Veteran investment banker Jimnah Mbaru has retired as the Director of the Nairobi Stock Exchange.
In an emotional and cut announcement through his official Twitter feed, the Chairman of the Kenya Association of Stockbrokers announced today as his last day as a director of NSE and that he would not be seeking re-election.
Today is my last day as a director of Nairobi Stock exchange as I am retiring and not offering myself for reelection. I wish all the remaining and incoming directors all the best. Thank you.
— Jimnah Mbaru (@JimnahMbaru) May 30, 2018
Following his announcement, Kenyans rushed to commend Mbaru for his impeccable record that he left at the NSE which is presently governed by a eleven-person Board of Directors with Samuel Kimani serving as the Chairman of the group and Geoffrey Odundo as the CEO.
Mbadi was a successful businessman, who once unsucessfully ran for elective office as Governor of Nairobi, has always listed his proudest moment as when he became the Chairman of the Nairobi Stock Exchange in 1992.
At that time, he recalls, there were only six stock brokers and turnover was very low with most of the trading, though done in a structured manner, carried out in an informal way at the New Stanley Hotel.
NSE is today a leading African Exchange which comprises more than 66 listed companies with a daily total trading volume of approximately USD10 million and total market capitalisation of USD 23 billion.
In 2016, received formal recognition as a Self-Regulatory Organization (SRO) from the Capital Markets Authority (CMA).
Besides equity securities, the NSE offers a platform for the issuance and trading of debt securities. The NSE is a memberof the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges
Association (EASEA). It is a full member of the Association of Futures Markets (AFM) and an affiliate member of the World Federation of Exchanges (WFE), and a partner Exchange in the United Nations
Sustainable Stock Exchanges Initiative (SSE).