By JAMES KARIUKIMore by this AuthorThe National Bank of Kenya (NBK) has taken over a 70-acre plot earlier owned by a church group to offset an outstanding loan. The move follows an out-of-court settlement between NBK and PCEA Ruiru Parish Development Foundation. NBK chief executive Wilfred Musau on Monday said the NBK now owns the 70-acre parcel of land as ‘repayment’ for its loan but had retained PCEA Ruiru Parish Development Foundation as the sole selling agents. The NBK also invited individuals, real estate developers, saccos, investment groups, universities and hospitals to bid for the whole parcel. The group and 153 buyers protested the impending sale and obtained an injunction that was subsequently followed by consultations leading to the consent.

Source: Daily Nation February 12, 2018 19:07 UTC