Atwoli Reign Comes To An End

The Kenya commercial Bank group (KCB) has now sent home almost all members of the National Bank of Kenya (NBK) board just weeks after acquiring the listed lender.

The reshuffle has seen Central Organisation of Trade Unions (Cotu) secretary-general Francis Atwoli who has been a member of the board for 16 years pushed out.

Mr Atwoli joined the board in April, 2003, representing workers’ interests in the bank, he was appointed to occupy one of the National Social Security Fund (NSSF’s) two positions on the board.

Joshua Oigara, KCB chief executive, NBKs managing director Paul Russo, ex-KDF boss Julius Karangi and Treasury’s acting director general in charge of public investments and portfolio management directorate Stanley Kamau have joined the board of directors.

John Nyerere, a member of the KCB Group board has replaced former NBK Board chairman Mohamed Abdirahman Hassan.

KCB Group reshuffled the board of directors in a move to regain the troubled NBK shareholders’ trust and revamp its business following the loss the lender had been making  successively.

“Corporate governance is of utmost priority for us and the structure of the board and management is important in ensuring that the level of corporate governance you expect is maintained,” KCB Group chairman Andrew Wambari Kairu said in a statement.