Ruto's Dream Team Dominate Multi-billion State Firms in Turnaround Prospect

President Ruto's rise to power has brought new faces to the richest state corporations and agencies valued at Sh6 trillion.

In the 8 months leading to May 2023, at least 8 state corporations have changed their board chairpersons and managing directors as revealed by their latest financial reports. Ruto's move to transform poorly performing agencies has seen his government make immense board replacements even for the government's highly-valued units.  This move is new in Kenya's government sphere. 

If parliament passes the privatization bill 2023, Ruto will actualize his attempts to privatize at least 10 state corporations. Shortly after bearing the apex office, Ruto expressed his willingness to privatize profit-making, state corporations by listing them on the Nairobi Securities Exchange. He said that the remodelling of poorly performing state corporations would offer the opportunity for a turnaround. 

 “I have created the Ministry of Trade, Investment and Industry so that we can look much closer to our financial markets working with our state-owned enterprises and assess the ones we can bring for the public to be owners so we can share in the profits and release some resources for us to deliver on some of our infrastructure requirements instead of borrowing,” President Ruto said.

State corporations with new leadership include Kenya Electricity Generating Company (KenGen), Kenya Power, Kenya Pipeline Company, Kenya Airports Authority, Kenya Electricity Transmission Company, Kenya Ports Authority, Geothermal Development Company, National Social Security Fund, Kenya Railways and the Kenya Civil Aviation Authority. 

At KenGen, Mr Julius Migos Ogamba was appointed as the board chair who now works alongside the new MD Mr Abraham Samoei. At Kenya Power, Joseph Siror was appointed as the MD to work alongside board chair Joy Brenda Masinde who was selected in December. At Kenya Pipeline Company, Ms Faith Boinett was selected as the board chair to work with Mr Joe Sang who rose to the MD rank last month.