Capital Markets Authority (CMA) Board of Directors Chairman James Ndegwa has left the regulatory state agency. This follows the expiry of his two terms of three years as Board Chairman of the Authority, which lapsed on March 28, 2021.
Ndegwa, a wealthy businessman and son of former Central Bank of Kenya (CBK) Governor-the late Philip Ndegwa, was first appointed to head the CMA Board of Directors in April 2015. He was subsequently reappointed on March 28, 2018, for another three years.
An insurer by profession, Ndegwa holds a BA (Hons) and an MA degree from Oxford University.
As Board Chairman of First Chartered Securities Limited, the holding company for the Ndegwa family associated firms, Ndegwa is also an Associate of Chartered Insurance Institute (UK) and its local equivalent, the Insurance Institute of Kenya.
Before he was appointed CMA Board Chairman, Ndegwa was the Managing Director of Lion of Kenya Insurance Company Limited until 2003.
CMA Chairman is appointed by the President
The Board of Directors of CMA consists of the Chairman- appointed by the President on the recommendation of the Cabinet Secretary of the National Treasury.
This Board includes Principal Secretary of the National Treasury, Governor of the Central Bank of Kenya and the Attorney General.
The Board Chairman and the six members have experience and expertise in legal, financial, banking, accounting, economics or insurance matters, serve for three years and are eligible for reappointment for another three years.
His signature at the Authority remains the merger of NIC Group and Commercial Bank of Africa to create NCBA- the country’s 4th largest lender by balance sheet size, which took place under his watch.
First Chartered Securities Limited is the 4th largest shareholder at NCBA with 7.45% ownership. Andrew, who is the brother to James, is a Non-Executive Director at NCBA and Unga Group.
Andrew, who previously served with Citibank and after that AMBank until 1995, holds an MA (Hons) degree in Philosophy, Politics and Economics from Oxford University, UK.