NAIROBI, KENYA – Standard Chartered Bank Kenya has issued a final public notice to sell four high-value properties belonging to Nakumatt Investments Limited. The move aims to recover an outstanding debt portfolio exceeding Sh 1.9 billion ($14.3 million), marking a massive escalation in the liquidation aftermath of the collapsed retail giant.
The statutory notice, published on August 20, 2026, marks the end of a long-standing legal battle. It follows a crucial High Court judgment under Judicial Review Application E249 of 2025. Standard Chartered is now executing its statutory power of sale under Section 96 of the Land Act, 2012. The bank gave Nakumatt a final 40-day window before moving the prime real estate assets to the auction block.
The multi-billion shilling dispute stems from three distinct credit facilities that Nakumatt Investments Limited failed to service. According to banking records detailed in the recent public notice, the retail chain defaulted on both local currency and dollar-denominated accounts.
The financial breakdown of the default includes:Term Loan Facility: $6.99 million (approximately Sh 905.3 million). Import Invoice Finance Facility: Sh 967.17 million. Overdraft Facility: $335,525 (approximately Sh 43.4 million).
Standard Chartered issued an initial 90-day statutory demand notice in March 2026. Because Nakumatt Investments Limited failed to clear the amount or present a viable restructuring plan, the lender escalated the recovery process to a forced asset disposal.
The properties listed for statutory sale comprise heavily contested commercial assets located across Kenya’s major economic hubs: Nairobi, Nakuru, and Mombasa. The bank originally used these assets to secure smaller historical loans dating back to 2011 and 2012, but accrued interest and compounding penalties have pushed the total liability to the current Sh 1.9 billion mark.
1. The Mombasa Prime Asset (LR No. MN/1/9626)
Located in a coastal commercial zone, this plot originally served as security for a Sh 4.05 million facility in early 2011. Today, its market evaluation has grown significantly, making it a key asset for the bank’s recovery pool.
2. The Nakuru Municipality Hub (Block 9/47)
Nakuru was the historic birthplace of Nakumatt Supermarkets. This specific municipality plot secured Sh 20 million plus legal costs in February 2011. Real estate experts expect high bidder interest due to its central location in Kenya’s newest city.
3. The Dual Nairobi Plots (LR No. 209/4063 & LR No. 209/4058)
These two interconnected land parcels in Nairobi secured a combined historical charge of Sh 68.5 million in January 2012. Because they sit in a highly developed commercial area, they represent the highest-valued targets in the impending auction block.
Standard Chartered Bank Kenya is not just waiting for the 40-day auction window to close. The lender is deploying a dual enforcement strategy to maximize cash recovery immediately.
First, the bank is appointing formal management receivers to take direct control of the four buildings. These receivers hold the legal authority to intercept all rental income paid by current commercial tenants. By diverting this cash flow directly to debt servicing, the bank secures immediate liquidity while preparing the paperwork for the public auction.
Second, if Nakumatt Investments fails to clear the entire Sh 1.9 billion portfolio within the 40-day statutory notice period, the appointed auctioneers will advertise the properties for public bidding.
At its peak, Nakumatt Holdings was East Africa’s undisputed retail king, operating over 60 outlets and employing thousands of workers across Kenya, Uganda, Rwanda, and Tanzania. The empire collapsed under a mountain of debt estimated between Sh 30 billion and Sh 40 billion, leading to formal liquidation proceedings.
