Unity University sold to Alamudi

So things are not that bad for the business tycoon Sheik Mohammed Hussien Alamudi.

He has sealed a deal to buy Unity University for 66 million Birr yesterday, adding a new crown to his business empire.

While Alamudi takes 80 percent of the share, the 20 percent share goes to Midroc’s executive Director Dr. Arega Yirdaw.

After years of battle to save the university, Dr. Fissha Eshetu sold one of the leading private colleges in the country for money borrowed and interest accrued thereon. Over twenty thousand students have graduated from the university in the past ten years.Starting from a small language school, Dr. Fisseha worked his way up to making Unity a notable institution.He often said he had a wish to make it “Africa’s Harvard.” 

With the new owners, a wholesale change in the board of trustees is expected to be made.But some say Alamudi is a bad choice for the university ownership, given his poor record in managing his own Selam Nursing College, which is now said to be on the verge of closing.

 

The news reported in the Amharic Reporter this morning was in sharp contrast to another report two weeks ago in the same paper saying  an over 170 million birr loan taken by Midroc construction in which the Sheraton Addis was used as a collateral has been listed by the Commercial Bank of Ethiopia(CBE) as non-performing loan.