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Safaricom’s top executives have significantly increased their shareholding in the company, now jointly holding shares worth approximately Sh201.65 million.
Peter Ndegwa’s stake grows tenfold in two years
Safaricom CEO Peter Ndegwa increased his stake to 8.7 million shares in 2025, up from 6.2 million in 2024. This marks a 40% year-on-year increase, and a nearly tenfold jump from the 895,000 shares he held in 2023.
The additional 2.5 million shares acquired between 2024 and 2025 are valued at around Sh150.8 million, based on the average 2024 share price of Sh17.30.
In comparison, his 2024 shares were worth Sh107.4 million, while the 2023 stake was valued at just Sh15.5 million.
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CFO Dilip Pal’s shares rise 65% in one year
Safaricom’s Chief Financial Officer, Dilip Pal, also grew his stake substantially, raising his shareholding to 2.2 million shares in 2025 from 1.34 million the previous year.
The increase of 878,000 shares represents a 65% growth, taking the value of his holding from Sh23.4 million in 2024 to Sh38.6 million in 2025.
Combined, Ndegwa and Pal now hold 10.9 million Safaricom shares valued at Sh201.65 million.
Government eyes Sh149 billion from Safaricom stake sale
The Kenyan government, which currently owns a 34.9% stake in Safaricom valued at approximately Sh280 billion, is preparing to partially offload its shares as part of its renewed privatisation drive.
The plan is expected to raise over Sh149 billion and help the State generate non-tax revenue while avoiding the introduction of new taxes.
The last major offload of Safaricom shares by the government was in 2008, when a 25% stake raised Sh51.75 billion in a landmark IPO.
Breakdown of Safaricom’s shareholding structure
Safaricom’s major shareholders include:
Stellar Financial Performance in 2025:
Kenyan Government – 35%
Vodacom – 35% (partly acquired from Vodafone in 2017)
Vodafone – 5%
Free Float (Public Trading) – 25%
Safaricom recently made regional history by becoming the first East African company to surpass the $3 billion mark in annual revenue, reporting a turnover of Sh388.7 billion for the financial year ended March 31, 2025, an 11.2% year-on-year increase.