A wealthy businessman who once landed a lucrative road construction tender under former President Uhuru Kenyatta’s government is set to lose his prized assets to auctioneers.
The tycoon, who owns Nyoro Construction Company Limited, is staring at financial turmoil as several of his properties are set for sale on March 28.
Nyoro Construction Company was awarded a government contract in 2012 to build the 41-kilometer Gitugi-Njumbi-Mioro road. However, by 2018, the project had stalled, leading to a public warning from Uhuru Kenyatta, who expressed frustration over the delays. Seven years later, the company is struggling, and key assets are being put up for auction.
Among the properties facing the hammer is a massive commercial complex along Mombasa Road. The facility includes six large go-downs, a milling plant, a fuel shed, and a modern office block.
The property has access to electricity, water, and a county sewer system, making it a prime asset in Nairobi’s industrial hub.
Also up for auction are two four-storey residential buildings located in Nairobi’s South B estate. These properties, registered under L.R. NO. 209/12116/32 and L.R. NO. 209/12116/45, consist of spacious two-bedroom, three-bedroom, and four-bedroom apartments.
They are expected to attract real estate investors looking for prime rental income opportunities.
Phillips International Auctioneers has set the auction for 11 am at their offices in Kileleshwa, Nairobi. Interested bidders have been advised to attend with the required deposit amounts.
The downfall of Nyoro Construction Company is a dramatic twist for a firm that once handled government-funded projects. The auction serves as a stark reminder of how financial troubles can bring even the wealthiest businesses to their knees.
By Kenyans