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CBK Governor Patrick Njoroge declines to meet Raila Odinga over Eurobond

By David Ohito | April 21st 2016

Central Bank of Kenya (CBK) officials will neither meet CORD leader Raila Odinga nor provide further information on the controversial Eurobond transactions.

Raila’s request to have a face-to-face meeting with CBK Governor Patrick Njoroge over the Eurobond proceeds was denied with the banking regulator saying he would not honour an appointment with a third party contrary to banking laws and regulations. The letter dated April 20 (yesterday), ruled out any meeting to discuss the same, arguing Raila, his party ODM and CORD coalition were third parties.

It was not immediately clear why it took the regulator 12 days to respond to CORD’s letter dated April 8, but sources indicated high-level consultations were held before the CBK governor dispatched a response yesterday.

In the April 8 letter, Raila requested for a formal meeting on the Kenya’s International Sovereign Bond (Eurobond) issued on June 24, 2014.

Raila’s letter read in part: “We refer to the International Sovereign Bond (Eurobond) issued by the Republic of Kenya that closed on June 24, 2014 (hereinafter ‘Eurobond”) and to the Central bank of Kenya’s (CBK) media statement of January 26, this year published in the national newspapers.

face-to-face meeting

“We would like to request a formal face-to-face meeting with you personally in your capacity as the CBK governor and with the relevant staff at the CBK to review and discuss receipt and accounting for the proceeds of the Eurobond and to seek and obtain any additional information and necessary clarifications that may arise from documents and information provided pursuant to the requests contained in this letter,” Raila wrote.

Raila had suggested the meeting be held today from 10am. Yesterday, when a leaked version of the letter started doing the rounds on social media, the governor dispatched an official response.

The governor’s response was copied to National Treasury Cabinet Secretary Henry Rotich. The governor acknowledged receipt of the letter.

“As you rightly point out, the CBK is under the law a banker, advisor to and fiscal agent of the Government. The information and documents held by CBK in relation to the Eurobond is privileged under banking laws, and therefore cannot be disclosed to third parties,” the governor replied. 

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