Standard Chartered Bank Kenya has issued a 90-day statutory notice to Nakumatt Investments Limited signaling plans to auction four prime properties in a bid to recover a debt exceeding Sh2 billion.
The notice follows a ruling by the High Court of Kenya in Judicial Review Application No. E249 of 2025, delivered on November 10, 2025.
The court allowed the bank to serve the notice through substituted service after the directors of the defaulting entity could not be traced for personal service.
According to the notice, the liabilities arise from credit facilities extended to Nakumatt Holdings Limited, the once-dominant supermarket chain that collapsed several years ago.
Debt Breakdown
The bank says the outstanding amounts include:
-
USD 331,872.95 from an overdraft facility
-
USD 6,993,052.49 from a term loan facility
-
Sh967,173,402.82 from an import invoice finance facility
At current exchange rates, the total claim amounts to more than Sh2.1 billion.
Properties Targeted for Sale
The lender is seeking to recover the debt by exercising its statutory power of sale over four properties held as security by Nakumatt Investments Limited:
-
Mombasa – MN/I/9626, charged in February 2011
-
Nakuru Municipality – Block 9/47, charged in February 2011
-
Nairobi – LR No. 209/4063, charged in January 2012
-
Nairobi – LR No. 209/4058, charged in January 2012
90-Day Notice
https://x.com/MwangoCapital/status/2029421676937768992?s=20
Under Land Act (Kenya) Section 90, the borrower has 90 days from the date of publication of the notice to clear the arrears. Failure to do so will allow the bank to proceed with the public auction or private sale of the properties.
The latest move forms part of the prolonged financial fallout from the collapse of Nakumatt Holdings Limited in 2017. While the supermarket chain’s retail operations were placed under liquidation, lenders have continued pursuing recovery through assets held by related investment entities.
More Stories
‘Anyone Can Lead Kenya,’ Says #Olekina in Unity Appeal
Safaricom Upgrades #MyOneApp to Support Cross-Network and Roaming Access
Olekina Questions Sustainability of Kenya’s Expanding Foreign Missions