Home » Kenyan tycoon Ahmed Hashi’s Hashi Energy set for auction over $35-million debt

Kenyan tycoon Ahmed Hashi’s Hashi Energy set for auction over $35-million debt

by Yusuf Abdulfatai
Ahmed Hashi

Hashi Energy, an integrated energy provider founded by Kenyan businessman Ahmed Hashi, is poised for auction as a result of a substantial debt totaling Ksh5 billion ($34.8 million) owed to Ecobank Transnational Incorporated (Ecobank).

The debt, owed to the pan-African banking conglomerate chaired by Kenyan banking executive Jeremy Awori has led to the decision to auction Hashi Energy’s properties in order to meet its financial obligations.

The auction, scheduled for Aug. 15, 2023, will encompass properties situated across key Kenyan cities, including Nairobi, Nakuru, Kisumu, Eldoret, and Mombasa. The process will be overseen by Dalali Traders, a reputable auction house.

Dalali Traders issued an auction notice on Aug. 8, 2023, stating: “Under instructions received from the chargees’ advocates, we shall sell by public auction the under-mentioned properties on Aug. 15, 2023, at our offices along Kijabe Street starting at 10.30 am.”

Founded in 1991 as Hashi Empex by Hashi and his wife, Fatuma, Hashi Energy’s operations have expanded significantly over the past three decades.

Initially starting as a Kerosene distributor for Chevron Kenya, the company evolved its business model, acquiring depots in western Kenya during the mid-90s to cater to the local market and the wider East and Central African export market.,

After rebranding in 2008, the company, under the leadership of Hashi, shifted its focus to importing, distributing, and marketing petroleum products, leveraging its robust petroleum depots, distribution networks, and service stations.

Hashi Energy‘s presence has grown beyond Kenya, extending into countries such as Uganda, Rwanda, Tanzania, Zambia, Southern Sudan, the United Arab Emirates, Mauritius, and the Democratic Republic of the Congo.

Over time, Hashi Energy diversified its portfolio to include remote logistics, engineering, and food supply services. The impending auction marks a challenging juncture for the company, prompting speculation about its future direction under new ownership.

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