Quickmart loses Sh14 million in stolen cash row after court backs Wells Fargo
Crime and Justice
By
Kamau Muthoni
| Apr 01, 2026
Quickmart will lose at least Sh14 million after the High Court ruled in favour of security firm Wells Fargo in a dispute over stolen cash. The retailer had lost Sh94 million in transit, but the court found that its contract with Wells Fargo capped liability at Sh80 million. Justice Freda Mugambi ruled that Quickmart was bound by the agreement and could not claim beyond the agreed limit. Wells Fargo had already paid the Sh80 million.
The judge said Quickmart’s failure to take additional insurance cover contributed to the loss.“The loss, insofar as it exceeded the contractual cap, is properly attributable to the plaintiff’s failure to mitigate its risk,” said Justice Mugambi.“The plaintiff’s failure to obtain such cover cannot be laid at the defendant’s door.”
Quickmart had sued Wells Fargo for breach of contract, saying it had entrusted the firm to transport cash from its outlets to Family Bank. Under the February 8, 2021 agreement, Wells Fargo was to collect, count, and bank the money, then return deposit slips to confirm transactions.
The retailer said Wells Fargo collected Sh94.9 million from Nairobi branches on November 4 and 5, 2023, but failed to bank the funds. According to court documents, the OTC branch lost Sh3.1 million, Lavington Sh3 million, while other branches lost between Sh22,000 and Sh1.8 million. Quickmart said the security firm later informed it the cash had been stolen and offered to resolve the issue.
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It also claimed Wells Fargo failed to reimburse the money within 30 days, forcing it to seek a Sh95 million bailout from Family Bank. Court filings show the retailer wrote to Wells Fargo’s managing director, Richard Baudry, on November 7, 2023, demanding the funds. Wells Fargo, however, argued that Quickmart had no insurance cover for such losses and that its liability was limited to Sh80 million under the contract. The firm also sought Sh15.7 million from Quickmart for services rendered.
The dispute stems from a criminal case in which several suspects, including Wells Fargo staff, were charged with stealing the cash.
Five suspects linked to Sh94 million Wells Fargo heist arraigned at Milimani court. [Collins Kweyu, Standard]
Police said the money was being transported in an Isuzu Canter to Family Bank on Kenyatta Avenue when two employees allegedly diverted the vehicle and disappeared with the funds.Officers assigned to escort the cash raised the alarm after the vehicle failed to arrive.
Quickmart argued the theft caused significant financial strain, including costs incurred from emergency borrowing. It asked the court to compel Wells Fargo to pay the full amount, interest, and legal costs. However, the court dismissed the claim beyond the Sh80 million already paid, citing the binding contractual cap.