President Kenyatta gazettes CBK directors


President Kenyatta gazettes CBK directors

President Uhuru Kenyatta has gazetted the appointment of five directors to the Central Bank of Kenya board.

The banking regulator has been without a complete board for the past two years.

Ravi Ruparel, Nelius Kariuki, Charity Kisotu, Bessie Dzomo and Samson Cherutich now join Board Chairman Mohamed Nyaoga.

Mr Ruparel, Mr Kariuki and Ms Kisotu will start official duty from November 4 and serve for a period of four years while Ms Dzomo and Mr Cherutich start on December 5 for a similar term.

Mr Nyaoga was appointed together with CBK governor Dr Patrick Njoroge in June 2015 but is yet to chair a single board meeting, instead working directly with the governor.

The board is expected to meet at least every two months to appraise the governor’s performance and consider investment plans.

The delayed appointment of the board has seen questions raised over the implication of lack of its mandate in formulating policy, at a time the banking sector is undergoing changes.

The board’s absence become a particular focus point after three banks were placed under receivership and emergence of cases of breach of corporate governance.

At the same time Lawyer Ahmednasir Abdulahi has written to the Ethics and Anti Corruption Commission (EACC) on behalf of the Nairobi Law Monthly to investigate affairs of the CBK given it has been allegedly run illegally.

According to the prominent Nairobi Lawyer, CBK governor Dr Patrick Njoroge has been making unsanctioned decisions given they need to be approved by the board.

“It’s our clients instruction that Dr Njoroge has been running affairs if the bank like his personal property and has been incurring huge capital expenditure without any board appraisal, usurped powers of the board and acted in flagrant breach of the board,” Mr Abdulahi said in his letter to EACC CEO Halakhe Waqo.

The timing of the letter to the EACC comes barely a month after the Kenya Deposit Insurance Corporation (KDIC), through its lawyer Philip Murgor, moved to court to have Mr Abdulahi’s firm and two others disqualified from representing Imperial Bank shareholders in a Sh45 billion fraud case over conflict of interest.

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