Ruto appoints Paul Russo, Faith Boinnet and others to National Infrastructure Fund board
By Kenneth Mwenda, April 1, 2026President William Ruto has appointed four new members to the Governing Council of the National Infrastructure Fund. The appointments were made on March 30, 2026, and published in the Kenya Gazette on April 1, 2026.
In Gazette Notice No. 4796, the President exercised powers under Section 8, read with Section 7(1)(d) of the National Infrastructure Fund Act, 2026. He named Benedict Okey Oramah, Faith Boinnet, Paul Russo, and Richard Etemesi as members of the Governing Council. They will serve three-year terms.
“It is notified for the general information of the public that, pursuant to section 7 (1) of the National Infrastructure Fund Act, 2026, the members of the Governing Council of the National Infrastructure Fund are,” the notice reads.
Gazette Notice No. 4797 outlines the full membership of the council under the same Act. John Mbadi Ng’ongo, Cabinet Secretary for the National Treasury, serves as chairperson. Kamau Thugge, Governor of the Central Bank of Kenya (CBK), sits as a member by virtue of his office, while Attorney General Dorcas Agik Oduor is also an ex officio member. The four appointees complete the seven-member council.
The National Infrastructure Fund Act, which Ruto signed into law on March 9, 2026, establishes a vehicle to mobilise up to Ksh5 trillion over the next decade. The fund will finance major national projects such as highways, railways, airports, seaports, energy generation, and irrigation schemes.
It is designed to shift Kenya away from heavy reliance on public debt by attracting capital from pension funds, sovereign wealth funds, and other private investors.
Council blends public-private expertise
The Governing Council will oversee the fund’s strategic direction. Mbadi chairs the body, while Thugge and Oduor bring public finance and legal expertise. The new appointees add private sector experience.
Benedict Okey Oramah is a Nigerian economist and former President of the African Export-Import Bank (Afreximbank). He holds a PhD in agricultural economics and brings extensive experience in African trade and project finance.
Faith Boinnet, a lawyer with over 20 years’ experience, currently chairs the Kenya Pipeline Company board and has worked across both the public and private sectors.
Paul Russo serves as Group Chief Executive Officer of KCB Group Limited. He holds an MBA from Strathmore University and has nearly 25 years’ experience in banking and human resources.
Richard Etemesi is a veteran banker and former Chief Executive of Standard Chartered Bank Kenya.