The National Assembly has approved the nomination of Andrew Musangi as the next chairperson of the Board Central Bank of Kenya (CBK).
The approval follows recommendations by the National Assembly and Senate’s Joint Committee on Finance after Tuesday’s vetting.
Musangi now awaits a formal appointment from President William Ruto before assuming office.
He will replace Mohamed Nyaoga whose tenure at CBK ended on June 17.
Musangi holds a Bachelor of Laws Degree from the University of Hull (UK). He was admitted to the Bar in Kenya in 1995.
The nominee’s area of expertise includes Debt Recovery and Restructuring, Securities, Insurance litigation and Public Private Partnership, which Ruto is banking on to revive the country’s struggling economy.
He previously served on the board of Centum Real Estate (Centum RE) as well as its parent company Centum Investment.
During his vetting, he recommended the oversight and scrutiny of the Central Bank of Kenya especially when it comes to Appropriation in Aid (A-I-A) funds.
“Each individual institution that gains from the A-I-A is oversight by Parliament. The question should be why not the Central Bank but to the extent that, that oversight is restricted to the Central Bank of Kenya function as banker, I don’t see why not,” he told the committee.
“We must look at the supervisory role that CBK plays to ensure it’s satisfactorily strengthened such that when a public has a complaint there is recourse for immediate resolution not when a matter is investigated for eight months,” he added.