NAIROBI, MAY 31 ― Kenya’s renowned Investment banker Jimnah Mbaru has retired as director at the Nairobi Securities Exchange after more than two decades of involvement in Kenya’s capital markets arena.
The billionaire who is also the chairman of investment bank-Dyer & Blair has retired on rotation after attaining the age of 70.
He served as chairman of the Nairobi bourse for over 10 years before being reappointed director at the bourses’ board in 2015.
“Today is my last day as a director of Nairobi Stock exchange as I am retiring and not offering myself for reelection. I wish all the remaining and incoming directors all the best. Thank you,” the self made billionaire and entrepreneur said on his twitter account on Wednesday.
He will be remembered for his role in restructuring the NSE, then the Nairobi Stocks Exchange, which has become one of the leading bourses in Africa.
Mbaru who has over 30 years of investment banking and financial sector experience also served as the chairman of the African Stock Exchanges Association where he played a key role in developing the capital markets in Africa.
He was central to the formation of the Uganda, Dar-es-salaam, Rwanda and Botswana Stock Exchanges.
In the local market, he led all the landmark transactions in the Capital Markets including Safaricom IPO, Kenya Power (KPLC) Capital Base Restructuring, the private equity investment by Helios into Equity Bank, I&M Bank Bond, Britam Bond and the Kenya Eurobond.
He is also an entrepreneur and serves as a Director of a number of firms in the financial sector namely: British-American Investments Company (Britam), Occidental Insurance Company, Jitegemee Trust (Kenya) and Pinebridge Investments East Africa Limited among others.
He also served at the National Cereals and Produce Board (NCPB) and was a member of the National Economic and Social Council (NESC) which was the think tank for the Government of Kenya credited with coming up with Vision 2030.
He is currently a member of the Investment Committee for the International Finance Corporation (IFC) the Africa Capitalization Fund (ACF) that focuses on funding financial institutions in Africa.
Mr Mbaru has a Bachelors of Commerce from University of Nairobi, a Masters of Business.
At NSE, he plaid a lead role in the modernization of trading at the bourse that saw adoption of technology and computerized trading, making the bourse a trailblazer in the continent.
He inspired the growth of the Nairobi bourse which finally moved to its own office in Westlands from the Nation Centre in the Central Business District.
In 2013, Mbaru vied for the Naiobi governor’s seat on an Alliance Party of Kenya (APK) ticket where he finished third with 52,084 votes, after TNA’s Ferdinand Waititu(now Kiambu governor) who got 617,839 votes and Evans Kidero who triumphed the race becoming the first governor of Nairobi with 692,483 votes.
Mbaru’s career comes from serving as a civil servant in various capacities to become a business mogul in the private sector.
He has also taken stints in leacturing where he was an associate professor at the University of Stellenbosch, South Africa, and actively involved in activities at the Daystar University(Kenya), Strathmore and the United States International University – Africa(Nairobi).
Mbaru has received congratulatoy messages and farewell wishes from both the private and public sector.
Former Transport Principal Secretary Irungu Nyakera wrote: “Thanks to your years of hard work and dedication to investment banking. The story of NSE cannot be told without mentioning you. You inspired many of us as we came up in the profession. You truly have run the race! Enjoy retirement, shujaa.”