Capital Markets Authority (CMA) has undergone a major leadership shake-up as the President sustains his purge of appointees of former President Uhuru Kenyatta.

The move follows the appointment of a new chairman and five new board members to drive the under-fire regulator.

Appointment of Ugas Mohamed as new CMA chair comes at a time when the markets need to be reinvigorated to spur economic growth and development after a dry spell in the local capital markets struggling in recent years with low volumes and a lack of new listings.

New board formulated

In a gazette notice dated February 24, twenty-four other appointees drawn from various boards were effected with new members having been appointed with immediate effect.

The appointment of Ugas Mohamed comes as it seeks to revive the local capital markets with intended sale of paratstals to raise money for the government.

The new board members, Natasha A. Aduwo, Elena Natalia Pellegrini, Meshack Moses Kiprono, Gibson Kimani Maina, and Prof. Michael Bowen, are expected to bring new perspectives and fresh ideas to the CMA. While not much is known about them, their appointments are a welcome development, as the CMA seeks to strengthen its governance and oversight functions.

The National Treasury Cabinet Secretary Njuguna Ndungu also appointed Karen Kandie as Alternate Director and Ory Okolloh as Independent Director to the Board of Directors at Safaricom. Safaricom is the largest telecoms operator in Kenya and is listed on the Nairobi Securities Exchange.

Karen Kandie is currently the Director of Parastatal Reforms (Financial) at the National Treasury and Plan=ning. She has experience in finance and governance, having served on the boards of several financial institutions.

Ory Okolloh is a well-known Kenyan lawyer and activist, who has worked on various initiatives aimed at promoting transparency and accountability in the public and private sectors.

KRA commissioner general Guthii Mburu also resigned last week after months of direct attacks from the President over the alleged mistreatment of taxpayers during the former regime by the taxman.