Companies That Left Kenya & Closed Down In 2024, Leaving Millions Jobless In 2025
The recent exodus of global brands from Kenya paints a troubling picture of an economy at a crossroads.
Marvin Chege 
Several multinational companies in 2024 announced their exit from Kenya, citing economic uncertainties, shifting consumer trends, and a challenging regulatory environment. Other companies based in Kenya closed down their operations completely.
The recent exodus of global brands from Kenya paints a troubling picture of an economy at a crossroads. Once a beacon of hope for multinational corporations seeking growth in Africa, Kenya now grapples with a challenging business environment as 2025 gets underway.
The situation means that millions of Kenyans are beginning the new year jobless, with the wave of exits raising critical questions about Kenya’s business climate. What is worse is that other companies based in Kenya decided to close shop, worsening the unemployment crisis.
Here are companies that halted operations in Kenya in 2024 and what we know of their reasons for exiting the country:
Procter & Gamble (P&G)
The American multinational consumer goods corporation, manufacturing Always and Pampers revealed plans to lay off approximately 850 employees as it prepares to cease operations in Nairobi by December 2024. This decision was driven by the high cost of doing business in Kenya.
Bayer
Bayer is a German pharmaceutical and biotechnology company. In January 2024, the company announced plans to leave the direct drug distribution in Kenya and contract a third party to distribute its pharmaceutical products.
Bayer offices along Thika Road in Nairobi, Kenya. /EAHEALTH
At the time, the company had over 200 employees in Kenya and other African countries. However, it was not indicated how many employees in Kenya would be affected by the move.
"We are calling this initiative 'Smart Serve', as it is intended to help reach and serve more people in Africa in a more sustainable manner. We shall be leveraging the expertise and networks of a third-party distributor to ensure sustained availability and access of our products and solutions," Jorge Levinson, Cluster Lead for the Pharmaceuticals Division in South East and West Central Africa, stated.
"Through this approach, we strongly believe that Bayer will be better positioned to accelerate access to our health solutions, especially in the family planning, cardiovascular, ophthalmology, self-care as well as OTC [over the counter] therapeutic areas."
Base Titanium
Base Titanium is an Australian company that ventures into mining and had operations based in Kwale County. As detailed in 2023, the company announced plans to close down its operations in Kwale in 2024.
"We have explored all avenues for further extending the life of Kwale Operations. However, despite these efforts and broad support from the local community, we have been unsuccessful in identifying additional mineral deposits of sufficient grade or scale to support a further extension," Managing Director of Base Resources, Tim Carstens stated then.
"The Company’s focus at Kwale now necessarily turns to detailed closure planning and transition to post-mining land use whilst ensuring we continue to safely extract maximum value from the remaining ore reserves."
Foschini Group Kenya Limited Companies
South African luxury fashion brand Foschini shut down its Kenyan operations in April 2024. In a statement, the company explained that the decision was voluntary, following deliberations at a general meeting.
Consequently, liquidators George Weru and Muniu Thoithi were appointed to oversee the process. High operational costs and a dwindling luxury retail market in Kenya contributed to the brand’s exit, according to the announcement.
The South African fashion brand established its operations in Kenya in 2014. The company has over 4,600 outlet stores spread across the globe, dealing in jewellery, footwear, handbags, cosmetics, sporting, outdoor apparel and equipment and Furniture.
Hashi Energy Limited
An East African oil marketing pioneer, Hashi Energy Limited, announced its liquidation process in June 2024. The company, which was once among the big players in the energy sector, faced mounting financial constraints and debt amounting to Ksh5 billion.
Ahmed Hashi started the company as a Kerosene distributor for Chevron Kenya, then known as Caltex Oil Kenya. The company however fell from grace in March 2023 after it announced plans to enter into voluntary administration amid financial difficulty.
The liquidator of Hashi Energy put on sale a 3.00-acre piece of land in Changamwe, Mombasa County, with a lease running for 60 years from December 1, 2009.
Also, a 1.447-acre parcel of land with a 58-year lease from January 1997 was put up for sale. On the other hand, the petroleum company’s 26 plots ranging from 0.075-0.128 acres in Kisumu were advertised for sale, among other properties.
G4S
G4S, one of the leading global integrated security companies, announced in November 2024 that it would lay off up to 400 employees in six months.
The company, which wrote to the Ministry of Labour and Social Protection, termed the ongoing reduction in business trading occasioned by the effects of the harsh economic challenges that have occasioned to reduction in revenue and high costs of running the business as reasons for this decision.
A photo of security guards marching. /FILE
It thus, and regrettably, advised the Ministry of its intentions to declare several positions redundant. "This letter therefore serves as a notice of redundancy pursuant to the provision of the Employment Act, 2007 Section 40 (1)," the letter read in part.
The redundancy exercise commenced on November 4, 2024, which will see approximately four hundred (400) employees based in various locations in Kenya in both categories of management and unionsable cadres lose their jobs between November 4, 2024, and April 2025.
Betsafe
Launched in 2020, betting company Betsafe announced its exit from the Kenyan market, effective May 14, 2024. The company’s CEO, Victor Sudi, attributed the shutdown to excessive taxation on the betting industry. The decision left many of its Kenyan employees jobless.
Since its launch, Betsafe served thousands of users and signed major sponsorship deals worth Ksh270 million with Gor Mahia Football Club and AFC Leopards Football Club.
However, in June 2022, the company terminated its partnership with one year left on the deal out of the three years agreed upon. At the time, both clubs indicated that the betting company cited difficulties in business operations.
Ukwala Supermarket
Ukwala Supermarket Ltd wrapped up its liquidation process on Friday, December 20. Liquidator Peter Kahi gave a thorough report on the liquidation process per the provisions of the Insolvency Act of 2015.
