Philip Ndegwa

Last updated

Phillip Ndegwa was a Kenyan economist, entrepreneur, former Governor of the Central Bank of Kenya, [1] and patriarch of one of the country's wealthiest families. [2] [3] [4]

Contents

Education

Born in Kirinyaga County, [5] Ndegwa was educated at Alliance High School, Makerere University College and Harvard University. [6]

Work

In 1965, he joined the civil service as an advisor on planning and economic issues. He would later serve as a Permanent Secretary in the Ministries of Agriculture, Finance and Economic Planning. Ndegwa became the third Governor of the Central Bank of Kenya in December 1982, an office he held until January 1988. He was appointed Executive Chairman of the Kenya Commercial Bank in November 1987. In the same year, the United Nations Secretary General appointed him to a panel of international economic experts charged with examining Africa's debt crisis and recommending policies to address it. [7]

Mr. Ndegwa played a key role in the privatization of Kenya Airways. He wrote several books, the last of which was Africa to 2000: Imperative Political and Economic Agenda, published in 1994 and coauthored with Mr. Reginald Herbold Green.

Other offices Ndegwa held included:

First Chartered Securities

Philip Ndegwa founded First Chartered Securities in 1974 with 20 other shareholders. [11]

Insurance - Its first major acquisition was a 100% purchase of the Insurance Company of East Africa (ICEA). Following the merger of ICEA and the Lion of Kenya Insurance to form the ICEA Lion Group (which is one of Eastern Africa's largest insurance companies), First Chartered Securities now owns an 80% stake in the new entity, with the remaining 20% held by Kenya Holding Limited.

Banking - First Chartered Securities has a stake of a 24.98% stake in NIC Bank [12] that was valued at KSh.  5.22 billion as at December 28, 2012 (US$64 million at the exchange rate then). [12]

Real Estate - First Chartered Securities real estate assets include Riverside Park and AMBank House, both in Nairobi.

Others - First Chartered Securities made forays into other sectors, including logistics, agriculture, milling and beverages. It owned Inchcape Shipping but sold its interests. It also had interests in catering firm Nairobi Airport Services (NAS), in which a French multinational, Servair, acquired a 59% stake in December 2012, estimated at more than KSh. 2.25 billion (US$26 million). [13] [12]

Personal life

Two of Philip Ndegwa's children became officials at NIC Bank and First Chartered Securities: James P. M. Ndegwa (chairman of the Board [14] ), and Andrew S. M. Ndegwa (Non-Executive Director).

Death

Philip Ndegwa died on 7 January 1996. [15] As a tribute, the United Nations released the multi-author research volume Renewing Social and Economic Progress in Africa: Essays in Memory of Philip Ndegwa [16] in the year 2000.

Related Research Articles

<span class="mw-page-title-main">KCB Bank Kenya Limited</span>

KCB Bank Kenya Limited is a financial services provider headquartered in Nairobi, Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the national banking regulator. The bank has also been running Agency banking model.

<span class="mw-page-title-main">Nairobi Securities Exchange</span> Stock exchange of Nairobi, Kenya

The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi the capital of Kenya. It was a voluntary association of stockbrokers in the European community registered under the Societies Act in British Kenya. The exchange had 66 listed companies in February 2021.

Safaricom PLC is a listed Kenyan mobile network operator headquartered at Safaricom House in Nairobi, Kenya. It is the largest telecommunications provider in Kenya, and one of the most profitable companies in the East and Central Africa region. The company offers mobile telephony, mobile money transfer, consumer electronics, ecommerce, cloud computing, data, music streaming, and fibre optic services. It is most renowned as the home of M-PESA, a mobile banking SMS-based service.

<span class="mw-page-title-main">Central Bank of Kenya</span> Monetary authority of Kenya

The Central Bank of Kenya (CBK) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Kamau Thugge, CBS is the current Governor and Dr. Susan Koech is the Deputy Governor.

<span class="mw-page-title-main">Jubilee Insurance Company Limited</span> Insurance company in Kenya

The Jubilee Insurance Company of Kenya (JICK), mostly known as Jubilee Insurance, is an insurance company in Kenya, which has the largest economy in the East African Community. It is a wholly owned subsidiary of Jubilee Holdings Limited, a multinational insurance holding company, which maintains its headquarters in Nairobi, the capital of Kenya, with subsidiaries in Kenya, Tanzania, Uganda, Burundi, and Mauritius, with plans to expand on the African continent.

<span class="mw-page-title-main">Chase Bank Kenya</span> Commercial bank in Kenya

Chase Bank Kenya Limited(CBK), commonly referred to as Chase Bank, was a commercial bank in Kenya, licensed by the Central Bank of Kenya, the central bank and national banking regulator.

<span class="mw-page-title-main">Co-operative Bank of Kenya</span> Commercial bank in Kenya

Co-operative Bank of Kenya is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator. The bank has introduced Agency banking model and has a deep customer base in Kenya with over 7.5 million accounts as of December 2018. In 2010, the bank was awarded "Best Bank of Kenya" by the London Financial Times due to their excellent growth.

