Kenya: Musangi Puts Net Worth at Sh1.2 Billion With Portfolios in Real Estate, Stock Market

12 September 2023

Nairobi — Central Bank of Kenya (CBK) Board Chairperson nominee Andrew Musangi has reported his net worth at Sh1.2bn with portfolios in real estate, the stock exchange and bonds.

The corporate lawyer who served as Chairperson of Jubilee Party's National Elections Board before resigning from the former ruling party made the revelation on Tuesday during approval hearings by a joint committee of Parliament.

Musangi told MPs that he started his legal firm when he was 27 years old.

"This comprises on interests in my law firm and the real estate interest. Interests in the Nairobi stock exchange and a number of bonds. This is a constantly moving number depending on how I am moving the resources from one item to the other," he said.

Musangi exuded confidence on his suitability, being an advocate with 28 years of experience mainly working with corporate who majorly including financial institutions, will be valuable to CBK.

He mentioned that he has worked with 12 banks as part of his wide-ranging experience working with financial institutions on issues debt securitization, recovery, and restructuring.

"For me my governance experience is the one experience that I will want to bring to bear to the Central bank of Kenya if approved because one the public has confidence that the institution is being run according to global best practice with request degree of transparency," Musangi stated.

The High Court Advocate denied conflict of interest if approved for the Ggiven his diverse investments in various financial institutions.

"As of 9:52 in the morning, I sold my last shares in a bank in Kenya. My previous investment have no potential conflict of interest. To the contrary, I have been a serial investor since 1999 particularly in the stock exchange," Musangi noted.

He promised to enhance scrutiny on CBK operations through monetary policy statements and financial reporting.

"We must be open to scrutiny even as the Central Bank of Kenya and when you show the public what you are doing in broad daylight I think that examination must be an open book to the extent that the public is made aware of everything the bank is doing," he said.

Once approved, Musangi will replace Mohammed Nyaoga who exited the position after completing his second tenure in office in June.

The Board of Directors provides oversight of the Bank's functions by formulating policies, other than the formulation of monetary policy, and reviewing performance.

The Board comprises eleven members: the Chairperson, the Governor, the Permanent Secretary to the National Treasury and eight non-executive directors all appointed by the President.

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