Nakumatt and Creative Enterprises Given 90 Days to Settle Multi-Billion Shilling Debts

Standard Chartered Bank Kenya has issued a 90-day ultimatum to Nakumatt Investments Limited and Creative Enterprises Limited to settle multi-billion shilling debts or risk the sale of several high-value properties.

In a notice dated Thursday, March 5, 2026, Standard Chartered Bank announced statutory actions under Section 90 of the Land Act, following a High Court judgment dated November 10, 2025.

The move comes after Nakumatt Holdings Limited defaulted on its loans. Both Nakumatt Investments and Creative Enterprises had offered land as collateral for these multi-million and multi-billion shilling facilities.

“Nakumatt Investments Limited is required to rectify the default by paying the secured amounts. If Nakumatt Investments Limited has not paid the secured amounts within 90 days after the date of publication of this notice, Standard Chartered Bank Kenya Limited will proceed to exercise the remedies available to it under the charges and the Land Act including proceeding to sell the charged properties,” read part of the notice.

Standard Chartered Gives 90 Day Ultimatum to Nakumatt to Clear Debts

According to the bank, Nakumatt Holdings Limited owes across three main facilities:

Overdraft Facility: USD 332,000 (Ksh 43 million)
Term Loan: USD 8.99 million (Ksh 1.16 billion)
Import Invoice Finance: Ksh 967 million

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The total debt runs into billions of shillings, prompting the bank to enforce its rights over the collateralized assets.

Properties at Risk

Nakumatt Investments Limited faces the potential loss of four properties used as security for charges dating back to 2011 and 2012:

Land Reference Number MN/1/9626, Mombasa
Nakuru Municipality Block 9/47
Land Reference Number 209/4063, Nairobi
Land Reference Number 209/4058, Nairobi

Creative Enterprises Limited has been notified that its Nairobi property, Land Reference Number 209/4062, charged in February 2011 to secure Ksh 26.5 million plus interest, may also be sold if the debt is not cleared.

The notices follow the High Court Judicial Review Application No. E249 of 2025, which enables the bank to exercise remedies under the Land Act.

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Standard Chartered has stated that if the secured amounts are not paid within 90 days of the notice, it will proceed with property sales.

Nakumatt was once East Africa’s largest supermarket chain with over 60 stores across Kenya, Uganda, Rwanda, and Tanzania.

The Supermarket collapsed completely by 2020. The company filed for bankruptcy in late 2017 with debts totaling around Ksh38 billion. Creditors voted for liquidation in January 2020, marking the official end of the brand. Remaining stores were sold to rivals, mainly Naivas.

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