Mbadi: Kibaki offloaded more Safaricom shares, and no one is talking about it
By Kenneth Mwenda, January 14, 2026National Treasury Cabinet Secretary John Mbadi has defended the government’s decision to sell a 15 per cent stake in Safaricom PLC to Vodacom, saying the move is in line with past divestments by previous governments.
Speaking before a joint committee of the National Assembly on Tuesday, January 13, 2026, Mbadi said the current offloading is only part of the government’s long-term strategy and that future administrations may take similar decisions.
“Fifteen per cent is what we are offloading now. That is what we are divesting at this moment. But a decision can be taken again in the future by this government or any other government,” Mbadi said.
He stressed that the sale is not unprecedented, citing previous divestments by the Moi and Kibaki governments.
“Probably the only government that didn’t offload shares in Safaricom was the Uhuru government. The Moi government offloaded shares in Safaricom. The Kibaki government offloaded even more, and no one talks about it,” Mbadi said.
He added that while critics claim the current government is constantly selling shares, previous governments also made similar moves, with the Kibaki administration being widely praised for its economic decisions.
Treasury moves Safaricom sale
The Treasury has begun the process of selling 6,009,814,200 shares, representing 15 per cent of Safaricom, at Ksh34 per share. The sale is expected to raise about Ksh204.3 billion, with total proceeds of KSh244.5 billion after including an upfront dividend monetisation component.
Upon completion, the government will retain a 20 per cent stake in the company, while Vodacom’s share will rise to 55 per cent, consolidating ownership previously split between the government and Vodafone.
Mbadi said the funds from the sale will support the proposed National Infrastructure Fund and the Sovereign Wealth Fund. He added that the transaction will also reduce dependence on public borrowing and help ease pressure on taxation.
“The move signals a shift towards alternative financing models at a time when fiscal space is shrinking and traditional sources of funding are increasingly constrained,” Mbadi said.
The Treasury highlighted safeguards built into the deal to protect public interest. These include retaining two government seats on Safaricom’s board, commitments on employment stability for a defined period, provisions on board leadership, and continued support for the Safaricom Foundation.
On the legal framework, Mbadi said the transaction is in line with the Privatisation Act, 2025, and Section 87A of the Public Finance Management Act.