Home » Kenyan billionaire Peter Njonjo’s agri-tech firm battles liquidation attempt

Kenyan billionaire Peter Njonjo’s agri-tech firm battles liquidation attempt

by Omokolade Ajayi
Peter Njonjo

Twiga Foods, the pioneering Nairobi-based agri-tech startup co-founded by Kenyan billionaire Peter Njonjo, has been granted a 60-day window by High Court Judge Josephine Mong’are to negotiate and settle an ongoing dispute with cloud services provider Incentro Africa over an alleged debt of Ksh39 million ($263,000).

The ruling, which Judge Mong’are delivered, offers Twiga Foods and Incentro Africa an opportunity to resolve their differences amicably by Nov. 30, 2023. The dispute centers around a purported debt, with Twiga Foods contending that the liquidation petition filed by Incentro Africa appears to have ulterior motives.

Twiga Foods, represented by its legal counsel, argued that the liquidation petition was a retaliatory move by Incentro Africa, alleging that it was triggered by Twiga’s direct communication with Google Ireland. This communication was aimed at expressing concerns over the billing account’s entry, structure, and management.

Before the court, Twiga Foods maintained that the demand for liquidation was flawed and premature, further asserting that Incentro Africa had acted in bad faith by attempting to coerce them into settling a disputed debt.

In response, Judge Mong’are urged the parties to seek a settlement. She stated: “Parties are hereby encouraged to negotiate and come up with a settlement plan.” In addition to this, the judge extended an interim order that prevents the liquidation of Twiga Foods, a company owned by Njonjo.

Twiga Foods, founded in 2013 by Njonjo and Grant Brooke, has been at the forefront of transforming Kenya’s agricultural sector. The startup has revolutionized the supply chain for high-quality produce, benefiting both Kenyan farmers and vendors.

Through its cashless mobile B2B supply platform, Twiga Foods has connected millions of small- and medium-sized vendors in urban centers across Africa. In 2021, Twiga Foods secured substantial funding of $50 million from investors, with plans to expand its operations not only within Kenya but also into neighboring countries.

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