Cash strapped National oil is set to dispose its assets at throw away prices in a bid to stay afloat and pay regulatory bills to KRA, NSSSF, NHIF and other Government bodies.

PHOTO: Courtesy
KRA Director General James Mburu

The state owned oil marketer faces the dire situation after years of mismanagement in a business model that is transacted in cash.

The firm is now selling the prime assets at Lavington and other high end areas in a bid to raise Sh.1billion and stay afloat.

National Oil, like other state bodies is on the radar of DCI George Kinoti and EACC over tender management and procurement.

Last week, President Uhuru Kenyatta placed parastatal heads on notice over payment of taxes and tasked Kinoti to arrest them.

According to an article by the Business daily, national oil is offering retail stations and prime land weeks after it emerged that it is operating under the mercy of bank overdrafts and facilities from commercial lenders.