Nominated Central Bank of Kenya (CBK) Governor Dr. Kamau Thugge has revealed that he has a net worth of Ksh.450 million.
Speaking before a parliamentary vetting panel on Tuesday, Dr. Thugge stated that he has accumulated wealth through the properties he owns across the nation and various shares he owns in different markets.
Dr. Thugge stated that he owns a plot in Thika Greens, an apartment in Nairobi, a house in Mombasa, and shares in various markets and cash equivalents.
He is currently the president’s senior advisor and Head of Fiscal and Budget Policy. He is also a member of Ruto’s Economic Council.
He was the Treasury PS from 2013 to 2018.
He was fired in 2019 after being charged alongside former Treasury Cabinet Secretary Henry Rotich.
The economist was accused of inflating a commercial loan for the construction of the Kimwarer and Arror dams in Kerio Valley by Ksh.17 billion, a charge that Director of Public Prosecutions Noordin Haji later dropped in 2021, making him a state witness.
“I was wrongly charged on a matter that was for another ministry. The DPP looked at the charges then dropped them and made me a state witness. The matter is in court,” Thugge told Parliament during his grilling on Tuesday.
President William Ruto nominated him on May 15, following the imminent retirement of Patrick Njoroge, whose two terms end next month.
If approved by the National Assembly, Thugge will become Kenya’s 10th CBK governor after trouncing Dorcas Mutonyi, Haron Sirima, Edward Sambili, Nancy Onyango and Adan Mohamed, who were shortlisted by the Public Service Commission early this month.
If approved by Parliament, he will face the daunting task to stabilise the shilling which has sharply depreciated against the dollar and a heavy government debt burden, which is threatening to upset years of macro stability.
