CBK Governor Nominee Kamau Thugge: How I Amassed Ksh450 Million
Thugge revealed that if approved to be the 10th governor of CBK, he will push for the merging of banks.
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Central Bank of Kenya (CBK) Governor nominee Kamau Thugge on Tuesday, May 30 declared his net worth at Ksh450 million.
While being vetted for the role at the National Assembly, Thugge revealed that the net worth is derived from his ownership of an apartment in Westlands, a house in Mombasa, a plot of land in Ridgeways estate on Kiambu Road and another parcel in Thika Greens, as well as company shares and cash equivalents.
While challenged to answer the committee's chair regarding the Arror and Kimwarer dam scandal, Thugge claimed that he was framed, thus the Director of Public Prosecutions (DPP) absolved him of all charges.
"I was wrongly accused, that is why the DPP freed me of all the charges and I turned state witness. I am still a state witness and I follow the law as required," he stated.
Former Treasury PS Kamau Thugge. /BUSINESS DAILY
Regarding the state of the banking sector in Kenya, Thugge revealed that if approved to be the 10th governor of CBK, he will push for the merging of banks.
“If I am governor, we will front merging and reduction of the number of banks, so that we end up with a few banks that are properly capitalized, with better liquidity & ones that can grow to regional levels," he stated.
Thugge is a career economist who has served in senior positions within fiscal, monetary, and economic policy-making positions both locally and abroad.
He served as a Senior Advisor and Head of Fiscal & Budget Policy within the Presidency; in addition to serving as a Member of the President's Economic Council.
The former PS hold a Doctoral Degree in Economics from John Hopkins University in Maryland, USA and had a long and successful career at the International Monetary Fund from 1985 to 2010; where he served in the positions of Economist, Senior Economist, and Deputy Division Chief.
At the promulgation of the new constitution, Dr Thugge was a key cog of the team that designed Kenya's current fiscal decentralization system following the advent of devolution.
Thereafter, he was appointed as the Principal Secretary of the National Treasury in the Fourth Administration, a position in which he served from 2013 to 2019. He was however hounded out of office over alleged corruption before being picked in October 2022 to head the Fiscal Affairs and Budget Policy in the President William Ruto administration.
On May 15, 2023, President Ruto nominated him to replace outgoing CBK Governor Patrick Njoroge following a competitive recruitment process carried out by the Public Service Commission pursuant to the provisions of Section 13 of the Central Bank of Kenya Act, Chapter 491 of the Laws of Kenya.
CBK's management team includes the Governor and two Deputy Governors, all of whom are recruited through a transparent and competitive process, approved by Parliament and then appointed by the President.
The Governor is the Chief Executive Officer (CEO) of the Bank and is therefore responsible for its overall management.
He or she is also the Bank’s official spokesperson. The Governor and Deputy Governors serve for a four-year term and are eligible for a further appointment of one additional term.
