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Andrew Musangi, husband to late Kenyan billionaire Chris Kirubi’s eldest daughter Mary-ann Musangi, has disclosed his wealth to be Ksh1.2 billion ($8.2 million) in a final step toward becoming the next Central Bank of Kenya (CBK) chair.
Musangi, the founder of Mukite Musangi & Company Advocates (MMC), told the Senate Committee on Finance and the National Assembly Committee on Finance and National Planning that he has been providing legal services for more than 27 years.
Musangi’s $8.2 million fortune is derived from his law firm, MMC, a largely specialized firm dealing in corporate commercial practice and insurance litigation, as well as his involvement in the real estate sector, which has provided him with returns from various investments.
“My net worth is comprised of interests in my law firm and the real estate market. This is a constantly moving number depending on how I am moving the resources from one item to the other,” Musangi explained.
Musangi declared his investments in the Nairobi Stock Exchange and a number of bonds during the vetting on Tues., Sept. 12, stating that this earns him interest and contributes to his fluctuating net worth.
The top Kenyan lawyer also admitted to possessing bank shares, some of which he said he sold, avoiding a conflict of interest that could threaten his employment.
His wife, Mary-Ann Musangi, the late wealthy businessman Chris Kirubi’s daughter, resigned from the board of Sidian Bank, a leading Nairobi-based commercial bank, earlier this month.
Her resignation follows Kenyan President William Ruto’s nomination of her husband, Andrew Musangi, as chairperson of the Central Bank of Kenya (CBK).
This move is a deliberate effort to mitigate potential conflicts of interest. If Musangi’s nomination receives parliamentary approval, he will have oversight over Sidian Bank.
