President William Ruto’s administration has taken a significant step by cancelling the government’s purchase of a 60% stake in Telkom Kenya, valued at slightly over Ksh.6 billion. This move, following a Cabinet meeting, aims to address governance challenges related to the nationalization of Telkom Kenya in the lead-up to the previous year’s General Election. In a notable development, the government is now demanding a refund of the entire amount paid for the acquisition from Jamhuri Holdings and Helios Investment Limited.

Former Treasury Cabinet Secretary Ukur Yatani’s revelations before a parliamentary committee further added to the complexity of the situation. Yatani disclosed that the government was the majority shareholder in the controversial buyout, contradicting claims that it had paid for but not received the shares from Helios Limited. This revelation has strengthened the government’s resolve to seek a refund.

This Cabinet decision not only aims to address governance challenges but also offers Telkom Kenya an opportunity to engage another strategic investor, subject to regulatory approvals. This move is expected to enhance Telkom Kenya’s operational capacity and competitiveness in the telecommunications market.

The Telkom Kenya buyout controversy, marked by Helios Investment Limited’s exit from the Kenyan market, underscores the government’s commitment to accountability and transparency in its dealings. President Ruto’s administration is setting a precedent for responsible governance and ethical business practices with this bold action.