The National Bank of Kenya (NBK) has placed Nyakoe Hotel under receivership due to an insolvent debt of unknown size. Receivership is a legal procedure in which a court or a secured creditor designates a receiver to assume control of a business’s assets or operations due to the business’s failure to fulfill its financial commitments, typically debt repayments.
The lender appointed Kamal Anantroy Bhatt of accounting consultancy firm Anant Bhatt LLP as the receiver effective August 18, 2025. NBK served stakeholders with a notice informing them that the receiver shall direct all affairs and business of Nyakoe Hotel.
The hotel’s placement under receivership makes it the second hotel to be placed under receivership by NBK after Nairobi Upper Hill Hotel, which was placed under receivership on Tuesday over a KES 447 million debt, with Kamal Anantroy Bhatt as the receiver. The property located on Mawensi Road in Upper Hill is owned by Mr. Geoffrey Muotia.
In September 2014, Mr. Muotia was granted a term loan of KES 35 million, an overdraft of KES 10 million, and a commercial mortgage of KES 236 million, totaling KES 281 million exclusive of bank charges and interest.
NBK Non-Performing Loans
The receivership placements show the lender’s efforts to recover money from delinquents. As of December 2024, NBK’s gross loans and advances totaled KES 92.8 billion, 0.2% down from KES 93 billion in December 2023. Gross non-performing loans amounted to KES 30.8 billion, up 22.2% from KES 25.2 billion in December 2023.
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