A week ago, Parliament approved the nomination of Andrew Musangi as the chairperson of the Central Bank of Kenya (CBK). This came after he was vetted for the position by a joint National Assembly and Senate committee.
Andrew Musangi Bio
Musangi is the son-in-law of the late Kenyan industrialist Chris Kirubi. He is married to the billionaire’s daughter, Mary-Anne Wambui.
The former Jubilee Party election board chief is an advocate of the High Court and a senior consultant at LJA Associates LLP.
Musangi is the managing partner of Mukite Musangi & Company Advocates and has practiced law for over 25 years.
He obtained his bachelor of law degree from the University of Hull (UK) in 1993.
Andrew Musangi’s net worth
During his vetting, Musangi disclosed he was worth KSh 1.2 billion.
He revealed his sources of income were his law firm and investments in the real estate sector.
He revealed his savings in the Nairobi Securities Exchange (NSE) and several bonds. Musangi said this earns his interest and adds to his ever-changing net worth.
“My net worth is comprised of interests in my law firm and the real estate market. This is a constantly moving number depending on how I am moving the resources from one item to the other,” said Musangi during the vetting on Tuesday, September 12.
Andrew Musangi Companies he Owns?
1. LJA Associates LLP
Musangi is a senior consultant at LJA Associates LLP as listed on the company’s website.
The lawyer has been offering legal services for close to three decades and helped establish the firm in 2011.
LJA Associates LLP’s clients include parastatals, supermarkets, blue chip companies, government agencies, banks, insurance firms, and hotels.
GenAfrica is a fund management company that rose from managing a single offshore client fund of KSh 1 billion in 1996 to over 100 local clients valued at more than KSh 320 billion.
It manages pension and non-pension funds.
According to Who Owns Kenya, Musangi controls a 9.16% stake in the company and serves as its board of directors chairman.
3. Resolution Health East Africa
The medical insurance provider is licensed by the Insurance Regulatory Authority (IRA).
Its sections include general insurance business, liability, corporate, group, and personal accident insurance.
Resolution Health East Africa entered the market in 2002 and has been a participant in the United Nations Global Impact since 2008.
4. Centum Investment
Musangi is a non-executive director at Centum Investment, a company listed on the Nairobi Securities Exchange and Uganda Securities Exchange.
He owns over 800,000 shares in the company, whose portfolio comprises real estate, private equity, and marketable securities.
Centum is an affiliate of the Kenyan government-owned Industrial and Commercial Development Corporation (ICDC).
According to its integrated and financial statements for 2023, its net assets are valued at KSh 36 billion, translating to KSh 54 per share. It paid cumulative dividends of KSh 4.9 billion.
Chris Kirubi’s Wealth Will
Kirubi died in June 2021 after a long battle with cancer. His son and daughter received the lion’s share of his KSh 20 billion estate.
Kirubi, popularly referred to as ‘Dr. DJ CK’, left 80% of his wealth to his two eldest children, Robert Kirubi and Mary-Anne Kirubi.
Details of the will showed the siblings also amicably agreed to gift their step-sister Fiona Wambui Kirubi 9.95% of the estate, which they split equally from their shares, translating to an estimated KSh 1.6 billion.
Kirubi left his four siblings KSh 500 million each. The late businessman did not leave a dime for his former Dubai-based wife.