State-owned National Oil Corporation of Kenya (NOC) could be wound up by Kenya Commercial Bank over a Sh3.8 billion debt. A detailed analysis of NOC’s financial status shows that it has over-borrowed resulting in a Debt to Equity ratio of 8:1 (792 per cent). Its debt is currently standing at Sh11.71 billion against the equity of Sh1.41 billion as per the audited financials of 2018/19. Narok Sentator Ledama Olekina, claimed there was a plot by some cartels in the oil sector to sell off the Nairobi Oil Terminal owned by NOC. Out of the total number of 357,355 procured, 200,257 were supplied out of which 139,946 cylinders (70 per cent) of the total cylinders received were inspected.

Source: The Star October 02, 2020 00:56 UTC