Safaricom PLC shares rallied by 3.7% on Thursday morning, defying political headwinds after a section of Kenyan politicians publicly accused the telecoms of collaborating with security agencies to track and arrest citizens.
The company’s stock closed at a one-month high-Ksh.23.85 per share on the Nairobi Securities Exchange (NSE), recording a 5.5% gain over its previous closing price of Ksh.22.60.
The market response came just a day before Safaricom pronounced itself, rebuffing claims that it was involved in the arrest of the slain Albert Omondi Ojwang. In the statement dated June 11, 2025, CEO Dr. Peter Ndegwa expressed condolences to Ojwang’s family and dismissed the allegations as baseless and politically charged.
“At no point was there any contact between Safaricom and any security agency in investigating or arresting the late Albert,” said Ndegwa, adding that Safaricom only became aware of the arrest through media reports.
The statement also directly addressed remarks by Hon. Justin Muturi, describing his claims as “disturbing” and “unfounded.”
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Safaricom urged Kenyans to remain calm and not to fall prey to incitement, reiterating its commitment to data privacy and transparency.
Market Confidence
Despite the political heat, investors ran into a frenzy in Safaricom stock, with analysts attributing the surge to Safaricom’s swift and firm response, coupled with its long-standing reputation for corporate governance and data protection.
“Investors are reading this as a sign of strength and confidence from management,” said David Kiragu, a telecoms analyst at Horizon Capital. “Safaricom’s brand resilience and the ability to quickly respond to public concerns is reassuring to the market.”
Analysts suggest the stock’s upward movement also reflects optimism over the company’s diversified revenue streams, particularly its dominance in mobile money and digital services.
Data Governance and Corporate Trust
The incident has reignited national debate on digital surveillance, privacy, and corporate responsibility. With Safaricom at the center of Kenya’s data and communications infrastructure, its response is being viewed as a benchmark for corporate accountability in a highly politicized environment.
“We want to reassure all Kenyans that we have always been safe and secure in how we handle their data, and we will continue to do so now and in the future,” said Ndegwa.
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