Kenyan billionaire heiress Mary-Ann Musangi exits Sidian Bank

Sidian Bank, a prominent Nairobi-based commercial bank, announced the resignation of Mary-Ann Musangi from its board today. Her departure comes in the wake of Kenyan President William Ruto’s nomination of her husband, Andrew Musangi, to assume the role of chairperson at the Central Bank of Kenya (CBK).

James Mworia, chair of the Sidian Bank board and CEO of Centum, expressed the bank’s appreciation for Mary-Ann Musangi’s contributions, stating: “As Mary-Ann embarks on a new chapter, we embrace her legacy of commitment to best practices in corporate governance that she leaves behind. Her unwavering support has been instrumental in shaping the bank’s journey through her participation in the board.”

This move by Sidian Bank is seen as a deliberate effort to mitigate potential conflicts of interest. If Andrew Musangi’s nomination receives parliamentary approval, he will have oversight over Sidian Bank.

The institution emphasized its unwavering commitment to good corporate governance, business ethics, and adherence to global best practices in its statement released on Thursday.

Mary-Ann Musangi, the daughter of the late billionaire businessman Chris Kirubi, has been a pivotal figure in Sidian Bank’s leadership for eight years. She played a crucial role in the bank’s rebranding from K-Rep Bank to Sidian Bank in 2016.

Presently serving as the managing director of Haco Industries, Musangi also holds a directorial position at Centum Investment Company, the majority owner of Sidian Bank, thanks to her father’s stake in the Kenyan investment holding company.

Kirubi, who passed away at the age of 80 on June 14, 2021, after a prolonged battle with cancer, played a transformative role in shaping Kenya’s business landscape.

His leadership extended across various sectors, including Haco Tiger Brands Kenya Limited, Capital Media Group, International House Limited, DHL Worldwide Express Limited, Nairobi Bottlers, and Smart Applications International Limited.

Following his demise, Mary-Ann Musangi and her brother Robert Kirubi inherited 80 percent of their father’s substantial fortune, with the remaining 20 percent being divided among other siblings, including Anthony Maina, Michael Kirubi, Elizabeth Waithera, and Salome Mburu.

Before her tenure on the Sidian Bank board, Mary-Ann Musangi accumulated more than 25 years of corporate experience, including positions at British multinational pharmaceutical company GlaxoSmithKline and advertising, marketing, and public relations agency, Ogilvy & Mather.