What began as a routine construction contract over three decades ago has snowballed into an existential crisis for one of Kenya’s oldest universities. Moi University is now on the brink of shutdown after the High Court froze more than 10 of its bank accounts over a debt that has grown from Sh185 million to over Sh1 billion — and the institution has only itself to blame.
A Deal Gone Wrong
In November 1990, Moi University entered into a construction deal with Vishva Builders Ltd to build the Faculty of Science Complex at its main campus in Eldoret.  The contract, valued at Sh476.3 million after negotiations, seemed straightforward enough. But within months, the cracks began to show.
The university asked for works to be stopped after seven payment certificates had been issued, citing financial constraints. The contractor obliged, and construction ground to a halt in April 1991 — with the project only nine percent complete.  The parties officially wound up the contract in November 1999, with the university promising to pay once funds became available.
They never did.
25 Years of Dodging a Bill
The contractor eventually went to court, but the suit was dismissed after Vishva failed to prosecute it — only to be revived and handled by two other judges before Justice Wananda Anuro finally ruled in favour of the construction company.  The judge was scathing, describing the case as having “the proverbial nine lives” and declaring it unacceptable that a commercial dispute of such magnitude had dragged on for nearly 25 years.
The High Court delivered judgment in February 2024, ordering Moi University to pay Sh1.2 billion when interest was applied at prevailing bank rates. A year later, in February 2025, lawyer Nelson Havi — representing Vishva Builders — obtained a decree confirming the payable amount at Sh1.08 billion.
Accounts Frozen, Institution Paralysed
The High Court gave Moi University 30 days to present a clear repayment plan, failure of which its 69 bank accounts would be attached. The university failed to comply, and Justice Wananda ordered the freezing of more than 10 critical accounts spread across National Bank of Kenya, Kenya Commercial Bank, Co-operative Bank, Access Bank, Equity Bank, and Absa Bank.
In an internal memo dated April 15, the university warned: “The University is facing serious financial constraints coupled with the garnishee order that is in place… the possibility of having it closed down is high.” 
A University Drowning in Debt
The Vishva crisis is just one chapter in a much longer story of financial mismanagement. Student numbers have plummeted from 48,000 in 2015 to just 21,000 today, slashing the university’s revenue. The institution is also grappling with a Sh3 billion loan tied to the revival of Rivatex, ghost workers on the payroll, and rising salary costs from unfunded collective bargaining agreements. 
Students are currently nearing end-of-semester exams and preparing for field attachments, with the account freeze threatening to disrupt academic schedules already under pressure from lecturers’ strikes in late 2024 and 2025. 
A Last-Minute Lifeline?
In a last-ditch attempt to avert full closure, the university has proposed a 60-day postponement of the court ruling and an immediate down payment of Sh50 million from the frozen accounts. If the court approves, the matter will be revisited on June 16, 2026. 
The government wired Sh500 million in emergency funding to the institution in January 2025 to ease its cash crunch  — but clearly, that was not enough. With total debt now reportedly exceeding Sh10 billion, the question is no longer whether Moi University is in crisis. The question is whether it can survive it.