NCBA Bank Kenya, whose full name is NCBA Bank Kenya Plc, is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the country's central bank and national banking regulator.

Commercial Bank of Africa (CBA) was a financial services provider headquartered in Nairobi, Kenya, the largest economy in the East African Community. CBA was licensed by the Central Bank of Kenya, the central bank and national banking regulator.

<span class="mw-page-title-main">National Bank of Kenya</span> Commercial bank in Kenya

National Bank of Kenya (NBK), also known as National Bank, is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank, and national banking regulator. Effective September 2019, the bank is a wholly owned subsidiary of the Kenya Commercial Bank Group.

Prime Bank Kenya (PBKL) is a commercial bank in Kenya, licensed and supervised by the Central Bank of Kenya (CBK), the national banking regulator.

Dubai Bank Kenya (DBK), whose complete name is Dubai Bank Kenya Limited, but is often referred to as Dubai Bank, was a commercial bank in Kenya, the largest economy in the East African Community. It was licensed by the Central Bank of Kenya, the central bank and national banking regulator. The institution is not affiliated with Dubai Bank of United Arab Emirates or with that bank's parent company, Dubai Banking Group.

<span class="mw-page-title-main">NCBA Group Plc</span> Kenyan financial services conglomerate

NCBA Group Plc, is a financial services conglomerate in East and West Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, Rwanda, Uganda and Ivory Coast.

NCBA Bank Uganda Limited, is a commercial bank in Uganda. It is one of the commercial banks licensed by the Bank of Uganda, the country's central bank and national banking regulator.

Bank of Africa Kenya Limited, is a commercial bank in Kenya. It is one of the commercial banks licensed by Central Bank of Kenya, the country's central bank and the national banking regulator.

Paul Murithi Muthaura is a lawyer and administrator in Kenya. He is the immediate former Chief Executive of the Capital Markets Authority (Kenya). He was appointed to that position on 22 April 2016, retroactive from 2 January 2016. Prior to that, he served in the same position, in an acting capacity since July 2012, following the resignation of Stella Kilonzo, in June 2012.

KDIC is a statutory institution established under the Kenya Deposit Insurance Act, 2012. The Corporation is mandated to provide a deposit insurance scheme for customers of member institutions, to provide incentives for sound risk management and generally promote the stability of the financial system and prompt resolution.

Duncan Nderitu Ndegwa was the first post-independence Head of Civil Service and Secretary to the Cabinet in Kenya. He was also the first African and longest serving Governor of the Central Bank of Kenya.

References

  1. ↑ "Former Governors". Archived from the original on 3 April 2015. Retrieved 4 September 2016.
  2. ↑ "Ndegwa family gives up right to raise stake in NIC" . Retrieved 4 September 2016.
  3. ↑ "Super-rich Kenyans escape wealth trackers' spotlight" . Retrieved 4 September 2016.
  4. ↑ Odongo, David. "Fighting over daddy's billions: Why tycoon's children fight when daddy dies" . Retrieved 4 September 2016.
  5. ↑ Kamau, John (2006-08-10). "Kenya: Kibaki's Arsenal". The East African Standard (Nairobi). Retrieved 2017-11-16.
  6. ↑ Galbi, Douglas. "Philip Ndegwa: Short Biography" . Retrieved 4 September 2016.
  7. ↑ http://archive.lib.msu.edu/DMC/African%20Journals/pdfs/Journal%20of%20Political%20Economy/ajpev2n5/ajpe002005003.pdf [ bare URL PDF ]
  8. ↑ https://www.wider.unu.edu/sites/default/files/WDS8.pdf [ bare URL PDF ]
  9. ↑ "Kenya Gazette". 20 May 1994. Retrieved 4 September 2016– via Google Books.
  10. ↑ "NIC Bank Limited" . Retrieved 4 September 2016.
  11. ↑ Editor, Nairobian. "Former CBK Governor Philip Ndegwa: The first Kenyan to 'bank a billion'" . Retrieved 4 September 2016.{{cite web}}: |last= has generic name (help)
  12. 1 2 3 "Ndegwa family makes u-turn on NIC Bank stake" . Retrieved 4 September 2016.
  13. ↑ "Lufthansa to open JKIA catering unit by year end" . Retrieved 4 September 2016.
  14. ↑ "NIC Bank Limited" . Retrieved 4 September 2016.
  15. ↑ Editor, Nairobian. "Former CBK Governor Philip Ndegwa: The first Kenyan to 'bank a billion'" . Retrieved 4 September 2016.{{cite web}}: |last= has generic name (help)
  16. ↑ UNRISD. "Renewing Social and Economic Progress in Africa: Essays in Memory of Philip Ndegwa - Publications - UNRISD" . Retrieved 4 September 2016.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.