John Ngumi Resigns as Safaricom Chairman After a Five-month Stint

Safaricom Board Chairman John Ngumi has resigned from the role barely six months after his appointment.

In a statement, Safaricom Secretary Kathryne Maundu said Ngumi’s resignation took effect on December 22nd and a new Chairman will be elected in the coming weeks.

“In the brief period following his appointment to the Board, John has provided a wealth of industry knowledge and vast expertise. He has steered the Company through a general election and supported the entrenchment of our purpose of transforming lives through our products and services as well as within the communities we serve,” reads the statement.

Maundu further said Ngumi strongly supported and ensured the repositioning of the Fuliza product to better serve Kenyans.

”He was also an ardent enthusiast for Safaricom’s entry into Ethiopia.”

Ngumi leaves Safaricom Board to focus on developing green energy generation across Africa, with an emphasis on green hydrogen.

He was appointed to the position in July last year to replace Michael Joseph, who had been at the helm since August 2020.

Ngumi is credited with a number of key financial transactions in the region including leading the issuance of Kenya’s first New York Stock Exchange (NSE) listed bond in 1989. 

He was also the lead arranger of a Sh4 billion Safaricom bond that helped the infant telco finance its infrastructure rollout in 2001.

Previously, Ngumi worked for leading global banks among them Stanbic Bank (formerly Grindlays Bank), Citibank, and Barclays.

He presently chairs the board of the Industrial and Commercial Development Corporation (ICDC) and sits on the board of Kenya Airways (KQ) as a non-executive director.

Ngumi previously served as the Board Chair at Konza Technopolis Development Authority (KOTDA) and Kenya Pipeline Company (KPC).