School owners lose property over loan

In her ruling, Justice Odongo affirmed that once a mortgagee has lawfully exercised its statutory power of sale and complies with the notice requirements, eviction and vacant possession must follow even where borrowers raise parallel suits alleging irregularities.

On February 18, 2020, Cairo Bank granted a loan facility of sh412m to the school owners at an interest rate of 22% per annum, payable within 60 months. (Credit: Wilfred Sanya)