President Uhuru Kenyatta has reappointed the Central Bank of Kenya (CBK) chairman, governor and his deputy for a second four-year term in a move seen as a vote of confidence in their leadership.
Through a special Gazette notice dated May 24, Uhuru has appointed the trio –Mohammed Nyaoga (chairman), Dr Patrick Njoroge (Governor) and Ms Sheila M’Mbijjewe (deputy governor)– to extend their reign with effect from June 18.
Mr Nyaoga, a lawyer, will now continue serving as the chairman of the CBK that is under the leadership of Dr Njoroge. His immediate task will be to help the CBK manoeuvre the legal landmines that have come to its doorstep over the new currency.
Dr Njoroge, a Yale University-educated economist has earned the nickname of ‘the Monk’ in financial circles for the discipline he has infused in the banking and forex trade industry.
The 57-year-old has managed to help the government keep inflation in check through monetary policy. But his biggest achievement has been steadying the ship on the Kenyan currency by ending its volatility that was the major undoing for the previous governor.
Before joining CBK, Dr Njoroge worked at the IMF office in Washington in as an economist and rose through the ranks to adviser.
Prior to that, he worked briefly, in the mid-1980s, at Kenya’s Planning ministry and later as a Finance ministry economist for a short stint in the mid-1990s.
Ms Sheila M’Mbijjewe, who reached the retirement age last year before the government scrapped the retirement age guidelines for parastatal bosses has also been rewarded with a second term.
M’Mbijjewe is a UK trained accountant.
Mr Nyaoga, a managing partner at Mohamed Muigai Advocates, holds a Bachelors and Masters degrees in law from the University of Nairobi. He is a Certified Public Secretary, a Certified Company Director and a member of the London Institute of Directors.