Standard Chartered Bank Kenya has given Nakumatt Investments Limited 30 days to settle more than Sh1.9 billion in outstanding loans, failing which the lender says it will appoint a receiver to collect rental income from four properties linked to the collapsed retail chain.
In a statutory notice, the bank stated that its power to appoint a receiver had arisen over income collected from properties including Land Reference Number MN/I/9626 in Mombasa, Nakuru Municipality Block 9/47, and two parcels in Nairobi, LR 209/4063 and LR 409/4058. The notice was issued under section 92 of the Land Act, 2012, and gave 30 days from the date of service for the receiver to be appointed unless the debt is cleared.
The combined dollar denominated facilities amount to about $7.33 million, pushing the total outstanding exposure to more than Sh1.9 billion at current exchange rates, excluding further accruing charges. As of June 22, 2026, the bank said Nakumatt owed $335,525.83 on an overdraft facility, alongside a term loan of roughly $6.99 million and about Sh967 million under an import invoice finance facility, according to earlier notices.
The action follows a March 2026 demand that had given Nakumatt 90 days to rectify its default or face enforcement of the bank’s security, with the latest notice indicating the debt has continued to accumulate since then. The properties in question were pledged as collateral by Nakumatt Investments Limited to secure credit facilities extended to Nakumatt Holdings between 2011 and 2012, at the height of the retailer’s regional expansion.
Nakumatt was once East Africa’s largest supermarket chain, at one point running more than 60 stores across Kenya, Uganda, Tanzania and Rwanda. The chain collapsed after years of cash shortages, unpaid suppliers, delayed salaries and failed restructuring attempts. Its total liabilities to banks, suppliers, landlords and other creditors have previously been estimated at between Sh30 billion and Sh40 billion, with Standard Chartered among several banks including KCB, Diamond Trust Bank and Bank of Africa that extended secured loans against Nakumatt-linked properties.
Standard Chartered’s latest notice reflects the continued pursuit of secured creditors to recover funds from assets tied to Nakumatt and its directors years after the retailer’s operations effectively wound down.
