A fact-based review of claims linking President Ruto, Safaricom share sales, board appointments and Ethiopia expansion.

Fact-check: Ruto, Safaricom Share Sale Claims

NAIROBI — Claims linking President William Ruto, Safaricom Plc, and its shareholders have circulated widely in political debate.
However, the claims combine verifiable facts with political opinion and inference.

Accordingly, this article examines the assertions using public records, company filings and on-record statements.
Importantly, it does not allege wrongdoing.

Safaricom share sale and timing

Kenya sold 15 percent of Safaricom during the 2008 initial public offering.
At the time, the sale raised about KSh 51 billion ($320 million).

According to the prospectus filed with the Capital Markets Authority, the transaction is archived by the Nairobi Securities Exchange.

Later, in 2022, the government sold another 5 percent stake.
In that case, the shares were priced at KSh 15 each.

As a result, the sale raised KSh 48.5 billion ($305 million), according to the National Treasury.

Meanwhile, Safaricom entered Ethiopia after winning a telecoms licence in 2021.
The licence was awarded to a consortium led by Vodafone Group.

In total, the group committed more than $850 million in licence fees and rollout costs.
The figures appear in Safaricom investor filings and statements by the Ethiopian Communications Authority.

Crucially, Safaricom has said the Ethiopia project was funded through equity, loans and consortium contributions.
Therefore, it has not linked the investment to Kenya’s share sales.

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Nyoro’s valuation criticism

Separately, former Budget Committee chair Ndindi Nyoro criticised Safaricom’s valuation in parliament.

“There is no way the government can purport to sell Safaricom at less than Sh2.5 trillion ($15.6 billion) other than if there is self-interest,” Nyoro said.

The remarks are recorded in the National Assembly Hansard.

Nonetheless, Nyoro’s comments reflect political opinion.
To date, no report by the Auditor-General or EACC has concluded the state lost Sh2.2 trillion ($13.7 billion).

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Board appointment of Adil Khawaja

On governance, Safaricom appointed Adil Khawaja as a non-executive director in 2019.
Subsequently, he was elected chairman in January 2023.

According to Safaricom, the appointment followed shareholder approval.
The disclosures appear here.

In addition, Khawaja is a senior partner at Dentons Hamilton Harrison & Mathews.
The firm confirms this on its website here.

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Law firm links and family association

Regarding family links, Dentons HHM has confirmed that Nick Ruto, the President’s son, trained there as a pupil advocate.
Afterwards, he moved on to other professional engagements.

However, legal experts note that pupillage does not confer control over corporate clients.
Nor does it provide board authority.

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Vodafone ownership structure

By contrast, Safaricom’s ownership structure is clearly disclosed.

As of 2024:

• Vodafone Group holds 35 percent
• Government of Kenya holds 35 percent
• Public investors hold about 30 percent

These figures, published in Safaricom’s 2024 annual report, contradict claims of majority control.

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Ethiopia growth and profitability

Meanwhile, Safaricom Ethiopia has reported strong subscriber growth.
Even so, the unit remains loss-making.

According to the company, high capital costs and currency pressures persist.
The details appear in Safaricom financial results.

Similarly, analysts quoted by Reuters and Bloomberg describe Ethiopia as a long-term play.

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IEBC data assertion

Finally, Safaricom provides network services to the Independent Electoral and Boundaries Commission.
However, the IEBC says it controls its own electoral data.

The commission has outlined this position on its website here.

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Conclusion

Overall, public records show that Safaricom’s share sales followed set procedures.
Likewise, board appointments were disclosed and approved.

As such, claims of impropriety remain political assertions.
They are not supported by audit findings or court rulings.

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Vodacom is in talks to increase its stake in Safaricom, reshaping East Africa’s telecom landscape and deepening cross-border investment ties.

