PricewaterhouseCoopers (PwC), which has been administering Koko Networks since February 2026, reported on August 18 that it had not completed a sale of the company’s carbon-credit inventory, which it values at £274,992 (about KSh47.1 million).
The administrator said it has held discussions with three potential buyers and five brokers, but the offers received would not generate a meaningful return, prompting PwC to continue seeking a better price.
The challenge of selling the credits adds to the recovery problem for creditors who face reported debts of £127.2 million (KSh21.8 billion) after Koko Networks entered administration on February 1, 2026 following a government refusal to approve export of carbon credits.
The dispute over export approval undermined Koko’s financing model, which relied on revenue from international carbon markets to subsidise affordable ethanol stoves and fuel for low-income households.
Management accounts show the Kenyan business generated £44.7 million (KSh7.7 billion) in revenue for the year ended December 2025, up from £38.4 million (KSh6.6 billion) in 2024, but revenue growth does not establish that the business could cover its operating costs or meet its obligations.
The UK parent of Koko Networks wrote off £35.5 million (KSh6 billion) in loans owed by the Kenyan subsidiary and marked down £1.32 million (KSh226.2 million) in intangible assets linked to its intellectual-property portfolio.
PwC recovered information-technology assets, including laptops and monitors, and after an external valuation sold the laptops for £1,230.64 (about KSh210,947), a figure below an earlier estimate of £8,419 (about KSh1.4 million).
The administrator is also pursuing a separate sale process for Koko’s intellectual property, involving the liquidator of Saarus Innovations Pvt Limited and Koko Networks Private Limited, with the process beginning on July 17.
PwC said that if the intellectual-property sale results in a successful transaction, a legal adviser will assess whether any portion of the net proceeds should be received by the company, as the assets are connected to several entities.
As of the latest filing, the carbon-credit inventory remains on the market, and the amount ultimately realised will depend on the price of any future offer, the credits’ eligibility for particular markets, the terms of any transaction and associated costs.
