Fri. Nov 15th, 2019

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Patrick Ngugi Njoroge, CBK Governor Biography

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Patrick Ngugi Njoroge

Patrick Ngugi Njoroge, CBK boss Biography

Patrick Ngugi Njoroge was born in 1961. He is a Kenyan economist and banker. He is the governor of the Central Bank of Kenya. He is not married and has no single investment in the country, Ngugi prefers to live a simple life.

Education Background

1987- 1993: Graduate student at  Yale University, graduating with a Doctor of Philosophy in economics.

1985: Graduate student at the University of Nairobi, Master of Arts in Economics

1981- 1983: Undergraduate student at the University of Nairobi, Bachelor of Arts in Economics

1977- 1978: Student at Strathmore College, A-Level studies

1973- 1976: Secondary school student at Mangu Secondary School.

Career Path

19th June 2015 – To Present:  Governor of the Central Bank

On the 13th of October 2015, the Central Bank of Kenya under his leadership placed Imperial Bank into receivership

December 2012- June 2015: Advisor to the Deputy Managing Director of the IMF.

December 2006 – December 2012: Deputy Division Chief, Finance Department, at the IMF, Washington, D. C.

November 2005 – December 2006:  IMF mission chief for Dominica.

April 1995 – October 2005: Economist but later as a senior economist at International Monetary Fund (IMF) in Washington, D. C

March 1993 – December 1994: Economist at the Kenyan Ministry of Finance

October 1985- August 1987:  Planning Officer at the Kenyan Ministry of Planning.

Personal Life

Dr. Patrick Njoroge resides in Washington DC, and he has lived in the United States for most of his adult life. However, he said he would relocate after getting the job.

Dr. Patrick Njoroge belongs to a Catholic congregation Opus Dei whose devoted members believe that they promote their faith through their work and everyday lives. Opus dei Members choose whether they want to get married or remain singe in their devotion to God though their daily work. Dr. Patrick Njoroge Choose to be single.

“I am single by choice and I am comfortable that way. There is nothing sinister with that and I am sure this committee has done its due diligence on what sort of a person I am.”

 Wealth.

Dr. Patrick Ngugi Njoroge does not have any assets in Kenya. Opus Dei members use part of their income in furtherance of their christian vocation. This may explain why Dr. Njoroge has no asset in Kenya at age 58.

“Yes, I don’t have a single asset here in Kenya and this is where I am at this point and it doesn’t mean that this how it will be forever and I subscribe to being very deliberate about that. This is my economic model and may be, years after retirement, I would want to invest in other things. That should not mean I have any financial inabilities. It comes with the profession,”

Salary

The man in charge of Kenya’s money has turned down the offer to live in an expansive home in Nairobi’s Muthaiga and ride in a motorcade.

Dr. Njoroge, who is turning out to be a man of exemplary modesty, has also turned down an office-issued high-end smartphone, a bevy of security guards and three cars.

Central Bank governors have at their disposal a Range Rover, Mercedes Benz, and a VW Passat.

When he was being vetted by MPs before his appointment by President Uhuru Kenyatta, Dr. Patrick Ngugi Njoroge was asked why he did not own property in Kenya and was still single at 54 yet his monthly salary at the International Monetary Fund was Sh3 million a month.

“Yes I don’t have a single asset here in Kenya and this is where I am at this point and it doesn’t mean that this how it will be forever. I subscribe to being very deliberate about that. This is my economic model and may be years after retirement, I would want to invest in other things. That should not mean I have any financial inabilities. It comes with the profession,” the country’s 9th Central Bank governor said.

He told the MPs that his lifestyle was a matter of choice and there was nothing unusual about it.

Had he taken up the offer, some of his neighbors would have been former President Mwai Kibaki, the US ambassador, British high commissioner and former Attorney General Charles Njonjo.
The home has lawns and beautiful mature gardens, ideal for parties and official receptions and functions.

Former governor, Philip Ndegwa, lived there. But subsequent governors, Eric Kotut, Nahason Nyaga, and Andrew Mullei, did not move in. Still, the premises were fully maintained by the Central Bank, even though the only people living there were domestic staff and gardeners.

The position of the governor also comes with other trappings of power. The previous governor, Prof Njoroge Ndung’u, had at his disposal the Mercedez Benz, a Range Rover, Volkswagen Passat, a chase car, two armed guards and a driver.

But self-effacement comes as naturally to the new governor as ostentation comes to the typical public official in Kenya.

“Totally devoid of ego and instinctively averse to self-advertisement” is how a senior Treasury official and long-serving central banker described him.

His style brings to public service a rare quality of humility and an aversion to trappings of power and opulence. In Kenya, the practice is that when you are appointed to high office, you demand big fuel-guzzling cars and expensive Turkish carpets.

But it is not just on matters of cars and homes that the governor has shown he has a mind of his own.

During vetting the governor demonstrated an independent mind, taking a different position to what MPs were pushing and also going against the government position on some issues.

He was, for example, forthright that he considers Kenya’s external borrowing excessive saying the country must be careful in considering more debt and where the money was going.

This contradicted the National Treasury position which is that the country’s borrowing is healthy and within the limits.

He also dismissed proposals by MPs to form a government bank to give cheaper loans and bring interest rates down or simply introduce legislation to control bank lending rates.

“I think it would be a big mistake to even think that we can control interest rates through legislation. It will not work. That is why we moved from price control. Commercial banks just need to get confident to move ahead with market-based solutions that are sensitive for their businesses like control on inflation. This is something we have done in other countries by assuring the banks that the economy is under control, we will come up with a plan that is acceptable to all,” said Dr Patrick Ngugi Njoroge.

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