Embakasi East MP Babu Owino has strongly opposed the government’s decision to sell part of its stake in Safaricom, arguing that the move risks draining billions of shillings from the Kenyan economy and handing control of a critical national asset to foreign interests.

Speaking during an interview with a local TV station on the night of Wednesday, January 14, 2026, Owino said he fundamentally disagrees with the sale, insisting that a nation should never dispose of its most strategic and profitable assets, especially to foreign companies.

“It is quite unfortunate when it comes to selling Safaricom. I disagree with it, because if you ask me, a nation should never sell her important assets,” Owino said.

Loss of revenue

The ODM lawmaker noted that Safaricom is one of Kenya’s most valuable companies, generating close to Ksh300 billion annually, and warned that selling a 15 per cent stake to Vodacom, a South African firm, would see a significant portion of these earnings leave the country.

“We are selling this to Vodacom, a South African company. Safaricom is making close to Ksh300 billion annually. We are selling 15 per cent, but remember, there are also other foreign investors who have invested in Safaricom. Therefore, it means that close to 50 per cent of this Ksh300 billion will be leaving the country for foreign countries,” he stated.

Owino argued that if the government was intent on selling its shares, priority should have been given to local investors to ensure profits remain within Kenya.

“If we had sold Safaricom to a Kenyan, it would have been better because that money stays in the country,” he added.

Foreign control

Beyond capital outflows, the MP raised concerns about foreign control over the telecommunications giant, warning that external shareholders could influence key decisions affecting Kenyan workers.

“The foreigners have power over this company, so they can do anything with it. They have the power to fire employees. It means Kenyans can lose jobs,” Owino said.

He further cautioned that profit repatriation in foreign currency could put pressure on the shilling and destabilise the exchange rate.

“This money will also be sent to foreign countries in terms of dollars, so there will also be destabilisation in the exchange rate,” he warned.

Safaricom remains Kenya’s most profitable company and a critical pillar of the economy, powering mobile money services, digital payments, and connectivity across the country. The government’s plan to reduce its shareholding has sparked debate among politicians and economists, with supporters arguing it could raise revenue and attract investment, while critics fear loss of control and long-term economic consequences.