Egerton University Is Auctioning Its Properties; How To Participate

By Getrude Mathayo / Published February 28, 2022 | 10:58 am




KEY POINTS

As of September 2021, Egerton University had debts running to Sh6.1 billion. This is what is making it hard for us to smoothly run our operations.




KEY TAKEAWAYS


The official auction exercise is expected to kick off on Wednesday, March 9, at Chemeron Field Station in Baringo County. The second round of the Auction exercise will take place on Monday, March 14, at Njoro Campus Grounds.


Egerton University has announced that it is putting over 70 percent of its properties through a public auction in order to survive.

The institution of higher learning listed cows valued at 50,000 shillings each, goats, and ICT equipment among those up for grabs according to a notice carried in local dailies.

Other properties put on sale include motor vehicle parts, assorted old equipment from the catering department, bull camels valued at 80,000 shillings each among others.

Those interested in participating in the auction exercise can view the properties at Njoro Campus as well as Kenyatta Campus on various dates according to the notice.

“Egerton University (EU) in conjunction with Platinum Auctioneers shall sell by Public Auction the under mentioned motor vehicles, spare parts, animals, and ICT equipment,” read the notice in part.

The official auction exercise is expected to kick off on Wednesday, March 9, at Chemeron Field Station in Baringo County. The second round of the Auction exercise will take place on Monday, March 14, at Njoro Campus Grounds.

According to Egerton University Vice-Chancellor Prof Isaac Kibwage, the university needs in excess of 6 billion shillings bailout to be debt-free.

“As of September 2021, Egerton University had debts running to Sh6.1 billion. This is what is making it hard for us to smoothly run our operations,” said Prof Kibwage.

The university was closed down on November 26 last year following a lecturer’s strike that began on November 12 and is still going on.

Prof Kibwage said that Senate resolved to reopen the University saying that this was the only way for it to make strides towards financial recovery

Here Is How to Participate

For you to be part, according to the notice, you are advised to pay a refundable deposit of 50,000 shillings per motor vehicle and 10,000 shillings for the animals and assorted goods in form of a banker’s cheque at the fall of the harmer in order to obtain a bidding number.

You are also advised to carry the deposit receipt on the date of the respective public auction. After the exercise is completed, the purchasers will also be expected to deposit 25 percent of the purchase price by the close of business on the auction day into the University’s bank account.

The balance will also be expected to be settled within 14 days from the auction date into the same account failure to which the money received including the deposit will be forfeited.

“The University and the Auctioneer shall not take any responsibility for the condition or state of the item purchased as each prospective bidder is expected to have viewed the items prior to the auction date. The sale is on an ‘as-is-where-is basis’,” added the notice.






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