Sharp Daily
  • News
  • Business
  • Technology
  • Real Estate
  • Opinion
  • About Us
No Result
View All Result
Sharp Daily
  • News
  • Business
  • Technology
  • Real Estate
  • Opinion
  • About Us
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Money

StanChart Kenya gives Nakumatt 30 days to settle Sh1.9 Billion debt

Bank threatens to appoint a receiver over rental income from four properties linked to the collapsed retailer if the default is not cleared

Sharon Busuru by Sharon Busuru
September 8, 2026
in Money
Reading Time: 2 mins read

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.

RELATEDPOSTS

NCBA shares suspended for nine days as Nedbank takeover nears completion

October 21, 2026

QVSE Investment Scam: How Kenyans Lost Billions in Fake Trading Scheme

September 24, 2026

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.

Previous Post

KRA now cross checks your tax returns against eTIMS, customs and withholding data

Next Post

Meta launches Muse, a personal AI agent that acts on users’ behalf

Sharon Busuru

Sharon Busuru

Related Posts

Business

Why kenyan investors are pouring billions into government bonds

November 6, 2026
Money

Why companies release their financial results

November 5, 2026
Business

Kenyan banks push for green financing

November 4, 2026
Business

Quickmart IPO secures kSh 7.12 billion in global commitments

October 30, 2026
Business

Kenya’s inflation rises to 6.8% as cost of living pressures persist

October 29, 2026
Business

CBK maintains central bank rate at 8.75% amid rising inflation pressures

October 28, 2026

LATEST STORIES

The Growing Appeal of Government Bonds

November 6, 2026

US Midterms, Israel’s Political Shift and the Iran War: What Lies Ahead for Global Markets?

November 6, 2026

How working past state pension age affects your pension

November 6, 2026

Why kenyan investors are pouring billions into government bonds

November 6, 2026

Kenya’s crypto market hits kSh740 billion as digital dollar demand grows

November 5, 2026

Firms Raise Prices to Protect Profits Amid Inflation

November 5, 2026

Why companies release their financial results

November 5, 2026

How Businesses Protect Profitability Amid Rising Costs

November 5, 2026
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • News
  • Business
  • Technology
  • Real Estate
  • Opinion
  • About Us

Sharp Daily © 2024