18 March 2019

Kenya: Stalled Nock Headquarters to Be Auctioned

It seems the National Olympic Committee of Kenya (Nock) has been unable to rescue its stalled construction of its Sh1 billion headquarters, Nock Plaza at Upper Hill, Nairobi.

Sidian Bank, who were the main financier and had put in Sh 400million as the first instalment of the Sh 800 million package, have put the stalled building under the hammer on April 5.

In an advertisement in Daily Nation of March 18, Regent Auctioneers said: "Duly instructed by our clients, charges we shall sell the mentioned prime property by public auction on Friday April 5, 2019 at our Auction Marty New Kireita Building, Kirinyaga Road at 11am."

It had been estimated that the Nock Plaza would cost an estimated Sh 1.2 billion with Sidian Bank being the main financier with Sh 800million. The construction of the Nock headquarters started in 2014.

Nock would then take care of the remaining Sh 400million. Nock had not remitted part of their agreement.

In September last year, Nock had formed a Building and Property Committee headed by Kenya Volleyball Federation president Waithaka Kioni to try and rescue the building.

Several proposals had been made including the government's bail-out plan, but Nock acting Secretary General Francis Mutuku disclosed on Monday that prospective buyers didn't make good offers.

"We are still consulting and we should give a comprehensive statement by tomorrow regarding the matter," said Mutuku.

Nock treasurer Anthony Kariuki said that even though the government is willing to bail them out but it doesn't have the money.

"I government wants us to give them time but what Sidian want is their money and they don't care we get the cash from," said Kariuki, who had just met the Principal Secretary for Sports Kirimi Kaberia.

Nock executive will meet at their offices based at 2000 Plaza, Mombasa Road on Tuesday at 10am before addressing a press conference.

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