Andrew Musangi, a seasoned legal practitioner poised to drive transformative change and bolster Kenya’s position as a burgeoning African economic powerhouse, has secured approval as the upcoming Chair of the Central Bank of Kenya (CBK), endorsed by the National Assembly.
On Sept. 12, during a pivotal session with the National Assembly Committee on Finance and National Planning and the Senate Committee on Finance, Musangi provided a comprehensive breakdown of his financial portfolio, revealing assets totaling Ksh1.2 billion ($8.2 million).
Beyond his impressive career, Musangi wields significant influence in Kenya’s corporate landscape and owns stakes in some companies. His $8.2-million fortune places him among the over 138,000 individuals across Africa boasting a million-dollar or higher net worth.
As the founder of Mukite Musangi & Company Advocates (MMC), a specialized firm specializing in corporate, commercial practice and insurance litigation, Musangi boasts extensive corporate expertise. He has served as a strategic advisor to numerous corporate clients, including local and multinational enterprises.
With over 27 years of active legal practice, Musangi’s law firm, MMC, has skillfully represented high-profile clients with substantial land holdings in the region. Moreover, he has served as the legal representative for notable entities such as Centum Investment Company, KCB Group Plc, Famous Brands, and Mota-Engil Group.
Billionaires.Africa has identified and cataloged various companies and holdings linked to Musangi. Here are five companies where he holds substantial or minority stakes:
1. Mukite Musangi & Company Advocates (MMC)
Musangi’s legal career took a significant turn when, three years after being admitted to the Bar and gaining valuable experience at Sheth and Wathigo Advocates, he founded his firm – Mukite Musangi & Company Advocates (MMC). This distinguished law firm specializes in Commercial and Corporate practice, offering expertise in various fields such as mergers and acquisitions, debt recovery and restructuring, securities, insurance litigation, employment and labor law, commercial arbitration, intellectual property, public procurement, public-private partnerships, conveyancing, and company law.
In 2011, Musangi was a key figure in the establishment of LJA Associates LLP, a prominent full-service law firm based in Nairobi. This venture resulted from the merger of legal talents, including Linda Watiri Muriuki and James Gitau Singh, and has since evolved into a legal powerhouse. LJA Associates LLP boasts an impressive clientele comprising banks, insurance companies, blue chip companies, airlines, hotels, supermarkets, government agencies, parastatals, and numerous high net worth individual clients.
Centum Investment, a publicly listed East African investment company, counts Musangi as a non-executive director on its board. Centum offers investors access to a diverse portfolio of high-quality investments, primarily focusing on real estate, private equity, and marketable securities. Musangi holds a minority stake in the company, amounting to 800,000 shares.
4. GenAfrica
Musangi serves as the chairman of the board of directors at GenAfrica Asset Managers, a fund management company with a remarkable journey. Originally managing a single offshore client fund of Ksh1 billion in 1996, GenAfrica has grown to oversee the assets of 106 local clients, valued at over Ksh320 billion as of June 2021. While Kuramo Capital Management Limited holds a significant 90.84-percent ownership stake, Musangi, in partnership with the company’s management and staff, holds the remaining 9.16 percent.
5. Resolution Health East Africa
Resolution Health East Africa Limited is a leading medical insurance provider offering comprehensive inpatient and outpatient coverage to individuals and organizations. Focused on promoting a healthy lifestyle, the company has Musangi as one of its esteemed directors, contributing to its strategic vision and operations.
