Moi University admits to perilous financial situation

Moi University has confirmed it is facing serious financial challenges on the back of revelations by the auditor-general that the institution is technically insolvent, writes Peter Odhiambo for The Standard.

The Auditor-General, Nancy Gathungu, said in a 2018-19 report released recently that the university’s debts had exceeded KES4.5 billion (US$40.8 million). Moi University Council Chairperson Dr Humphrey Njuguna says debts have accrued to more than KES5 billion, consequently paralysing operations.

The institution of higher learning attributes its financial woes to the closure of satellite campuses and the scrapping of certain courses two years ago. “[It is true] we have financial challenges,” said Njuguna. “I can, however, confirm that the university council has formulated a plan that would avert the collapsing of the institution,” he added.
Full report on The Standard site