country’s most profitable company and a key pillar of the economy.
Ndegwa also addressed concerns about Vodacom’s role, clarifying that the South African firm is not a new investor. He described Vodacom as a long-standing strategic partner that has supported Safaricom’s growth over the years, including its recent expansion into Ethiopia.
“Vodacom is a strategic investor who is not a new or unfamiliar party to Safaricom,” he said.
Safaricom insists that any increase in Vodacom’s shareholding is aimed at strengthening long-term investment and does not signal a change in how the company is run.
The firm maintains that its Kenyan identity, regulatory oversight and governance standards will remain intact, even as the government adjusts its ownership position.
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