President Ruto nominates Andrew Mukite Musangi for CBK chaiperson

By Victor MUJIDU

President William Ruto has picked Andrew Mukite Musangi as his preferred candidate for the Chairperson of the Central Bank of Kenya (CBK) – with the nod now awaiting legislative endorsement.

Should he get MPs’ signal, Mukite will replace the outgoing Mohammed Nyaoga whose four-year term came to an end in June 2023. As per the CBK terms, he will also serve a 4 – year renewable term for a similar period.

He holds a Law Degree from the University of Hull (UK), and regarded a seasoned legal practitioner and a senior consultant at LJA Associates whose mainly focuses is on corporate and commercial law.

He specializes on Mergers and Acquisitions, Debt Recovery and Restructuring; Securities, Insurance Litigation, employment, and Labour law; Commercial Arbitration, Intellectual property, Public Procurement, Public-Private Partnerships; Conveyancing, and Company law.

He has extensive corporate experience having served as a strategic adviser and several corporate clients both local and multi-national. Mr. Mukite is currently the Chairman of the board of Directors at GenAfrica Asset Managers (formerly a Centum Group Company), a company that holds Assets under Management in excess of Ksh 432.6 billion ($3 billion).

He has served in several board of various companies including the Chairman of The Public Procurement Oversight Authority.

He is also serving as a non-executive director at listed entity, Centum Investments.

He is a previous Chairman of the Law Society of Kenya, Rift Valley Branch.

From 2005-2012 Mr. Musangi served as a Council member of the Nakuru Business Association.

The Public Service Commission (PSC), advertised the job in late May, seeking a candidate with 10 years in the field of economics, banking, and finance among others.

According to PSC, the incoming offie holder will be responsible for the country’s monetary policy formulation and keeping under constant review, the performance of the Governor of the bank while maintaining a sound use of resources appropriated to the CBK.