Cash-strapped Nock struggle to save billion-shilling office block
A model of the Sh1 billion National Olympic Committee of Kenya (Nock) Plaza. PHOTO | CHRIS OMOLLO |
What you need to know:
- It had been estimated that the Nock Plaza would cost an estimated Sh1.2 billion with Sidian Bank being the main financier with Sh800 million.
- Nock would then take care of the remaining Sh400million.
- The Olympic body has not remitted part of their agreement.
- Mutuku said auditing of Nock finances that include the building among other properties, is still on and that a final report will be out in a month’s time.
The National Olympic Committee of Kenya (Nock) has intensified operations to rescue the stalled construction of its Sh1 billion headquarters, Nock Plaza in Upper Hill, Nairobi.
Nock’s General Assembly last week mandated the body’s executive to beef up the Building and Property Committee with more members to hasten the process and give direction.
Reginald Okumu from the Kenya Swimming Federation, Kenya Taekwondo Federation President Alfred Sumba and Badminton Kenya’s Peter Muchiri, have been included in the committee that is headed by Kenya Volleyball Federation President Waithaka Kioni.
The committee also has Nock treasurer Anthony Kariuki and his deputy Paul Rwambo, Deputy Secretary General Francis Mutuku, as well as Nock executive committee members Mohammed Shoiab and Winnie Kamau.
Nock president Paul Tergat and secretary general Francis Paul are ex-officio members of the committee. Mutuku disclosed that the committee will advise the executive on the best way to revive the stalled project.
“While the executive will continue to engage all the parties involved in the Nock Plaza and Carnivore land that still has a case in court, the Building and Property Committee should pursue all possible ways in which the Nock Plaza can be financed either directly to completion or as a joint venture,” said Mutuku.
He said the committee now has two months to complete its work and file a report with the executive before it’s brought back to the General Assembly.
Mutuku explained that even though the construction of the stalled after Sidian Bank, who had put in Sh400 million discontinued, Nock has continued to incur expenses, an escalation cost they now want to explore ways of stopping.
“That is why we want the Building and Property Committee to try and bring together all parties including Nock, contractors and Sidian Bank so as to find an amicable solution and with the best interests of Nock,” said Mutuku.
It had been estimated that the Nock Plaza would cost an estimated Sh1.2 billion with Sidian Bank being the main financier with Sh800 million. Nock would then take care of the remaining Sh400million. The Olympic body has not remitted part of their agreement.
Mutuku said auditing of Nock finances that include the building among other properties, is still on and that a final report will be out in a month’s time.
