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Let market logic prevail in Safaricom stake sale
National Treasury CS John Mbadi (left) and PS Chris Kiptoo before a joint committee on the proposed partial divestiture in Safaricom at Glee Hotel in Nairobi on January 13, 2026.
The government's plan to divest 15 percent of its stake in Safaricom has ignited fierce debate. After reviewing submissions from the Institute of Public Accountants of Kenya, the Capital Markets Authority (NSE), and the Nairobi Securities Exchange(NSE), alongside Finance Cabinet Secretary John Mbadi's memorandum, a clear divide emerges between accounting orthodoxy and market realism.
Both the CMA and NSE have endorsed the transaction, while Institute of Certified Public Accountants of Kenya (ICPAK) raises four objections.
