Musangi's nomination as CBK board chair approved

By Peter Ochieng

Andrew Musangi can rest easy, after Members of Parliament (MPs) on Thursday approved his nomination as the next Central Bank of Kenya (CBK) board chairman.

MPs okayed his nomination after Molo MP Francis Kimani Kuria, moved a special motion on consideration of the findings of the joint National Assembly and Senate committee that vetted him.

The second term legislature is the chairman of the National Assembly Finance and Planning Committee.

During his vetting this week, Musangi called for the strengthening of the Special Bank Investigating Unit (SPIU) and General Bank Supervision (GSU) to fast-track fraudulent bank activities, which include withdrawals and money laundering.

“We must look at the supervisory role that CBK plays to ensure it is satisfactorily strengthened such that when the public has a complaint there is recourse for immediate resolution not when a matter is investigated for eight months,” he said.

Concerning the weakening of the Kenyan shilling against the dollar, Musangi called for permanent structural policies to be put in place, in a bid to alleviate the situation.

“CBK key role is stability in the monetary environment and the currency environment. Stability will feed the business and the trade environment. Foreign direct investment will impact the Kenyan shilling which will reduce pressure on the Kenyan shilling,” he said.

He placed his net worth Sh1.2 billion, with portfolios in real estate, the stock exchange and bonds.

“This comprises interests in my law firm and the real estate interest. Interests in the Nairobi stock exchange and a number of bonds. This is a constantly moving number depending on how I am moving the resources from one item to the other,” he said.

Musangi, who is a corporate lawyer, was picked from six candidates who had been shortlisted by the Public Service Commission (PSC).

President William Ruto then forwarded his name to Parliament for vetting and approval.

Following the approval, Musangi's name will be forwarded to Ruto for appointment and gazettement as the substantive CBK chairperson.

He will serve for four years, replacing Mohammed Nyaoga whose term ended in June, 2023.