Philip Ndegwa
Phillip Ndegwa | |
|---|---|
| Born | Kirinyaga County, Kenya |
| Died | Error: Need valid birth date (second date): year, month, day |
| Occupation(s) | Economist, businessman |
| Years active | 1965–1996 |
| Known for | Governor of the Central Bank of Kenya; Executive Chairman of Kenya Commercial Bank; founder of First Chartered Securities |
Phillip Ndegwa was a distinguished Kenyan economist and businessman, who also held the position of Governor at the Central Bank of Kenya. He is recognized as the head of one of Kenya's most affluent families.
Education
Originating from Kirinyaga County, Ndegwa received his education at Alliance High School, followed by studies at Makerere University College and Harvard University.
Career
Ndegwa entered the civil service in 1965, initially acting as an advisor on economic planning. He subsequently advanced to Permanent Secretary roles within the Ministries of Agriculture, Finance, and Economic Planning. In December 1982, he was appointed as the third Governor of the Central Bank of Kenya, a role he fulfilled until January 1988. Additionally, in November 1987, he assumed the position of Executive Chairman at Kenya Commercial Bank. That same year, he was selected by the United Nations Secretary General to join an international panel of economic experts tasked with tackling Africa's debt challenges.
He was instrumental in facilitating the privatization process of Kenya Airways and authored multiple publications, including Africa to 2000: Imperative Political and Economic Agenda (1994), co-written with Reginald Herbold Green.
His other notable leadership appointments included:
- Member of the Board at United Nations University World Institute for Development Economics Research (UNU-WIDER)
- Governor of the Central Bank of Kenya
- Permanent Secretary in Kenya's Ministry of Finance
- Lecturer and research fellow at Makerere University
- Assistant Director at the United Nations Environment Programme
- Chairmanship roles at Kenya Pipeline Company
- Chairmanship roles at National Bank of Kenya
- Chairmanship roles at Agricultural Finance Corporation
- Chairmanship roles at Kenya Airways
- Chairmanship roles at Kenya Revenue Authority
- Chairmanship roles at First Chartered Securities Limited
- Chairmanship roles at The Society for International Development, Kenya Chapter
- Chairmanship roles at Insurance Company of East Africa (ICEA)
- Chairmanship roles at African Mercantile Bank (AMBank), which merged with NIC Bank in 1997
First Chartered Securities
In 1974, Phillip Ndegwa established First Chartered Securities alongside 20 other investors.
Insurance – The company's initial significant acquisition involved fully purchasing the Insurance Company of East Africa (ICEA). Following ICEA's merger with Lion of Kenya Insurance to create ICEA Lion Group—one of Eastern Africa's leading insurers—First Chartered Securities maintained an 80% ownership stake, while Kenya Holding Limited held the remaining 20%.
Banking – First Chartered Securities owns a 24.98% share in NIC Bank, which was valued at KSh. 5.22 billion (equivalent to US$64 million) as of December 28, 2012.
Real Estate – Its property assets include Riverside Park and AMBank House located in Nairobi.
Other Business Interests – The firm expanded into sectors such as logistics, agriculture, milling, and beverages. It formerly held ownership in Inchcape Shipping but later sold that interest. Additionally, it had equity in Nairobi Airport Services (NAS), where French multinational Servair acquired a 59% stake in December 2012 for over KSh. 2.25 billion (approximately US$26 million).
Personal life
Two of Phillip Ndegwa’s offspring hold executive positions within NIC Bank and First Chartered Securities: James P. M. Ndegwa serves as Chairman of the Board, while Andrew S. M. Ndegwa acts as a Non-Executive Director.
Death
Philip Ndegwa passed away on 7 January 1996. To honor his legacy, the United Nations released a commemorative volume titled Renewing Social and Economic Progress in Africa: Essays in Memory of Philip Ndegwa in the year 2000.