Matiang’i names insider to replace suspended NHC managing director
A National Housing Corporation project in Nairobi West. PHOTO | FILE
What you need to know:
Mr Saisi is a civil engineer from the University of Nairobi and an MBA holder from Oxford Brookes University Business School in the UK. His appointment takes effect on September 1.
He has been the General Manager of the Expanded Polysterene Systems (EPS) factory, a subsidiary of the NHC.
He takes over from Wachira Njuguna, who was suspended in July last year following a special audit by the Inspectorate of State Corporations.
Among the major tasks awaiting Mr Saisi is the floating of the State housing agency’s inaugural corporate bond
The acting Secretary for the Ministry of Land, Housing and Urban Development Fred Matiang’i has appointed Andrew Saisi as the new managing director of National Housing Corporation (NHC) for a period of three years.
Mr Saisi is a civil engineer from the University of Nairobi and an MBA holder from Oxford Brookes University Business School in the UK. His appointment takes effect on September 1.
He has been the General Manager of the Expanded Polysterene Systems (EPS) factory, a subsidiary of the NHC. He takes over from Wachira Njuguna, who was suspended in July last year following a special audit by the Inspectorate of State Corporations.
The audit report accuses Mr Njuguna of initiating an Enterprise Resource Planning system that was irregularly awarded to a contractor and making payments amounting to Sh52.5 million, among other malpractices.
“The Board of directors of the National Housing Corporation forwarded three names of the leading candidates to me. I have since reviewed the board’s recommendations and done background checks on each of the three candidates,” said Dr Matiang’i.
Among the major tasks awaiting Mr Saisi is the floating of the State housing agency’s inaugural corporate bond. In January NHC announced that it plans to float its inaugural Sh5 billion housing bond in the second half of 2015, as it seeks to double the annual supply of homes.
3,000 houses
The State-owned firm said proceeds from the corporate bond, set to be listed on the Nairobi Securities Exchange, would be used to deliver more than 3,000 residential houses in Nairobi metropolitan area, Mombasa and Kisumu.
Part of the proceeds from the bond is expected to boost production at its expanded polystyrene panels (EPS) factory in Mavoko, Machakos, which makes panels for low-cost houses.
NHC is charged with supporting and developing affordable housing and real estate in Kenya.
It is putting up housing projects worth Sh3 billion this financial year. NHC supplies about 1,500 to 2,000 residential units yearly.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
