The National Assembly of Kenya has approved the nomination of esteemed Kenyan legal practitioner Andrew Musangi as the chairperson of the Central Bank of Kenya (CBK). This clears the path for his assumption of a key role in the nation’s financial oversight.Â
The approval by the National Assembly follows a thorough vetting process carried out by the Departmental Committee on Finance and National Planning of the National Assembly, working in conjunction with the Senate Standing Committee on Finance and Budget.
This joint effort comprehensively evaluated Musangi’s qualifications and suitability for this critical position.
Musangi, the founder of Mukite Musangi & Company Advocates (MMC), a prominent legal firm, appeared before both the Senate Committee on Finance and the National Assembly Committee on Finance and National Planning to provide insight into his extensive legal career, spanning more than 27 years, and his wealth, which he disclosed to be Ksh1.2 billion ($8.2 million).
Musangi’s considerable fortune, estimated at $8.2 million, primarily stems from his legal firm, MMC, which specializes in corporate commercial practice and insurance litigation. Additionally, his involvement in the real estate sector has yielded substantial returns from various investments.
During the vetting process, Musangi disclosed the composition of his net worth, stating: “My net worth is comprised of interests in my law firm and the real estate market. This is a constantly moving number depending on how I am moving the resources from one item to the other.”
He also revealed his investments in the Nairobi Stock Exchange and a portfolio of bonds, explaining that these financial instruments contribute to his overall net worth through interest earnings.
In an act of transparency and to prevent any potential conflicts of interest, Musangi openly acknowledged his ownership of bank shares, some of which he had divested to avoid any conflicts that could undermine his role as CBK chairperson.
Notably, his wife, Mary-Ann Musangi, daughter of the late wealthy businessman Chris Kirubi, recently resigned from her position on the board of Sidian Bank, a prominent Nairobi-based commercial bank.
This strategic move comes in response to Kenyan President William Ruto’s nomination of Musangi to lead the Central Bank of Kenya, an effort aimed at mitigating any conflicts of interest that might arise from Musangi’s regulatory oversight of Sidian Bank, should his nomination gain parliamentary approval.
