By Prudence Minayo
Mukite Musangi is the incoming board chairperson of the Central Bank of Kenya. He revealed his net worth Ksh1.2 billion to the National Assembly Committee on Finance and National Planning, together with the Senate Committee on Finance.
The lawyer and advocate of the high court has considerable experience in the corporate and law fields and also owns a stake in some of Kenya’s notable firms.
Here are the five companies where he has considerable stake as compiled by WoK.
Mukite Musangi & Company Advocates.
Mr. Musangi founded the company in December 1998 having worked for Sheth & Atigo Advocates since 1995. The law firm focuses on corporate and commercial practice.
They have experience in various fields including: public- private partnerships, employment and labour laws, interlectual property, company law, commercial arbitration, insurance litigation, merger and acquisitions, security, conveyancing and debt recovery and restructuring.
Centum Investment
The law professional holds a majority stake in centum Investment with his shares amounting to 800,000. Listed on the Nairobi Securities Exchange and Uganda Securíties Exchange, Centum is considered a leading investments company in East Africa.
Their portfolio comprises of real estate, private equity and marketable securities. He is also a non executive board member of the company.
Resolution Health East Africa
Resolution Health Insurance entered Kenya in 2002 and became the first company to be registered as a Medical Insurance Provider in the country. In 2013, the Insurance Regulatory Authority licensed Resolution as a general insurer.
The insurance, which currently caters for tens of thousands in Kenya and other East African countries, is licensed to provide workmen’s compensation, liability, personal accident and miscellaneous classes of general insurance business. They provide insurance for individuals, family, corporates and social groups.
LJA associates LLP
This is a full-service law firm in Nairobi which Musangi played a pivotal role during its establishment in 2011.
The legal powerhouse was formed through the joining of forces of some of Kenya’s greatest legal minds, namely, James Gitau Singh and Linda Watiri Muriuki. Their customers include: parastatals, supermarkets, blue chip companies, government agencies, banks, insurance firms, and hotels.
GenAfrica
This is a fund management company that oversees the assets of more than 100 clients. In 1996, they were managing one offshore account worth a billion.
This grew to the managing of more than 100 local assets, which as of June 2021, were valued at Ksh320 billion. Together with the company management and staff, Musangi who is the chairman of the board of directors holds a 9.16 per cent stake.
