Kenya Fires Head of Fund That’s Biggest Investor in Stock Market

Kenya fired the head of the National Social Security Fund, the biggest investor in the East African nation’s stock market.

NSSF Managing Trustee Tom Odongo was dismissed today and Hope Mwashumbe, general manager of corporate affairs and corporation secretary, will replace him on a temporary basis, Labor Cabinet Secretary Kazungu Kambi said by phone, declining to give a reason for the decision.

The NSSF is the single largest investor in the Nairobi Securities Exchange with investments in companies including Kenya Power Ltd., the country’s sole electricity distributor, and Bamburi Cement Co., the Kenyan unit of Lafarge SA.

Odongo was named to the position last November after serving in an acting capacity for less than a year. A call to Odongo’s mobile phone seeking comment did not connect.

Under Odongo, the NSSF announced plans to invest in construction of a building in Nairobi, the capital, which may become one of Africa’s tallest towers when it’s completed at a cost of 6.7 billion shillings ($77 million).

Before it's here, it's on the Bloomberg Terminal. LEARN MORE