He succeeds Peter Tiras Kanyago, whose six-year tenure as board chairman ends on June 30, 2014 in accordance with Ecobank Governance policy.
The new chairman is the Managing Partner at Mohammed Muigai Advocates. He is a Certified Director and Chartered Public Secretary of Kenya and has vast experience from numerous roles, including as a Director both at Telkom Kenya and Capital Markets Authority, Chairman of Software Technologies Limited and a consultant/trainer in corporate governance at the Centre for Corporate Governance Kenya.
He also consulted and trained on public procurement for State University of New York (Kenya) and GIZ. He holds a L.L.B. Honours Degree and a Masters of Law Degree from the University of Nairobi. Nyaoga served initially as a Special Corporate Governance Advisor to the Ecobank Kenya Board and thereafter joined the Board as a Director in June 2011.
“Mr Nyaoga has been a valuable asset to the Board of Ecobank, and I am extremely pleased that he will be taking over from me as the new Chairman,” said Kanyago.
Nyaoga, who is also a member of Ecobank Kenya’s Credit as well as Governance, Strategy & Compensation Board Committees, said, “I look forward to continue serving with such a professional team and contribute to the advancement of Ecobank.”
“Our vision is to effectively reposition the bank to take its rightful place in the banking industry in Kenya by ensuring good corporate governance while leveraging our vast network to effectively and efficiently serve our customers,” he concluded.
While commenting on the appointment, Ecobank Kenya Managing Director Ehouman Kassi said: “Mr Nyaoga brings on board extensive expertise from his previous roles and I am excited to be working with him in his new role. I would like to sincerely thank Kanyago for his great stewardship and contribution to the growth of the Ecobank brand in Kenya and East Africa at large since 2008.”
Kanyago’s tenure has seen the bank achieve key milestones, notably growth of branch network from nine to the current 29 spread across the country and a threefold increase in total asset value from Sh10.5 billion in 2008 to Sh36.9 billion at the end of the last financial year. There has also been remarkable growth in headcount and diversification of product portfolio.