CBK Chair Nominee Andrew Musangi On Source Of Ksh1.2 Billion Wealth
While appearing before the Committee, Musangi disclosed that he has an estimated net worth of Ksh1.2 billion
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The late billionaire Chris Kirubi's son-in-law, Andrew Musangi who was nominated by President William Ruto for the position of Central Bank of Kenya (CBK) chairperson faced the National Assembly on Tuesday, September 12.
The National Assembly’s Committee on Finance and National Planning in a Joint Sitting with the Senate Standing Committee on Finance and Budget, conducted approval hearings for Musangi before his appointment to the prestigious position where he will hold one of the most powerful positions in Kenya's financial sector.
While appearing before the Committee, Musangi disclosed that he has an estimated net worth of Ksh1.2 billion, which was drawn from investments such as real estate, the stock exchange, and bond trading.
Andrew Musangi taking his oath before facing the Parliamentary Committee on Finance and National Planning for grilling on September 12, 2023, after his nomination as Central Bank of Kenya (CBK) chairperson. /PARLIAMENT OF KENYA
At the same time, he revealed that he resigned from the Jubilee Party after his tenure as the National Elections Board (NEB) chairperson and was not involved in the 2022 general elections.
He also previously served as the chairman of the Public Procurement Oversight Authority board which he was appointed to by former President Uhuru Kenyatta in 2021.
In terms of his lucrative career, Musangi is an accomplished lawyer and one of the most influential figures in corporate Kenya. Kirubi, his father-in-law who passed away on June 14, 2021, was the Chair of Centum’s board and the single largest individual shareholder.
Musangi moves effortlessly between private legal practice, multi-billion dollar businesses and the corridors of power. He held other powerful positions simultaneously including a board seat at the Resolution Health East Africa Ltd.
According to Bloomberg, he also served as the chairman of the board of trustees, GenAfrica Asset Managers, a company that deals with asset management offering investment opportunities without exposing clients to unnecessary risk.
To manoeuvre the demanding industries, he runs his own law firm - Mukite Musangi and Company Advocates. His area of specialisation includes Dispute Resolution, Banking and Finance Law, Conveyancing and Real Estate, Corporate and Commercial Law, Intellectual Property, Debt Recovery, Receivership, Bankruptcy, Insolvency, Employment, and Tax.
He married Mary Anne Kirubi in 2009 – who herself sits on the boards of at least seven publicly listed and private Kenyan companies, including Sidian Bank where Centum has significant interests.
Musangi had early in July 2021 been appointed to the board of Centum Real Estate, a subsidiary of Centum Investment Company, having a say in the parent company which is worth billions of shillings.
The University of Hull (UK)-educated lawyer was admitted as an Advocate of the High Court of Kenya in 1995, and started his firm Mukite Musangi & Company Advocates in 1998.
He is the son of Professor Richard Musangi, a scholar who became the pioneer Vice-Chancellor of Egerton University in 1987 and was in 2013 appointed Chancellor of Kabianga University by the late former President Mwai Kibaki.
