Serious questions about financial accountability at Safaricom have been raised by investigative journalist Cyprian Nyakundi following claims from company insiders about a tight management circle involving Chief Executive Officer Peter Ndegwa, Board Chairman Adil Khawaja and Chief Finance Officer Dilip Pal.
According to the information shared, loyalty and personal interests appear to be carrying more weight than strict financial oversight, leaving shareholders to absorb the consequences of decisions made at the top.
The focus of the allegations is DigiFarm, a Safaricom platform launched to help farmers access services and work with insurance companies.
Insiders say the project has recorded losses of around KSh 4 billion. That figure stands out because DigiFarm was promoted as a practical tool for supporting Kenya’s agricultural sector, yet the reported shortfall now raises doubts about how the money was spent and what results were delivered.
Nyakundi states that he has been told of plans to treat these losses as bad debt. If that step goes ahead, the financial impact would shift onto Safaricom shareholders, including investors from South Africa who hold a large stake in the company.
In effect, those who made the decisions would avoid direct responsibility while ordinary shareholders carry the cost. Such a movehighlight the gap between management accountability and the interests of people who own shares in the firm.
Further claims centre on Dilip Pal’s position. Questions have been raised about his professional registration in Kenya, his employment authorisation and his continued role as chief finance officer.
Some insiders believe his close working relationship with CEO Peter Ndegwa has protected him from internal pressure, allowing him to remain in the job even as concerns circulate.
Board Chairman Adil Khawaja is also named. He is said to have backed Pal’s continued stay, a development that has prompted questions about how independent the board really is. In a company the size of Safaricom, the board is expected to keep senior management under proper financial watch.
When the chairman is accused of supporting an executive whose standing is under scrutiny, it becomes harder for shareholders to feel confident that checks and balances are working as they should.
These allegations arrive at a time when Safaricom remains one of the most closely followed companies on the Nairobi Securities Exchange. Any suggestion that billions in losses could be written off without clear answers is likely to keep attention on the leadership.
Nyakundi has since called for the company to publish a full financial record of DigiFarm, including what was invested, what was spent, what revenue came in and what liabilities remain.
He has also asked for the names of major contractors and the amounts paid to them, arguing that only transparent figures can settle the questions now in the open.
So far Safaricom has not issued a detailed public response to the specific claims about the KSh 4 billion losses or the concerns around the three senior figures.
Until that happens, the information rests on accounts from people inside the organisation. The issues raised go beyond one project.
They touch on how decisions are made, who is held responsible when money is lost, and whether the board is providing the independent oversight that shareholders expect. For a company that millions of Kenyans rely on every day, those questions will not disappear quietly.
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