Why Centum tapped an insider to drive its next phase of cash returns

Fred Murimi, Managing Partner, Centum Capital Partners; Centum Group Ag CEO Thomas Omondi, Head of Finance Christine Owira and National Infrastructure Fund CEO James Mworia. [Courtesy]

Centum Investment Company named Thomas Omondi-Achola as acting group chief executive, choosing continuity over reinvention as East Africa's largest listed investment firm pivots from balance-sheet repair to returning cash to shareholders.

Omondi-Achola, previously group chief operating officer and partner for portfolio operations, takes over after James Mworia left to become founding CEO of the National Infrastructure Fund. The board announced the appointment on September 7, saying it was effective immediately and made "in line with the Group's corporate succession plan."

The "acting" designation leaves open whether the board will make the appointment permanent or launch an external search. Centum did not say how long the interim arrangement would last.

The new CEO inherits a company that has just finished a six-year deleveraging. Centum cut borrowings from Sh16.1 billion at the peak of its acquisition phase to a debt-free holding company balance sheet as at March 2026. Cost-to-income operating costs as a share of income improved to 66 per cent from 87 per cent.

That frees up cash from asset sales, dividends and shareholder loan repayments to go to shareholders rather than lenders, the firm reckons.

The board has proposed a total dividend of Sh0.78 per share, comprising an ordinary Sh0.42 and a special Sh0.36.

"The task before us is now to translate that strength into higher recurring income, disciplined capital recycling and progressively stronger cash returns to shareholders," Chairman Donald Kaberuka wrote in the company's annual report.

"The Board is equally confident in Thomas Omondi-Achola's appointment as Acting Group CEO," Kaberuka said in the announcement. "Having led portfolio operations and major strategic turnarounds across our investee companies for six years, Mr Omondi possesses the operational depth, governance experience, and strategic vision required to maintain momentum and drive value creation."

The board said the priority was "complete strategic momentum and operational continuity."

Omondi-Achola holds a BSc in Mathematics and an MBA in Finance from the University of Nairobi and an MBA from IESE Business School in Spain. He spent more than 13 years at Kenya Airways before joining Centum in 2018, serving as chief transformation officer, director of strategy and acting chief commercial officer covering 44 countries, among other roles.

At Centum he oversaw more than 15 portfolio companies, running turnarounds and exits. As transformation chief at Sidian Bank he helped drive the lender to a US$4 million profit within 18 months. Centum completed its exit from Sidian in March 2026.

Centum's central problem is valuation the firm admits.

Net asset value per share management's own estimate of what the company owns, divided by shares in issue stood at Sh69.62 in March. The share price closed at Sh13.60.

Closing that discount requires selling assets at or above carrying value and distributing the proceeds. Centum's TRIFIC Green USD Income REIT, which was 103.3 per cent oversubscribed and listed in June, provided one template for recycling development capital.

Real estate remains the harder test. Receivables from property buyers stood at Sh13.9 billion against Sh7.9 billion still needed to complete construction. Akira Geothermal, in which Centum holds 85 per cent, has yet to generate commercial power.