Chris Kirubi's daughter quits Centum-owned Sidian Bank over conflict of interest

Mary Ann Musangi speaks during the burial of her father the late Chris Kirubi. [Samson Wire, Standard]

The late businessman Chris Kirubi’s daughter Mary Ann Musangi has quit the board of Centum-owned Sidian Bank to avoid a potential conflict of interest.

Mrs Msangi is the wife of Central Bank of Kenya (CBK) chairperson nominee Andrew Mukite Musangi, who is due for vetting by Parliament.

She took over the running of her late father’s multi-billion-shilling business empire following his death in June 2021. She is the managing director of Haco Industries.

“Mrs Mary-Ann Musangi has tendered her resignation from the Board of Sidian Bank following the nomination of Mr Andrew Mukite Musangi by His Excellency President William Ruto to serve as the Chairperson of the Central Bank of Kenya, pending vetting by Parliament,” said Sidian Bank in a statement.

Mrs Musangi has served on the board of Sidian Bank for eight years and was the chairperson of the Nomination Committee.

The late Kirubi, who died at the age of 80 after a long battle with cancer, had interests in diverse sectors, including media (Capital FM), manufacturing (Haco Industries), real estate (Two Rivers Mall), and technology.

Mr Kirubi’s holdings in unlisted and listed firms at the Nairobi Securities Exchange are worth a fortune, adding to the expansive estate estimated at billions of shillings.

“As Mary-Ann embarks on a new chapter, we embrace her legacy of commitment to best practice in corporate governance that she leaves behind,” said James Mworia, Chairman of Sidian Bank’s Board and CEO of Centum Investment Company.

The bank said she in her previous role spearheaded the corporate rebrand transformation exercise from K-Rep Bank to Sidian Bank.

“Mary-Ann has been an essential part of our journey,” Sidian Bank Chief Executive Chege Thumbi.

“She has been a driving force in championing our values and guiding us through pivotal moments in the bank. Her leadership, vision and commitment to upholding the highest levels of ethical standards have been invaluable. We will carry her visionary spirit forward.”

Sidian Bank recently sold an undisclosed minority stake to local insurer Pioneer Insurance.