The National Treasury is under siege. In a heated session that exposed the high-stakes poker game of state privatization, Members of Parliament have launched a blistering inquiry into the government’s plan to sell a strategic 15 percent stake in Safaricom to the Vodacom Group for KES 204 billion.

At the heart of the storm is a simple question: Why Vodacom, and why now? Treasury Principal Secretary Dr. Chris Kiptoo and Cabinet Secretary John Mbadi faced a barrage of questions from the Departmental Committee on Finance and National Planning, as lawmakers probed the opacity of a deal that will fundamentally alter the ownership structure of Kenya’s most profitable company.

The KES 3 Billion "Advisory" Bill

Perhaps the most explosive revelation to emerge from the inquiry is the cost of the sale itself. The government is set to spend a staggering KES 3.3 billion on "transaction advisors"—lawyers, accountants, and investment bankers hired to shepherd the deal through.

"Why are we paying billions to consultants when we have a fully staffed Treasury and an Attorney General?" demanded Chesumei MP Paul Biego. "This smells of a gravy train for the connected few."

• The Deal Structure: The sale involves 6 billion shares at KES 34 per share, a price the Treasury argues is a "premium" on the current market rate.
• Strategic Partner vs. Open Bid: MPs questioned why the sale was not subjected to a competitive open tender. The Treasury argues that selling to Vodacom (which already owns 35%) prevents "business disruption," but critics see it as a closed-door handshake.
• Sovereign Wealth: The proceeds are earmarked for the National Infrastructure Fund and a new Sovereign Wealth Fund, theoretically ring-fencing the cash from recurrent expenditure.

Selling the Family Silver?

The sale will reduce the government’s stake in Safaricom to just 20 percent, while Vodacom’s shareholding will swell to 55 percent. Critics, including Mumias East MP Peter Salasya, have vowed to vote against the deal, terming it "economic cowardice."

"You do not sell the cow that gives you milk just to buy a new fence," Salasya argued. "Safaricom is a national asset. Once it is gone, it is gone."

As the committee retreats to write its report, the Treasury finds itself in a precarious position: trying to raise quick cash for infrastructure while convincing a skeptical public that they aren't pawning the country's crown jewel for a song.