Here is a link to a CNN story that reports that the world's oldest university was found in Egypt. http://www.cnn.com/2004/TECH/science/05/26/egypt.university.discovery.ap/index.html Lecture halls hold 5000 students. I think it was called Excelsior.
But it was approved by the king of Ptolomaic Egypt. According to this story it had a pretty decent faculty. "It was here that Archimedes invented the screw-shaped fluid pump still in use today, that Euclid invented the rules of geometry, that Hypsicles first divided the circle of the zodiac into 360 degrees, and the astronomer Eratosthenes calculated the diameter of Earth." http://www.sltrib.com/2004/May/05092004/nation_w/164862.asp
The CHEA and the regional accreditors weren't around back then. Perhaps it was accredited by the Egyptian Empire?