Browsing: Privatisation

• Kenya’s parastatal set for privatisation, the National Oil Corporation of Kenya could face closure if the government does not inject new funding or get investors fast.
• The Corporation’s strategic plan expired in 2020, and Management has yet to develop another strategic plan to cover the current period.
• The corporation’s latest audited results for June 2023 show that it is running on a negative working capital position with its current liabilities outstripping current assets. 

National Oil Corporation will need to seek financial support, restructure its operations, or face bankruptcy after its debts exceed its assets by Sh9.1 billion ($70.96 million).

Kenya’s Auditor General Nancy Gathungu has warned that the firm is technically insolvent amidst the government’s push for a strategic investor to run the parastatal.

This means that the National Oil Corporation of Kenya could face closure if the government does not inject new funding or get investors fast.

The corporation’s …