Former PS loses NBK board seat

Former Roads PS Erastus Mwongera has failed to retain his seat in the board of the National Bank of Kenya (NBK) #ticker:NBK following Friday’s election, ending his six-year stint in the lender.

Regulatory fillings indicate that Mr Mwongera failed to get the full support of the National Social Security Fund (NSSF) and the Treasury.

The fund has a 48.05 per cent stake in the NBK while the Treasury owns 22.5 per cent and it has been running as a State-owned company on the strength of the combined stake — which is 70.55 per cent.

Mark Joseph Obuya joined the NBK board as a new director.

Mr Mwongera got less than 69. 3 million shares or votes owned by the Treasury and 148 million under the NSSF.

The former PS joined the board in June 2011 with the backing of the NSSF.