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Safaricom Stock Rallies Despite Political Storm Over Data Surveillance Allegations

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.

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.”

Also Read: Safaricom Shares Dip Slightly Ahead of Planned Government Stake Sale

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.

Safaricom Stock Rallies Despite Political Storm Over Data Surveillance Allegations
Data set snapshot of Safaricom stock performance at NSE as of June 12, 2025
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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