Former KCB CEO Joshua Oigara Rejects ‘Proposal’ To Join Safaricom

Mr Joshua Oigara, the CEO of Stanbic Bank Kenya and South Sudan, is always a reserved man. He rarely plunges into public debate even when it touches on his personality or career. And so it was recently when social media kicked off rumours that he was set to take over Safaricom as CEO after the incumbent’s term ends this month.

A former long-serving KCB Group CEO, Mr Oigara must have read silently through social media reports, smiling because of the apparent confidence some people have in him and at the same wondering why now – when he has done only three months as CEO of Stanbic Bank.

Mr Oigara has finally spoken out on the unsolicited proposals by some Kenyans online to take over the biggest corporate job in Kenya and his response is a simple, “No, thank you.”

Mr Joshua Oigara says he is fine with his current job and not planning to leave it soon for any job, however prestigious or lucrative. Given his illustrious career at Bamburi, then KCB Group, Mr Oigara has, understandably, been on many Kenyans’ radar for various positions including Central Bank Governor and possible Cabinet Secretary.

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In an interview published by the Business Daily, Mr Oigara says he is always keen on serving an organisation for a long time enough to leave a legacy.  “Look at my history, seven years at Bamburi and 11 years at KCB,” he says. “I have always served organisations for a long time and that is my commitment in this generation and the next, to serve Stanbic Bank and Standard Bank for the long haul.”

Asked if he could join Safaricom or take up a role as Cabinet Secretary or CBK Governor, Mr Oigara flatly retorts, saying, again, that he is focused on running his new employer, Stanbic Bank. “I stick to my word,” he says. “I am focused and committed to doing my work at Stanbic Bank and Standard Bank. I can’t stop people from having their views but what is important is what I see as the opportunity here.”

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Central Bank of Kenya Governor Dr Patrick Njoroge’s second and final term ends on June 17, 2023 and speculation has been rife over who would take over from him. Already, the deputy CBK governor, Dr Susan Koech, has been appointed, leaving the position of governor open. At Safaricom, the first four-year term of Peter Ndegwa as CEO lapses end of March and the market has been treated to silence from the board.

These are great positions that would earn Oigara hoist Mr Oigara further in Kenya’s management pecking order. He says he respects free speech in the markets today. Kenyans have got a view about what their leaders should be able to do and I think people have different views, expectations and imaginations. I don’t have a problem with their views but I always say, from my perspective, I stick to my word.”

Yet in a world where boards highly guard their information and CEOs talk out of both sides of their mouth, you cannot rule out anything.

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