The retailer filed for liquidation due to outstanding payments to suppliers and the Kenya Revenue Authority (KRA). Its debt had grown to nearly Ksh1 billion against assets worth Ksh19 million.
Tile & Carpet Centre
The firm indicated plans for redundancies within its production department starting December 6, 2024, citing economic constraints and a decline in production demand as reasons for restructuring.
The overall trend indicates a worrying pattern where companies are either downsizing or exiting the Kenyan market altogether due to high taxation, increased operational costs, and an unfavourable investment climate.
Mobius Motors
Car assembly firm Mobius Motors announced it was shutting down on August 5, 2024. Mobius director Nicolas Guibert declared the company's creditors' voluntary insolvency, citing a stakeholder meeting as the basis for the decision.
Guibert noted that KVSK Sastry was assigned to manage the liquidation process. “At a meeting of the shareholders held on Monday, August 5, 2024, it was resolved to place the company under liquidation as per Section 393(1) (b) of the Insolvency Act and to appoint KVSK Sastry as the liquidator to wind up the company,” the notice read.
On Wednesday, August 14, the firm accepted a bid from a new private investor seeking to acquire a 100% stake.
Invesco Assurance Company
In August 2024, the Insurance Regulatory Authority (IRA) placed Invesco Assurance under statutory management. IRA Commissioner Godfrey Kiptum explained that the move was necessary to stabilize the struggling insurer, which had been facing liquidity issues.
When an insurance company is placed under statutory management, it means that the company is being temporarily overseen and managed by a government-appointed official or body due to financial or operational difficulties.
Invesco Assurance Company had faced financial struggles, including two instances when the insurer was placed under liquidation, and others when it was fined for some offence. In December 2023, the insurer had to rush to the High Court after the IRA stopped it from issuing new covers, following petitions submitted before the IRA by two claimants.
Copia
In June, e-commerce firm Copia ceased operations in six towns after it was placed under administration. The troubled company revealed in a notice to staff that it stopped orders effective May 29 in Meru, Embu, Kericho, Eldoret, Machakos and Naivasha.
Copia disclosed that the employees in the listed towns would proceed on leave until further notice. More than 1,000 Kenyans lost their jobs after the firm announced redundancies.
Sky Foods Limited (Tree Top)
Seven years after it was acquired by businessman Bernard Njoroge, Tree Top’s parent company Sky Foods Limited was placed under administration on September 26, 2024. Financial mismanagement and mounting debts led to the decision. The official receiver has been managing the company’s affairs and assets.
Benard was part of the sales and marketing team that introduced Del Monte to the market, making millions for the company by overseeing the sale of the products in various countries.
However, he quit his job at Del Monte in 2014, where he was earning Ksh1 million a month, to found Sky Foods. He was inspired to do so after realizing that he was building an empire for other people, yet he did not have any shares in the company.
In 2011, he decided to purchase the trademark from Unilever but took him about 4 years to start the business.
Savannah Cement
A homegrown cement manufacturer, Savannah Cement, began selling off its assets after entering receivership in July 2024. First commissioned in 2012, Savannah Cement’s Financial crises and mismanagement led to its downfall.
The Company and its assets had been put on sale after a financial crisis and interested local and international buyers were directed to submit their Expression of Interest (EOI) for the purchase of the business and assets of the company under administration and in receivership.
Look Up TV
The Kenyan media industry, which has been facing adverse challenges, was hit hard by this. On June 7, 2024, Viral Tea in its exclusive story broke the news that Look Up TV shut down its entire newsroom and sent home hundreds of its staffers including reporters and correspondents.
A message to the staff we obtained at the time revealed that the station, alongside its sibling, Muthing TV, officially closed down on Friday, June 7, but their digital platform was to be retained for the next month, during which stories would be uploaded. "After this month, we will officially conclude our operations. Appreciation tokens will be sent to all. We will stay in touch," the message read in part.
The media house faced challenges tied to the rapid digital transformation in journalism, making it difficult to sustain its operations in a highly competitive and evolving industry.
Look Up TV journalist Tende Anyula announced during a live news broadcast while bidding goodbye to viewers and thanking them for their support.
“The six-year journey could not have been possible without you accepting to watch our bulletins and other shows that Look Up TV’s journalists have been bringing to you daily and we thank all your viewers,” he announced.
Standard Group's KTN TV Stations (merged into KTN)
In another exclusive story, we reported that KTN News under the Standard Group Limited was taken off air on August 4, 2024, a move that was part of the measures the embattled century-old media house took in an attempt to stay afloat amid financial struggles.
A logo of KTN News and KTN Farmers TV. /VIRAL TEA KE
The media house reported a Ksh1.26 billion loss for the year ended December 2023 noting that its total revenue fell to Ksh2.38 billion from Ksh2.53 billion in 2022. Moreover, the decline was primarily attributed to reduced advertising spending by clients due to the challenging economic environment.
The decision to switch off KTN News caught Kenyans by surprise, sparking mixed debate given that this was the number one 24-hour news channel in Kenya. Since it was launched in 2015, it was associated with current events and affairs facing Kenya.
It was mostly news, updates and stories coverage and was one of the fastest-growing TV stations in Kenya. It had content that included sports, documentaries and investigative series, notably including Jicho Pevu and Inside Story as well as hard-hitting, exclusive interviews.
Other TV brands affected by the shut down included KTN Farmers TV and KTN Burudani TV, among others which were merged with KTN Home, which aired entertainment and lifestyle content. However, the move led to more jobs lost, with journalists who had worked for KTN News quitting the Standard Group for greener pastures amongst rival media entities.
