How Kirubi, Mworia teams work their magic at Centum

Centum’s knack for deal-making in the past few years has seen it emerge as the most aggressive of investment firms listed on the Nairobi Securities Exchange.

The company’s expansion binge has begged the question of who between the Chris Kirubi-led board and management — headed by the CEO James Mworia — is the real force behind the growth spurt.

Mr Kirubi who is also a major shareholder at Centum says it is both.

“Our job as the board is to help set the vision and the management implements it,” he said. The businessman rates the performance of Mr Mworia, 36, as “excellent”.

“Part of the reason we have grown fast in recent years is because Mr Mworia has assembled a substantial management team that is capable.”

Centum has made a string of acquisitions in the past two years, including that of fund management firm Genesis Kenya that pushed the value of assets under its management to Sh147 billion in the year ended March, up from Sh22 billion a year earlier.

The firm is also investing heavily in mega projects including multi-billion-shilling real estate developments in Kenya and Uganda.

Mr Mworia agrees that the growth is the product of team work between the board and management.

READ: Kirubi steps out as Kenya’s top corporate dealmaker.

“We as management are allowed independence to achieve the goals jointly developed with the board,” Mr Mworia said.

“The targets are cascaded down to specific departments and individuals and that is how we deliver.”

Mr Mworia’s tenure as Centum’s CEO has surpassed that of his predecessors who have served slightly shorter terms. His longevity is linked to his performance that has won him the backing of the board and Mr Kirubi in particular.

The youthful executive is in full control of operations at the investment firm, which introduced a rare zero-dividend policy in 2009 when he marked his second year as CEO.

The 100 per cent profit retention strategy is meant to make it easier to fund new investment opportunities, leaving investors to rely on capital gains as their net worth rises.

Mr Kirubi, however, steps in when “bigger things” are at stake as when he took on Centum’s rivals who had lost the Sh174 billion coal plant tender early this week.

Mr Mworia is expected to spearhead Centum’s entry into new sectors of the economy such as healthcare, education and agriculture. This will expand its presence beyond the current beverage, automotive, food, and energy industries.