Vodacom’s Bid to Boost Safaricom Stake Adds Pressure on East Africa’s Telecom Market

Vodacom Group Ltd. is in talks to raise its stake in Safaricom Plc, marking a major shift in a telecom market moving toward consolidation. Cross‑border operators are racing to dominate mobile money and digital connectivity in East Africa. The South African carrier opened discussions to increase its holdings in the Nairobi‑listed company, according to Bloomberg.

The move signals growing investor confidence in Safaricom, even as Kenya’s macroeconomic conditions remain mixed. It also raises serious questions about the future ownership of one of East Africa’s most profitable telecom firms, central to the region’s digital economy.

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A Strategic Grab for East Africa’s Crown Jewel

Safaricom remains highly profitable, thanks in part to its dominant mobile-money service, M-Pesa. In its latest reported half-year earnings, Safaricom highlighted strong data revenue, a growing enterprise business, and healthy cash flows from M-Pesa — underscoring why Vodacom may want more control.

Meanwhile, Safaricom is rapidly expanding in Ethiopia. Its local subsidiary recently reported crossing 4.6 million active users, a sign that its ambition in East Africa’s second most populous country is gaining traction.

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Vodacom’s Regional Strategy

Vodacom already has a presence in South Africa, Tanzania, Mozambique, and the Democratic Republic of Congo. Increasing its Safaricom stake would give it better integration with a key partner in markets where they already work together on M-Pesa infrastructure.

The deal could also strengthen Vodacom’s positioning for next‑generation services — like AI‑driven apps, digital lending, cloud services, and cross-border payments. As some governments push for mobile-money interoperability, a tighter link with Safaricom could enable unified digital rails in East Africa.

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Regulatory and Ownership Implications in Kenya

Any deal will draw scrutiny from Kenya’s telecom and competition watchdogs: the Communications Authority of Kenya and the Competition Authority of Kenya. Safaricom has over 60% market share in Kenya, making this a sensitive transaction.

A larger Vodacom stake could raise concerns around pricing power, infrastructure-sharing, and dominance. Kenya’s National Treasury, which is a major Safaricom shareholder, will also likely weigh in on how this deal affects national control over a strategic telecom asset.

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Impact on Foreign Capital Flows

If the talks culminate in a deal, it could inject fresh liquidity into the Nairobi Securities Exchange, which has struggled with low foreign investor participation. A Safaricom‑driven transaction could be a big boost for the local market.

For global investors, Vodacom’s move may be a signal of confidence in Kenya’s telecom and digital services growth — even if broader economic challenges persist.

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Ripple Effects Across East Africa

A bigger Vodacom‑Safaricom tie-up could reshape competition in Tanzania and the DRC, where Vodacom also operates. With deeper integration, the two companies could scale mobile-money to cross-border corridors.

In Uganda and Rwanda, this could accelerate mobile‑money remittances and deepen financial integration as intra‑Africa trade grows.

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Ethiopia: The High-Value Wild Card

Ethiopia represents a huge opportunity for Safaricom and Vodacom. With a population of over 120 million and increasing openness to financial liberalization, Ethiopia is a strategic growth market.

If Ethiopia permits large-scale mobile-money platforms, Vodacom’s pursuit of Safaricom becomes even more significant — the valuation upside could be large if M-Pesa scales there.

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Looking Ahead

Vodacom’s bid to grow its stake in Safaricom adds a new dimension to the East African telecom space. Whether the deal goes through or stalls, it demonstrates how central Safaricom is to the region’s digital future.

If the talks succeed, the outcome could shape cross-border payment corridors, cloud infrastructure, and telecom consolidation — putting Nairobi, Addis Ababa, Dar es Salaam, Kampala, Kigali, and Kinshasa at the heart of a rapidly evolving tech network in East Africa.

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Safaricom wins CMA approval for a KSh40bn sustainability bond programme to fund green energy, digital expansion and social-impact projects.

Safaricom Wins Approval to Raise KSh40bn Through Green and Social Bonds

NAIROBI, Kenya —Safaricom PLC has secured approval from the Capital Markets Authority (CMA) to establish a KSh40 billion Medium Term Note (MTN) Programme, paving the way for the telco to issue green, social and sustainability-linked bonds in one of Kenya’s largest corporate fundraising plans this year.

