Inoorero University which recently re-branded to International University of Professional Studies, faced a major blow after creditors put their building located along Forest Road in Parklands.
This was prompted by failure to service a multi-million shilling loan that the institution took from a bank about five years ago. The prime property that is said to sit on a 0.09 hectare parcel of land, will be auctioned on 15th of this month.
In a strange twist, rival Mount Kenya University has offered to buy the property for Ksh 280m. This was confirmed by Inoorero University management who however maintained the matter was still in its early discussion stages.
“We have made a formal bid for a possible purchase of the building and hope to close the transaction soon,” Mr. Simon Gicharu, the MKU founder and chairman told the Business Daily.
So as to avoid learning programmes disruptions, the two institutions are hoping to close the deal ahead of the auction. The deal will also allow current students complete their studies.
“No student will be sent away despite the sale plan. They will be allowed to go the full stretch in their studies and graduate,” Mr Nyammo said refusing to disclose full details on how that will be done.
Additional reporting on the Business Daily