Two of Kenya’s most prominent macadamia tycoons, billionaire businessman Peter Munga and former Thika MP Patrick Wainaina, are in deep financial turmoil as auctioneers move in to recover unpaid debts linked to their nut processing empires.
Munga, the majority owner of Equatorial Nut Processors, is at risk of losing 75 million Britam shares that he pledged as collateral for a Ksh 433.8 million loan from ABC Bank. His bid to stop the sale of the shares was recently rejected by the High Court, clearing the way for their disposal. The shares, currently valued at Ksh 544.5 million, could soon be liquidated to settle his debt.
This is not Munga’s first brush with financial distress. In 2017, he narrowly avoided the auction of five prime properties in Nairobi worth Ksh 400 million after reaching a last-minute settlement.
Wainaina, the owner of Jungle Macs EPZ, is also battling financial woes, with two of his properties in Thika, spanning 4.39 acres, facing auction over an undisclosed debt owed to Stanbic Bank.
Both tycoons, who once dominated Kenya’s lucrative macadamia industry, expanded their business interests into real estate, energy, and manufacturing. However, a perfect storm of economic pressures has shaken their business empires.
Macadamia Industry in Crisis
Kenyan macadamia processors have been struggling due to increased competition from Chinese buyers, weak international demand, and fluctuating prices. The situation worsened after the government temporarily lifted a ban on raw nut exports, leading to a glut that crashed farm-gate prices and disrupted supply chains for local processors.
As a result, many macadamia firms, including those owned by Munga and Wainaina, are struggling to secure raw nuts and remain financially afloat. The industry downturn has left them exposed to mounting debts and aggressive auctioneers seeking to recover loans.
With the auctioneers closing in, it remains to be seen whether the once-mighty macadamia tycoons can salvage their businesses—or face financial ruin.
