Dr. Kamau Thugge is President William Ruto’s nominee to take over the Central Bank of Kenya (CBK) governorship from Patrick Njoroge, who has served two terms in the position since 2015. Thugge on Tuesday, May 30 appeared before Members of Parliament who questioned him on a wide range of issues including his wealth and the scandal that saw him kicked out of the Treasury in the last administration under a cloud of graft allegations. If approved by Parliament, Thugge will become the 10th CBK Governor.
Thugge disclosed to lawmakers that his net worth stood at around Ksh450 million. Much of his holdings are houses and land in prime locations, as well as stocks and cash equivalents.
He stated that he owns an apartment in Westlands, Nairobi, a house in the coastal city of Mombasa, as well as parcels of land in Ridgeways, Kiambu Road and Thika Greens.
Dr Thugge is currently the senior adviser and Head of Fiscal Affairs and Budget Policy at State House. He is the holder of a doctorate and a graduate degree from The Johns Hopkins University and an undergraduate degree from The Colorado College.
He was previously Principal Secretary at the National Treasury, but was forced out amid graft investigations involving former Cabinet Secretary Henry Rotich and the multi-billion shilling Kimwarer and Arror dam projects in Elgeyo Marakwet. Thugge was cleared of any wrongdoing in 2021.
Among other roles he has previously held are the Head – Economic Affairs Department at International Monetary Fund (IMF), Secretary, Treasurer & Non-Executive Director at Kenya Reinsurance Corp. Ltd, Secretary at Kenya Revenue Authority and Secretary of The Capital Markets Authority.
Addressing the dams scandal, he stated; “I was wrongly accused. That is why the DPP freed me of all charges and I turned State witness. I am still a State witness and I follow the law as required.”