Standard Chartered moves to sell four Nakumatt properties over KSh1.9 billion debt

Standard Chartered Bank Kenya has moved to sell four prime properties belonging to collapsed retailer Nakumatt Investments Limited. The bank is seeking to recover more than KSh1.9 billion owed by Nakumatt Holdings Limited.

In a notice issued on Thursday, August 20, the lender said the retailer, which collapsed in 2020 after restructuring efforts failed, failed to meet its repayment obligations. It is now proceeding with the sale of the properties 40 days after service of the statutory notice issued under Section 96 of the Land Act, 2012.

The amount due as at June 22, 2026, includes $335,525.83 under an overdraft facility, $6,993,052.49 under a term loan facility and KSh967,173,402.60 under an Import Invoice Finance Facility.

The bank previously issued a demand for payment under Section 90 of the Land Act. That demand was published in the Standard newspaper on 9 March 2026 and in the Kenya Gazette on 19 March 2026.

Nakumatt defaulted in making the required payment and the default continues. In these circumstances the bank’s power of sale has arisen. It has given notice of its intention to sell the four properties on the expiry of 40 days from the date of service of the notice.

The four properties are located in Nairobi, Nakuru and Mombasa. They include Land Reference Number MN/1/9626 in Mombasa, Nakuru Municipality Block 9/47, Land Reference Number 209/4063 in Nairobi and Land Reference Number 209/4058 in Nairobi.

The properties were charged to Standard Chartered as security for facilities advanced to Nakumatt Holdings. Nakumatt Investments created the charges as security for money owed by Nakumatt Holdings.

Separately, Standard Chartered has issued a notice under Section 92 of the Land Act indicating its intention to appoint a receiver to collect income generated from the four properties. The bank said it would appoint the receiver 30 days after service of the notice if the debt remains unpaid.

Nakumatt was once among the largest supermarket chains in East Africa, operating outlets across Kenya and several neighbouring countries. The retailer experienced significant financial difficulties beginning in the late 2010s, leading to mounting debts owed to banks, landlords and suppliers.

Since the chain’s collapse, creditors have pursued various recovery measures involving assets connected to the company and its affiliates. The current process follows a High Court judgment in Judicial Review Application E249 of 2025.

The statutory recovery notices form the latest step in the bank’s efforts to recover the outstanding sums. The 40-day period from the date of service of the latest notice sets the timeline for the intended sale.