Nairobi gubernatorial aspirant Irungu Nyakera has called for strict oversight on how the government intends to apply funds from its planned sale of a 15 percent stake in Safaricom to Vodacom, saying past windfalls have not translated into lasting public benefit.
Nyakera issued his remarks on Friday through his official X account, noting that the commercial terms of the deal were not the main concern for Kenyans.
The proposed divestment has attracted renewed scrutiny because Safaricom remains one of the country’s most profitable institutions and a consistent source of revenue for the exchequer.
In previous administrations, decisions touching on major state assets have often triggered debates about transparency and the long-term economic impact, especially during periods marked by heightened political activity.
Nyakera explained that the sale to Vodacom, which already holds a controlling interest, appeared to be priced above the prevailing market value, a factor he described as standard for transactions involving strategic investors.
He argued, however, that Kenyans are more interested in whether the state intends to channel the money into development programmes rather than routine budget pressures.
In his statement, Nyakera cautioned that “major public windfalls disappear into routine spending with little meaningful impact,” attributing this trend to weak planning and political pressures around election cycles.
With the 2027 General Election drawing closer, he noted that fiscal decisions could increasingly reflect short-term priorities, heightening public concern about the effective use of proceeds.
Kenya has historically relied on revenue from high-performing state-linked entities to cushion gaps in the national budget.
Economists say such moves often spark public debate because they involve companies seen as foundational to the country’s digital economy and financial inclusion efforts.
Safaricom’s scale in mobile money, data services, and infrastructure makes any transaction involving its shares particularly sensitive.
Nyakera warned that disposing of part of the stake without a clear utilisation plan may undermine long-term economic objectives.
He said that doing so could leave the country with “no lasting benefit” if the funds are absorbed into politically driven expenditure.