Fallen giant retailers, Nakumatt Investments properties are set to be sold off after the company defaulted on loans totalling KSh1.6 billion owed to Standard Chartered Bank Kenya.
In a public notice on March 5, following the High Court ruling in Nairobi, Judicial Review Application No. E249 of 2025, dated 10 November 2025, Standard Chartered Bank Kenya has confirmed that Nakumatt Investments Limited must clear its outstanding debt within 90 days.
If the debt is not cleared within the stipulated period, Standard Chartered will exercise its statutory power of sale under Section 90 of the Land Act.
“Nakumatt Investments Limited is required to regularise the default within ninety (90) days of the date of publication of this notice,” the bank stated.
Standard Chartered Bank Kenya confirmed that Nakumatt Investments Limited had defaulted on loans owed to Standard Chartered Bank Kenya Limited, covering both the Term Loan Facility and Import Invoice Finance.
“Nakumatt Investments Limited is in default of its obligation to pay the amounts secured by the charged properties when demanded,” the notice partly read.
Further, the bank confirmed that Nakumatt Investments Limited is in default on its obligations, owing to a total of approximately KSh1.6 billion, including KSh654,056,694.18 for the Term Loan Facility and KSh967,173,402.82 for the Import Invoice Finance facility.
“Standard Chartered Bank Kenya Limited hereby demands payment of the secured amounts,” the bank ordered.
Nakumatt Properties to be Auctioned by Standard Chartered
Standard Chartered Bank listed several properties charged as collateral across Mombasa, Nakuru, and Nairobi, more likely to be auctioned.
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From the notice, the bank confirmed that Nakumatt Investments Limited created the following charges as security for the payment of monies due from Nakumatt Holdings Limited to Standard Chartered Bank Kenya Limited:
- Charge dated 11th February 2011 over Land Reference Number MN/1/9626 Mombasa for KES 4,050,000 together with interest.
- Charge dated 11th February 2011 over Nakuru Municipality Block 9/47 for KES 20,000,000 plus interest, costs, expenses and charges.
- Charge dated 27th January 2012 over Land Reference Number 209/4063 for KES 39,200,000, together with interest.
- Charge dated 27th January 2012 over Land Reference Number 209/4058 for KES 29,300,000 together with interest.
“The amounts secured by the charges created over Land Reference Number MN/1/9626 Mombasa, Nakuru Municipality Block 9/47, Land Reference Number 209/4063 Nairobi and Land Reference Number 209/4058 Nairobi (the charged properties) are collectively referred to in this notice as the secured monies,” the statement read.
Also Read: Nakumatt Asks Former Employees to Collect Retirement Benefits
Who Owns Nakumatt Investments
Nakumatt Investments, the holding company behind the former Nakumatt supermarket chain, was primarily owned by the Atul Shah family, who held a majority stake (around 92%).
A minority stake (about 7.7%) was previously linked to Hotnet Ltd, associated with Harun Mwau, though he reportedly sold it around 2016.
Nakumatt collapsed into insolvency by late 2017 amid debts and failed merger talks with Tusky’s.
Atul Shah, born in 1961, is a renowned Kenyan businessman and the former Chief Executive Officer and Managing Director of Nakumatt Holdings, once East Africa’s largest retail chain.
Under his leadership, Nakumatt expanded across Kenya, Uganda, Tanzania, and Rwanda, growing to over 50 stores and generating annual revenues of more than $450 million at its peak.
Shah began his retail journey at his father’s small shop in Nakuru, where he worked as a shelf stocker and shop assistant.
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