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Originally published by Kenyans
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July 31, 2025
10mo ago

State Agency Declared Insolvent After Controversial Private Deal

State Agency Declared Insolvent After Controversial Private Deal

A special audit is to be conducted on the corporation...

✨ Key Highlights

The National Oil Corporation (NOCK) has been declared technically insolvent by Kenya's Public Investments Committee on Commercial Affairs and Energy, following scrutiny over its financial mismanagement. This comes amidst rising debt and a controversial deal with a private fuel station chain, prompting a demand for a special audit.

  • NOCK's debt to creditors has reached a staggering Ksh7.4 billion.
  • Pokot South MP David Pkosing, who leads the committee, stated that NOCK is "no longer a going concern."
  • The Auditor-General has until August 14, 2025, to conduct a special audit into NOCK's dealings, particularly its partnership with the private energy company.

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