President William Ruto has revoked the appointment of Charles Muriuki Njagagua as Chairperson of the Consolidated Bank of Kenya’s Board of Directors, following his decision to contest in the upcoming Mbeere North parliamentary by-election.
In a gazette notice dated October 3, President Ruto announced that the revocation takes immediate effect, ending Njagagua’s nearly three-year tenure at the helm of the state-owned lender.
“In exercise of the powers conferred by section 6(1)(a) of the State Corporations Act, as read together with section 51(1) of the Interpretation and General Provisions Act, I, William Samoei Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defence Forces, revoke the appointment of Charles Muriuki Njagagua as Chairperson of the Board of Directors of Consolidated Bank,” read the notice in part.
Njagagua was appointed to the position on February 10, 2023, after losing the Mbeere North parliamentary race in the 2022 General Election to Geoffrey Ruku, who now serves as the Cabinet Secretary for Public Service.
The revocation comes shortly after Deputy President Rigathi Gachagua and Interior CS Kithure Kindiki unveiled Njagagua as the United Democratic Alliance (UDA) candidate for the Mbeere North by-election.
According to the party, Njagagua’s endorsement followed internal consultations in which eight other aspirants agreed to step down in his favour a move UDA said demonstrated party unity ahead of the polls.
Njagagua’s exit from the bank now clears the way for him to focus on his political comeback bid, as the Mbeere North seat becomes one of the closely watched contests in the upcoming by-elections.
