Kamau Thugge: I am worth Sh450 million

By Peter Ochieng

Kamau Thugge's net worth runs into millions of shillings.

The Central Bank of Kenya (CBK) Governor nominee capped his net worth at Sh450 million, when he appeared before a parliamentary vetting panel on Tuesday.

He said he amassed his wealth over the years through owning various properties across the country, among a plot in Thika, an apartment in Nairobi and a house in Mombasa.

In addition, Thugge said he holds shares in different companies.

President William Ruto nominated Thugge CBK governor mid May, to succeed the outgoing Patrick Njoroge.

He served as Principal Secretary (PS) in the Ministry of Finance from 2013 to 2018, before being sounded out of office, alongside former Cabinet Secretary (CS) Henry Rotich over corruption allegations.

They were accused of inflating a commercial loan for the construction of Kimwarer and Arror dams, in Kerio Valley Elgeyo Marakwet county, by Sh1.7 billion.

The charge against Thugge was dropped by Director of Public Prosecutions (DPP) Noordin Haji in 2021.

He was swiftly turned into a state witness.

Thugge told MPs that he was wrongly charged.

"I was wrongly charged on a matter that was for another ministry. The DPP looked at the charges then dropped them and made me a state witness. The matter is in court," he said.

Concerning the 3% housing levy contained in the Finance Bill, 2023, Thugge maintained that it is not a tax.

"On the housing fund, our savings rate is 14% of the GDP. It's a saving, not a tax. You can see the jobs that are going to be created, and it will have a ripple effect on the economy."

If approved by the National Assembly, he will become Kenya's 10th Central Bank of Kenya governor.