National Bank fires suspended CEO

National Bank of Kenya has fired Managing Director Munir Ahmed, three weeks after he accused the board of plotting to terminate his contract prematurely in the guise of a suspension.

The bank’s company secretary Habil Waswani confirmed Ahmed’s exit in a letter to the Capital Markets Authority.

“The board of National Bank of Kenya wishes to confirm that Munir Ahmed, formerly the managing director and chief executive officer of the bank, has since left employment of the bank,” states the letter signed by Waswani.



Mr Munir was fired alongside chief finance officer Chris Kisire and Boniface Biko, executive director in charge of corporate and institutional banking.

The ex-CEO, in reply to a Show Cause Notice by the board, accused the bank’s directors of unfair disciplinary process after his suspension on March 29.

Munir said in a letter on March 31 that the board had not given him ample time to prepare and respond to allegations levelled against him.

“The letter pre-emptively says the bank is considering terminating my contract of employment and sends out media notices citing governance issues as the reason for my suspension,” he said.

“This suggests that the board has already made up its mind and the decision has already been effected in the public space through the media.”




Mr Munir had been suspended alongside five other managers over alleged irregular disbursement of loans. These caused the bank’s non-performing debts to shoot up, sinking the lender into a Sh1.2 billion net loss in 2015.

The fate of the other managers is still unclear. (The Star)