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MPs approve President Kenyatta’s 3 nominees to head CBK

18 June 2015, 08:04 Samuel Kisika

Nairobi – The National Assembly Finance, Planning and Trade committee has approved President Uhuru Kenyatta’s three nominees to head the Central Bank of Kenya (CBK) after conducting thorough vetting to ascertain their competence and suitability.

The report tabled in the House by the committee’s chair, Benjamin Langat (Ainamoi MP) recommended that the nominees; Patrick Ngugi Njoroge nominated as CBK Governor, Jairus Mohammed Nyaoga as the Chairman and Sheila M'mbijiwe be appointed in the respective positions after proving their capability to the committee.

Although the committee found out that the three nominees met all the required integrity provisions, exhibited requisite abilities, qualifications, experience and impressive knowledge on administration and corporate governance in running CBK, it pointed out that the nominees have to put some issues in order as they take over the bank’s management.

Read Also: Ngugi vows to bring lending rates down, reopen Hawalas

The committee, for instance said Nyaoga 'will have to relinquish some positions he holds to avoid conflict of interest and also give him enough time to concentrate on the new role as the Chairman of the Central Bank of Kenya.'

The committee recommended that Njoroge, who is to be CBK’s next Governor, will have to create a good working rapport with his team and stakeholders in the banking industry to help him govern well on grounds that he may not be conversant with the Kenyan working environment since he has been working abroad for almost his entire life.

The committee expressed unwavering confidence in M'mbijiwe's appointment as the CBK deputy Governor for possessing the required knowledge both practical and academic on financial sector of the country.

The ball is now in the courts of the whole House to adopt the Finance committee’s report for appointment of the three nominees thereafter to be officially sworn in by the President to take over the CBK leadership.

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