Andrew Mukite Musangi has received approval from parliament as the new chairman of the Central Bank of Kenya (CBK) Board. Andrew replaces Mohammed Nyaoga whose second four-year term ended in August 2023.
Presently, the 51-year-old Andrew holds the position of Chairman of the Public Procurement Oversight Authority. He is also a director at Centum Investment Company Limited and Resolution Health East Africa Limited.
In August this year, President Dr. William Samoei Ruto nominated Andrew for this position. Andrew was picked from six candidates who had been shortlisted by the Public Service Commission (PSC).
The list of those who were eyeing the CBK Board Chair position also included John Konchellah, the former PS for East Africa Affairs, and James Gituro Wahome, a former CBK employee, Abdikadir Omar Aden, James Lopoyetum, and Thomas Mwandegu.
Following parliamentary approval, Andrew’s name will now be forwarded to President Ruto for appointment and his gazettement as the new CBK board chairperson, to serve for a period of four years.
The CBK Board of Directors provides oversight of the Bank’s functions by formulating policies, other than the formulation of monetary policy, and reviewing performance.
This Board comprises eleven members consisting of the Chairman, the Governor, the Permanent Secretary to the National Treasury, and eight non-executive directors appointed by the President.
Andrew is a senior consultant with LJA Associates. He obtained his LLB from the University of Hull (UK) in 1993 and was admitted to the Bar in 1995 after which he joined Sheth and Wathigo Advocates.
In December 1998, Musangi formed his own firm Mukite Musangi and Company Advocates as Managing Partner with emphasis on commercial and corporate practice.
Andrew’s wife is Mary-Ann Musangi, daughter of the late billionaire businessman Chris Kirubi. She resigned from the board of Sidian Bank following her husband’s nomination by President Dr William Ruto to chair the CBK Board.