Kenyan tycoon Zedekiah Buzeki reveals $93 million debt as I&M Bank pressure mounts

Kenyan businessman and politician Zedekiah Kiprop Bundotich, who is preparing to contest the Uasin Gishu gubernatorial seat in Kenya’s 2027 general elections, has revealed that his logistics firm, Buzeki Enterprises Limited, is burdened with Ksh12 billion ($93 million) in debt, underscoring intensifying pressure within Kenya’s transport sector.

The revelation comes as I&M Bank secured High Court approval in February 2026 to recover Ksh864.7 million ($6.7 million) linked to truck financing facilities extended to the company. The ruling allows the lender to enforce securities, including possible repossession or auction of financed vehicles.

Mounting financial strain
The debt burden follows years of aggressive expansion funded largely through borrowing. At its peak, Buzeki Enterprises operated 289 trucks and 141 trailers across regional trade corridors in East Africa.

However, rising interest rates, tightening credit conditions and elevated fuel and operating costs have pressured margins across Kenya’s trucking industry. 

The Ksh12 billion ($93 million) liability highlights a significant financial setback compared with its earlier expansion phase, when asset growth outpaced borrowing costs.

Court-backed loan recovery
The High Court decision strengthens I&M Bank’s recovery position. This exposure represents a portion of the broader debt stack, signaling sustained lender scrutiny as restructuring efforts continue.

Bundotich, popularly known as Buzeki, said the company is “almost done” with its debt restructuring program, suggesting negotiations with creditors are at an advanced stage.

Expansion fueled by leverage
Bundotich transformed Buzeki Group into a diversified conglomerate with interests spanning logistics, petroleum trading, heavy vehicle dealerships and insurance. Founded in 1999, its flagship logistics arm, Buzeki Group of Companies, scaled rapidly to become a major regional operator.

But in January 2024, the logistics unit suspended most of its operations, citing a harsh economic climate. Surging fuel costs, in particular, rendered the business model unsustainable, triggering at least 300 job losses and marking a sharp reversal for one of Kenya’s once-expanding transport players.

His earlier sale of Buzeki Dairy to Brookside Dairies in a $15 million deal helped finance subsequent ventures.

Yet expansion funded primarily through leverage left the trucking unit exposed to interest-rate volatility and sector slowdowns.

Politics and corporate recovery
Beyond business, Bundotich recently in 2025 joined the United Democratic Alliance (UDA), the party led by President William Ruto, as he prepares to contest the Uasin Gishu gubernatorial seat.

His move positions him to contest the Uasin Gishu gubernatorial seat in Kenya’s 2027 general elections. Despite aligning with the ruling party, Buzeki is set to challenge the incumbent governor, Jonathan Bii, popularly known as Koti Moja, who is also a member of the UDA.

His latest bid marks a strategic shift, contesting the governorship from within the ruling party’s ranks while directly confronting a sitting UDA officeholder. Balancing political ambitions with corporate restructuring will test the resilience of his logistics empire.

As lenders intensify recovery actions, asset protection, liquidity management and disciplined capital allocation will remain central to the group’s survival strategy.