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By Steve UMIDHA
Safaricom board chairman John Ngumi may have been pushed out after controversially leaving his role last week, barely 6 months after his appointment in July last year, insiders now say.
His acquiescence took effect on December 22 awaiting the appointment of his successor.
“In the brief period following his appointment to the Board, John has provided a wealth of industry knowledge and vast expertise.
He has steered the Company through a general election and supported the entrenchment of our purpose of transforming lives through our products and services as well as within the communities we serve,” read a statement signed by Company Secretary Kathryne Maundu, adding that, “He was also an ardent enthusiast for Safaricom’s entry into Ethiopia.”
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An investment banker by profession, Ngumi, was described by Safaricom as “one of Kenya’s most celebrated bankers.”
He had been hyped to bring his vast experience in the regulatory field, having also served as a Board Director at the Communications Commission of Kenya (now Communications Authority of Kenya), which oversees the country’s telecommunications market.
Ngumi previously held chairman roles at Konza Technopolis Development Authority and Kenya Pipeline Company. He is currently Chair of the Industrial & Commercial Development Corporation and sits on the Board of Kenya Airways (KQ) – where Joseph is the current Board Chairman.
Insiders at the Telecommunications firm believe Ngumi’s appointment as Safaricom’s Chairman may have been flagged for political whys and wherefores.
As a result, there was a growing conviction that his appointment could be repealed for the aforementioned red flags for a man that has played key roles in developing Kenya’s capital markets, including his leading role in the development of capital markets regulations.
Last week Safaricom also announced the appointment of Adil Arshed Khawaja (MBS) as a Director in Safaricom PLC with effect from December 22.
The appointment which was approved by the Board of Directors on January 5, is subject to regulatory approval.
Similarly, his term at the Industrial and Commercial Development Corporation (ICDC) as the firm’s chairman ended as the State remained silent on his replacement at the helm of the agency.
He took over the institution responsible for management of State’s investments in ports, rail and pipeline services for a two-year term that came to a close on May 31, 2022. He had just left Kenya Pipeline Company where he was serving as the chairman of the board.