Standard Chartered Bank Kenya has moved to sell four prime properties belonging to collapsed retailer Nakumatt Investments Limited as it seeks 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 and 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 (KSh43,442,806.15) under an overdraft facility, $6,993,052.49 (KSh905,378,868.90) under a term loan facility and KSh967,173,402.60 under an Import Invoice Finance Facility.
“By a demand for payment made pursuant to section 90 of the Land Act and published in the Standard Newspaper on 9 March 2026 and in the Kenya Gazette on 19th March 2026, we demanded payment from you of USD 255,209.37 in respect of the Overdraft Facility, USD 6,651,78860 for the Term Loan facility and Ksh 839,099,376.45 for the Import Invoice Finance Facility. You defaulted in making payment as required by that notice, and such default continues,” the bank said.
“In these circumstances, our power of sale has arisen and we hereby give you notice under section 96 of the Land Act of our intention to proceed to sell Land Reference Number MN/1/9626 Mombasa, Nakuru Municipality Block 9/47, Land Reference Number 209/4063 Nairobi and Land Reference Number 409/4058 Nairobi on the expiry of 40 days from the date of service of this notice to recover the sum of USD 335,525.83 in respect of the Overdraft Facility, USD 6,993,05249 for the Term Loan facility and Kshs 967,173,402.60 for the Import Invoice Finance Facility being the monies due from you to Standard Chartered Bank Kenya Limited as at 22 June 2026.”
Four Nakumatt Properties in Nairobi, Nakuru and Mombasa Face Sale
The four properties include assets in Nairobi, Nakuru and Mombasa, with the statutory recovery notices issued following a High Court judgment in Judicial Review Application E249 of 2025.
The properties were charged to Standard Chartered as security for facilities advanced to Nakumatt Holdings.
They include Land Reference Number MN/1/9626 in Mombasa, which secured a charge of KSh4.05 million together with interest.
The second property, Nakuru Municipality Block 9/47, secured a charge of KSh20 million, plus interest, costs, expenses and charges.
According to the notice, the other two properties are Land Reference Number 209/4063 in Nairobi, charged for KSh39.2 million together with interest, and Land Reference Number 209/4058 in Nairobi, charged for KSh29.3 million together with interest.
According to Standard Chartered, Nakumatt Investments created the charges as security for money Nakumatt Holdings owed.
The bank said it had previously issued a demand for payment under Section 90 of the Land Act, with the demand published in the Standard newspaper and the Kenya Gazette in March 2026.
Standard Chartered said Nakumatt failed to make the required payments within the period specified in the earlier notice and that the default had continued.
Also Read: The Billionaires of Kenya: Meet Atul Shah, Former Nakumatt CEO
Standard Chartered to Appoint Receiver
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.
The proposed receiver would collect income from 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.
Also Read: Imperial Bank Places Two Companies Under Receivership, Issues Notice to Creditors
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.
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