Co-operative Bank of Kenya has appointed John Murugu to serve as the Chairman of the Bank’s Board of Directors, with effect from next month.
He takes over from Stanley Muchiri who has held the position since 2002 and has attained retirement age. Murugu has been a director of the bank since 2015 prior to his appointment.
After 15 years serving as the chairman of Co-operative Bank of Kenya, Stanley Muchiri is exiting the bank’s boardroom in what chief executive officer Gideon Muriuki has termed as the most celebrated exemplary leadership of the Bank during his tenure.
He was appointed chairman in 2002 prior to a loss of KES 2.3B the bank posted two years earlier.
During his term, the bank managed to list at the Nairobi Securities Exchange in 2008 and has grown its assets base to the current KES 365B. Muchiri is set to be succeeded by one of the directors, John Murugu beginning next month.
Murugu has been serving as an independent director of the board of Co-operative Bank of Kenya since May 2015. He brings 25 years experience from the financial sector having also served as Debt Management Director– at the Treasury, and Bank Supervision director at the Central Bank of Kenya.
Separately, the new Nairobi Mombasa pipeline also known as Line 5 is 94% complete and will be ready for use by March next year. This is according to the contractor, Zakhem International Construction limited.
Construction begun in 2014 but has faced setbacks has in what the Lebanese firm cites as, “…..multiple design revisions causing procurement delays and the need for additional items.”
The pipeline is expected to ensure sustained, reliable and efficient transportation of petroleum products from Mombasa and meet the growing demand for the next 30 years.
The pipeline will have an installed flow rate of 1 million litres per hour which will escalate to 1.9 million liters in 2023 and 2.6 million liters in final phase by 2044.
Built at a cost of KES 48B, the pipeline will have 4 new pumps installed in Changamwe, Maungu, Mtito Andei and Sultan Hamud stations and 2 booster pumps in Kipevu.
This is expected to reduce transportation of fuel products via road that has often led to accidents and environmental pollution.