National Treasury Cabinet Secretary John Mbadi said the government expects to receive Sh204.3 billion from the sale of an additional 20 percent stake in Safaricom today (Friday, July 3), marking the conclusion of one of Kenya’s largest corporate transactions in recent years.
He noted that the government sold 6,009,814,200 ordinary shares to Vodacom, South Africa’s telecommunications group, at Sh34 per share. The move followed days after the Court of Appeal cleared the deal.
The acquisition raised Vodacom’s ownership in Safaricom PLC to 55 percent, making it the majority shareholder. At the same time, the government of Kenya kept a 20 percent stake in the Nairobi Securities Exchange-listed company.
The transaction was first announced in December 2025. Speaking on Citizen TV on Wednesday night, Mbadi said all legal requirements had been met and the transaction had been completed.
“We don’t have any legal hurdles now, and we have concluded the transaction. I’m very confident that on Friday, we will have the money in our accounts, that is over Sh200 billion,” he said.
Mbadi said the proceeds will be deposited into the National Infrastructure Fund, the same vehicle that received Sh103 billion from the Kenya Pipeline Company’s initial public offering.
He explained that the National Infrastructure Fund functions as a corporate investment vehicle, combining public seed capital with private sector financing to support large-scale, commercially viable infrastructure projects.
CS Mbadi added that the funds will go toward critical infrastructure, including roads, energy systems, water infrastructure, and airports, as part of the government’s long-term development agenda.
He rejected calls to deposit the money into the Consolidated Fund, arguing that such an approach would violate the law. The Consolidated Fund, he noted, serves as the main account where national government revenues flow and from which public spending is financed unless another arrangement applies by law.
Mbadi further said the government has put in place strict accountability measures to ensure the Safaricom proceeds remain properly managed and used strictly for their intended purpose. He added that the government will not spend any of the money until the fund’s board reaches full capacity.
“We have completed the interviews for independent board members, and we will make the announcement very soon,” he said.
He added that the board would be operational within two weeks, adding that the Governing Council, which oversees the fund, already operates.
The Governing Council chair will be the Treasury Cabinet Secretary, and it will include senior officials such as the Attorney General and the Governor of the Central Bank of Kenya, among others.
He added that the board of the National Infrastructure Fund will consist of the chief executive officer and four independent members.
When he announced the transaction, Mbadi described the sale as a strategic step that will unlock part of the value created by the government’s 25-year investment in Safaricom.
He said the government carried out the transaction lawfully and transparently, with approval from Parliament. He also said Kenya would remain Safaricom’s home even after Vodacom became the company’s majority shareholder.
