By Billy Mijungu
Safaricom, Kenya’s largest and most profitable company, holds the key to unlocking Kenya’s next phase of infrastructural transformation if only we reimagine its potential beyond annual dividends. With an enterprise value of KSh 1.39 trillion and an annual profit of KSh 43 billion, the telco has become a goldmine that continues to enrich shareholders, yet a significant portion of its value lies idle from a national development perspective.
The government currently holds a 35% stake in Safaricom, valued at approximately KSh 417 billion. That investment, while impressive on paper, does not directly translate into tangible benefits for ordinary Kenyans. If strategically restructured, selling this stake or most of it could transform Kenya’s infrastructure landscape. The government could still retain a small 5% strategic shareholding, valued at about KSh 70 billion, enough to safeguard national communication and security interests while continuing to collect taxes from Safaricom’s annual profits, which already amount to about 30% of the company’s taxable income.
The real prize, however, lies in what that KSh 417 billion could achieve if reinvested wisely. Imagine channeling that money into Konza Technopolis, Jomo Kenyatta International Airport (JKIA), and a High-Speed Electric Rail line linking the two to the Nairobi Central Business District. Such an express electric corridor would transform mobility, trade, and technology integration in ways Kenya has never witnessed before.
A new international airport extension, coupled with a rapid rail connection to the city, would make Konza the beating heart of innovation, Africa’s own Silicon Valley. The ripple effects would be monumental, the creation of new cities, jobs, and infrastructure worth over KSh 500 billion, possibly growing into a trillion-shilling economy within a few years as investors rush to secure space and opportunities in the surrounding counties.
Beyond that, the 417 billion could be used as a revolving sovereign infrastructure fund, an independent investment vehicle dedicated to financing strategic national projects. The fund could attract additional capital from development partners, private investors, and diaspora bonds, multiplying the impact of the initial sale proceeds and ensuring that the money is not spent once but reinvested repeatedly to deliver long-term transformation.
Kenya could also tie the investment to a National Innovation Corridor stretching from Konza through JKIA to Nairobi and connecting seamlessly with the proposed Mombasa Nairobi Superhighway and the SGR. This would create a smart, green economic belt powered by clean energy, data-driven technology, and efficient mobility, a model of sustainable growth for the continent.
To make this vision work, governance and planning must be airtight. Every shilling from the sale must be directed to productive investment, not recurrent spending. If managed transparently, the sale of Safaricom shares could finance a generation of growth and innovation, proof that strategic thinking, not more debt, can power Kenya’s next phase of development.
