Ufundi  SACCO Finally Puts Up Iconic Co-op Plaza Up for Sale

Ufundi Savings and Credit Co-operative Society(SACCO) has invited bids for the sale of Ufundi Co-op Plaza in Nairobi CBD, a 13-floor commercial building with 3 basements and about 49,000 sq. ft. of lettable space at the junction of Moi Avenue and Moktar Daddah Street. The move ends a bitter dispute that has dragged through the cooperative tribunal and the Courts over who owns the plaza, put up using funds from members, the Society and  a loan from Cooperative Bank of Kenya.

According to a public notice from Ufundi SACCO), tender documents detailing the plaza may be obtained from the CEOs office on 12^th floor of Ufundi Coop Plaza. Bidders participating in this tender will be required to pay a non-refundable fee of KSh 5,000 for the tender documents. Completed tender documents are to be submitted to the CEO’s office at Ufundi Coop Plaza on 12t floor on or before July 1^st 2026 at noon. Opening of the tender documents will be done on the same day at Ufundi SACCO boardroom at 1.00 pm, with bidders free to attend the tender opening.

At the centre of court dispute that has raged on for more than 10 years between Ufundi SACCO, its members and cooperative bank, is a tussle for ownership of the plaza, with members demanding their contribution before it can be sold to clear a long standing unpaid debt of KSh 254 million to Cooperative Bank, which gave out at loan to the SACCO to put the Ufundi Plaza.

Ufundi SACCO Vs Members Court Ruling

In a Court Ruling made on February 18^th 2025 in case between Ufundi Savings & Credit Co-operative Society Limited v Bernard Ndungu Kariuki & 299 others; Alex G Marete & 81 others (Interested Parties), on the issue of Ownership of Ufundi Co-op Plaza Building, the court entered a finding that Ufundi Co-op plaza is co-owned by members of the SACCO and Investors who had contributed towards building Ufundi House.

Ufundi SACCO was allowed to dispose of the plaza and the court directed that shares in Ufundi Co-op Plaza shared at the ratio of 50.88% and 49.12% in favour of the SACCO and the Investment Members respectively.

Members of Ufundi SACCO had appealed against the award of the Co-operatives Tribunal, which found in favour of the SACCO and granted a permanent injunction against members, who sought that such award be set aside and that the court order that the building be sold for the benefits of its members. The Court set aside the tribunal’s orders.

The 54-year old Ufundi SACCO was registered in 1972 under co-operative Act with catchments area being Ministry of Roads & Public Works. Following liberalization of the SACCO movement in the 1990’s and inter-ministerial transfers, the Society’s membership became open to other Ministries, Parastatal bodies and private organizations.

The Society is disposing its prime office space at a time when many SACCOs, especially those that are rural-based, are in a race to put up their own office complex and move away from rented spaces.