Court Okays Auctioning of Ecobank Properties to Recover Sh254 Million Debt

The High Court has ordered the auction of movable assets belonging to Ecobank Kenya Limited in a bid to recover Sh284 million owed to the estate of former Cabinet minister Mbiyu Koinange.

In directions issued on September 19, 2025, the court registrar instructed Moran Auctioneers to proceed with the attachment and sale of the bank’s property after issuing a 15-day notice and conducting a public proclamation.

The auction seeks to enforce a decree granted in Succession Cause No. 527 of 1981, following a long-running dispute between the late minister’s estate and the lender.

The directive stems from a ruling delivered on June 26, 2025, by Justice Eric Kennedy Ogolla, who found Ecobank liable for irregularly permitting the withdrawal of funds from an account belonging to the estate.

The account, domiciled at Ecobank Towers in Nairobi, had been operated under the number 001005011762001.

Justice Ogolla ruled that the bank acted unlawfully and ordered it to reimburse Sh284 million, together with interest accruing from the date the deposit was made.

The estate had sued the lender in March 2024, demanding a full account of the missing money and the identities of those who benefited from the withdrawals.

The court’s latest directive now paves the way for the auction of the bank’s property if the debt remains unsettled.