Economy

President Ruto nominates Kamau Thugge for CBK governor

Thugge

Kamau Thugge was among the six candidates shortlisted in race to replace Dr Patrick Njoroge as CBK Governor. He has been nominated to succeed him. FILE PHOTO | NMG

Former Treasury Principal Secretary Kamau Thugge has been nominated to replace Patrick Njoroge as the governor of the Central Bank of Kenya (CBK), the Head of Public Service Commission Felix Koskei has announced.

"President William Ruto, has, on the recommendation of the Public Service Commission, nominated Dr Kamau Thugge for appointment as the Governor of the Central Bank of Kenya," a statement Monday signed by Mr Koskei reads.

Dr Thugge is the senior adviser and Head of Fiscal Affairs and Budget Policy at the State House, making a comeback after being thrown out of the National Treasury under a cloud of corruption charges.

Read: Ruto advisers among six short-listed for central bank governor

He was forced out of his position at the National Treasury over his alleged role in the multibillion-shilling Kimwarer and Arror dams' construction in Elgeyo Marakwet.

Dr Thugge was cleared of any wrongdoing in 2021.

Read: Thugge, Koech turn State witnesses in dam scandals

The new CBK governor will be the tenth boss of the banking regulator which was established by an Act of Parliament of March 24, 1966, and started operations on September 14, 1966.

Past CBK governors include Leon Baranski, Duncan Ndegwa, Philip Ndegwa, Eric Kotut, Micah Cheserem, Nahashon Nyagah, Andrew Mullei and Njuguna Ndung'u. Dr Njoroge’s successor will be appointed for a term of four years, renewable once, subject to performance.