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Corporate

Investment banker Mugane quits EABL board



Ms Wanjiku Mugane
Ms Wanjiku Mugane 

Investment banker Wanjiku Mugane has resigned from the board of East Africa Breweries Ltd (EABL) days after a corporate reshuffle ushered in a change of guard at East Africa’s largest brewery.

The resignation of Ms Mugane, the chief executive officer of First Africa Capital, comes as Mr Gerald Mahinda, EABL’s former managing director, left the brewery to head Brandhouse — a Diageo affiliate company — in South Africa.

In the reshuffle, Nigerian Seni Adetu replaced Mr Mahinda last week as EABL’s new group managing director.

He came from another Diageo affiliate company Guinness Ghana Breweries. Diageo is one of the world’s largest breweries and holds major stakes in various breweries globally, including East Africa Breweries Ltd.

Youngest director
Mr William Kalema, the chairman of Uganda Breweries (an EABL subsidiary) also resigned from the position of non-executive director.

The reasons behind Ms Mugane’s departure, after eight years as an EABL non-executive director, were not known. Ms Mugane, in 2007, resigned from Equity Bank where she was a director.

At the time of her appointment to the EABL board, Ms Mugane, then 37, became one of the youngest directors to sit on the then male dominated board of one of Kenya’s blue chip companies.

To her credit, Ms Mugane brought to the board an enviable depth of knowledge in investment banking backed by a strong law background.

As a co-founder of First Africa Capital, she is considered a deal maker of note within Africa’s investment banking circles.

The firm’s operations span the three major financial hubs of Johannesburg, Nairobi and Lagos in Sub-Saharan Africa.

The company focuses on facilitating mergers and acquisitions within the continent and advising companies on corporate finance matters.

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