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‘Return salaries!’- President Ruto tells two parastatals heads

By Wangu Kanuri October 11th, 2022 2 min read

President William Ruto has asked the Nairobi International Financial Center (NIFC) CEO Oscar Njuguna and the Privatization Commission CEO Joseph Koskey to refund salaries or demonstrate why they should not be refunded.

Speaking during the launch of the enhanced Nairobi Security Exchange (NSE) marketplace, the commander-in-chief lamented that the NIFC and Privatization Commission had not progressed much since its inception.

“The NIFC is been there for five years it’s not a new organisation. They have not moved much let’s just be honest.

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The Privatization Commission is 13 years since the last company was listed.

I think it would be fair to ask for a refund of salaries from those two gentlemen,” President Ruto said amidst laughter from the audience.

“Honestly, they have not done the job they were hired to do and because the job is based on results if there are no results it does not matter what you are doing.

So really Mr Koskey and Mr Njuguna you guys must actually demonstrate to me why you should not refund the salaries we’ve been paying you,” he added.

The NIFC was officially launched by retired President Uhuru Kenyatta on June 14th 2022 after five years of existence and described itself as a ‘new business environment established to make it easier and more attractive to invest and conduct financial services and related activities in Kenya.’

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NIFC was meant to attract greater local and foreign investment to Kenya by offering various incentives to firms looking to set up shop in the country.

It is a flagship program under the economic pillar of the Kenya Vision 2030.

The Privatization Commission, on the other hand, is mandated to formulate, manage and implement Kenya’s Privatization Programme.

In October last year, the National Treasury Cabinet Secretary Ukur Yatani appointed the members of the Privatization Commission ending years of waiting for the sale of rundown state companies.

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