Njoroge one step away from getting CBK governor job

Dr Patrick Ngugi Njoroge, the nominee for the position of Governor of Central Bank of Kenya (CBK), is one step away from taking office after a parliamentary committee endorsed his nomination by the President.

The Finance, Planning and Trade committee on Wednesday tabled in Parliament a report that recommended the approval of Dr Njoroge for the governor’s post, as well as his deputy Ms Sheila M’Mbijjiwe and the nominee for bank chairman Mohammed Nyaoga.

“The nominee (Dr Njoroge) was open- minded, independent and exhibited impressive knowledge of topical issues touching on monetary policy and has the requisite abilities, qualifications and experience to serve as the governor of the Central Bank of Kenya,” noted the MPs’ report.

“However, he may not be conversant with the Kenyan working environment considering that he has been working abroad for almost his entire life. He will therefore need to create a working rapport with his team and the stakeholders to help him govern,” the report added.

The National Assembly will Thursday afternoon debate and either approve or reject Dr Njoroge’s nomination and that of his deputy and the nominee for chairman.

If the committee’s report is approved, it will be sent to the President for their formal appointment. The hiring could start afresh, including conducting fresh interviews and nominations it is rejected.

The Leader of Majority Aden Duale said he had slated the motion on the approval of the three top CBK nominees for consideration by the House on Thursday afternoon.

“I have slated debate for the approval of nominees to the CBK posts tomorrow (today) afternoon,” said Mr Duale.

Dr Njoroge is set to take over at the CBK at a time when the shilling has lost ground against the US dollar and other major world currencies.

The MPs made the recommendation for approval of Dr Njoroge to the House amid concerns over his lack of investments in the country.

The International Monetary Fund (IMF) advisor told the vetting Committee that he owns no property but that did not amount to a lack of confidence in the Kenyan economy.

READ: CBK governor nominee has no property in Kenya

On Ms M’Mbijjiwe, the MPs noted that the nominee was open- minded and exhibited impressive knowledge of topical issues touching on the financial sector. “She has the requisite abilities, qualifications and experience to serve as the deputy governor of CBK,” said the MPs.

The committee also cleared Mr Nyaoga for appointment to chair the board of the CBK, saying he has a wealth of experience in law practice spanning more than three decades. But it said Mr Nyaoga will have to relinquish some positions to avoid conflict of interests.