The Regent University has described attempts to auction off its property by a civil engineering company they’re indebted to, as premature.

According to the Acting Registrar of the University, Benjamin Zogbetor, the university has been in talks with the Obokom Civil Engineering Company to structure a new payment plan as the old one had become impossible to meet.

Speaking to the press Friday, Benjamin Zogbetor said “we have started payment, but because of the dwindling number of students, the arrangement did not go through as desired and so we are in the process of re-negotiating with him on the payment”.

The construction firm, Obokom Civil Engineering Limited, has initiated action to auction a multi-purpose six-storey building and other items of the Regent University College of Science and Technology in Accra to settle the university's indebtedness to the company.

The other items are a power generating set, a Tata bus, and two four-wheel vehicles.

This comes after the University failed to pay an amount of $1.2 million and ¢2.1 million for the construction of the six-storey building which accommodates the university

The CEO of the Company, Nana Obokomatta, who is the Chief of Gomoa Dasum in the Central Region, stated that attempts to get the university to pay on time had proved futile thus causing them to drag the institute to court twice.

They threaten to go to the court a third time to finalise the processes for the auctioning of the university building and other properties if needed.

However, Mr. Zorgbetor has expressed hope that the matter would be settled amicably, saying that “the court order does not mean that the school has closed down”.

Last Wednesday, court bailiffs posted auction notices on the building and the items.