James Mworia has been named founding CEO of the National Infrastructure Fund (NIF), marking his exit from Centum Investment Company after nearly 18 years.
Mr Mworia's departure from Centum marked the end of one of the longest leadership tenures at a major Kenyan listed company.
Centum said on Monday that Mr Mworia has stepped down as Group CEO to take up the new role at NIF effective September 7. Thomas Omondi-Achola, Centum’s group chief operating officer and partner for portfolio operations since 2018, has been appointed acting Group CEO.
The departure comes as Mr Mworia takes charge of NIF, a new State-backed vehicle intended to mobilise private and non-traditional sources of capital for infrastructure development and reduce reliance on debt for commercially viable projects.
Mr Mworia’s appointment comes two months after Treasury Cabinet Secretary John Mbadi appointed him to a six-member NIF board.
Other board members are Fahima Ali Ahmed Zein, Christopher Kibui Maranga, Latoya Ouna, Lawrence Kibet and Mohammed Abdirahman Hassan.
“The board is confident that Mr Mworia's record of building institutions and enterprises, mobilising capital and bringing investments into the market will enable NIF to deliver critical infrastructure, deepen Kenya’s capital markets, raise productivity and strengthen Kenya’s competitiveness,” said NIF in a statement.
NIF is at the centre of President William Ruto’s plan to mobilise private capital for infrastructure development, with the government targeting up to Sh5 trillion in investments over time by using public capital to crowd in private investors.
Mr Mworia took over the leadership of Centum in December 2008 and is credited with transforming Centum into one of the region’s largest private investment companies with interests spanning real estate, financial services, manufacturing, energy and agribusiness.
NIF said Mr Mworia’s initial priorities will include establishing the organisation, governance and investment frameworks, developing an investable project pipeline, mobilising co-investment capital and advancing priority projects.
Between August 2001 and December 2006, he served Centum as the investment manager before a short stint at TransCentury as the senior investment officer, before returning to Centum in the CEO role.
“The board of Centum extends its deepest gratitude to James Mworia for a legendary era of service. His call to national duty at the National Infrastructure Fund is a testament to his exceptional leadership,” said Centum in a statement.
Centum board credited Mr Mworia for growing the firm’s assets from Sh4 billion in December 2008, when the company was operating on a Sh200 million overdraft, to an asset base of about Sh46 billion currently.