The approval allows Safaricom to raise the funds in phases as it continues its shift from a mobile operator into a regional technology and digital-finance company. The programme gives the company room to issue up to KSh40 billion (USD 260 million) in bonds to institutional and retail investors.

Safaricom said proceeds from the green and social notes will fund projects that reduce emissions, expand digital connectivity and support community programmes — aligning the issuance with global sustainability-finance trends.

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What the Approval Allows

The CMA approval gives Safaricom flexibility to issue tranches over multiple years based on market conditions. The regulator has also directed the telco to comply with Kenya’s Sustainable Finance Guidelines, ensuring transparent reporting on environmental and social outcomes.

Safaricom said it will launch the first tranche soon and publish an Information Memorandum on its investor relations page.

“This programme is a significant step in our journey as a purpose-led technology company,” the company said. “It reinforces our commitment to not only growing our business but doing so in a way that positively impacts our environment and community.”

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Boost for Kenya’s Sustainable-Finance Market

The issuance is expected to strengthen Kenya’s fast-growing sustainable-finance landscape, which has recently seen strong uptake of corporate debt from issuers like EABL and Centum Real Estate.

Regional sustainable-finance champion FSD Africa has repeatedly highlighted Kenya’s improving transparency and maturing capital markets, positioning it as a rising ESG investment destination.

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Why Safaricom Needs the Funding

Safaricom is investing in several priority areas, including:

• Rolling out 5G and modernising its network
• Expanding solar and renewable-energy installations
• Scaling operations in Ethiopia
• Upgrading M-Pesa’s cloud-based payments infrastructure
• Deepening financial-inclusion initiatives across East Africa

The MTN structure provides access to long-term capital at potentially lower cost than bank borrowing, while attracting global ESG-focused investors.

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Understanding the Green, Social and Sustainability Notes

Under CMA rules:

• Green bonds support renewable-energy, energy-efficient or climate-resilience projects
• Social bonds fund digital learning, health initiatives, SME support and financial inclusion
• Sustainability bonds combine both categories

Safaricom — which has committed to reaching net-zero emissions by 2050 — expects strong interest from international asset managers seeking high-quality ESG instruments from Africa.

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Strong Investor Demand Expected

Analysts say Safaricom’s robust fundamentals and predictable cash flows make its MTN programme likely to be oversubscribed.

The company maintains a market capitalisation of KSh560 billion (USD 3.6 billion) on the Nairobi Securities Exchange.

“Safaricom meets the hallmarks of a successful sustainable-bond issuer — strong governance, transparency and credible ESG reporting,” said a Nairobi-based fixed-income strategist.

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How the MTN Structure Works

Under the CMA-approved programme:

• Safaricom may issue multiple tranches up to KSh40 billion
• Each tranche may have its own tenor and interest rate
• Funds must be ring-fenced for eligible green or social projects
• Annual impact reports must be published
• Independent auditors must verify performance
• CMA will monitor compliance

This mirrors MTN structures widely used globally to match financing needs with market conditions.

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Broader Impact on Kenya’s Capital Markets

Safaricom’s entry into sustainability-linked debt is expected to spur similar issuances by Kenyan banks, utilities and infrastructure firms. Kenya’s sovereign green-finance strategy has already set the stage for increased ESG-oriented capital inflows.

“This approval positions Kenya as East Africa’s emerging green-finance hub,” said a Nairobi analyst. “Safaricom’s participation significantly elevates the market.”

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Conclusion

Safaricom’s KSh40 billion MTN Programme marks a major milestone for the country’s corporate-debt market and its broader ESG ecosystem. With CMA approval, the telco can now issue sustainability-linked bonds funding renewable energy, digital systems and community initiatives — offering investors a strong gateway into East Africa’s expanding sustainable-finance market.