Ufundi Savings and Credit Co-operative Society Limited has announced the sale of it’s 14-storeyed building, Ufundi Co-op Plaza, at the junction of Moi Avenue and Moktar Daddah Street.
In a local daily newspaper notice dated February 29, 2024, the Sacco has invited bidders for the iconic building Nairobi Central Business District that will be sold to clear a debt of KSh254 million.
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The planned sale follows December 2023 ruling where a three-judge bench of the Environment and Land Court ordered the organisation to sell the property and share the proceeds on a 50.9 and 49.1 per cent basis for the Sacco and members respectively who contributed money for the purchase of the building years ago.
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“Interested bidders will be required to pay a non-refundable fee of KSh 10,000 for the tender documents,” the notice reads. The documents should be received on or before March 14, 2024, at noon. The opening of the tenders will carried out on the same day starting 1pm at the Ufundi Sacco Boardroom on the 12th floor.
In the court, the bench comprising Justice Elijah Obaga, Kossy Bor and Benard Eboso ruled that the building was the property of both the Ufundi Sacco and its 14,999 members.
Judges said that the Ufundi Sacco paid KSh8.7 million, members contributed a total of KSh8.4 million, while and the rest was raised through a loan from Co-operative Bank. Also, the bench directed that proceeds should be used to clear a loan of KSh254 million owed to Co-op Bank.
