What Paul Muthaura delivered as CMA Chief

Mr Paul Muthaura was at the helm of the regulator for more than seven years. PHOTO | SALATON NJAU | NMG 

By PATRICK ALUSHULA
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Summary

• After slightly more than seven years at the helm of the Capital Markets Authority (CMA), a soft-spoken Paul Muthaura has exited, leaving behind a mixed legacy.
• Mr Muthaura had the option of seeking another term at the three-decade old regulator but opted out at a time the CMA is half-way in implementing its 2014-2023 master plan.
• The to-do list at the CMA is as long as what has already been accomplished.
• He exits with market oversight lapses on the lips of many capital market players.
• This is especially in the wake of incidents of insider trading and market manipulation in transactions such as the takeover of KenolKobil by French major Rubis Energie.

After slightly more than seven years at the helm of the Capital Markets Authority (CMA), a soft-spoken Paul Muthaura has exited, leaving behind a mixed legacy.

Mr Muthaura had the option of seeking another term at the three-decade old regulator but opted out at a time the CMA is half-way in implementing its 2014-2023 master plan. The to-do list at the CMA is as long as what has already been accomplished.

He exits with market oversight lapses on the lips of many capital market players. This is especially in the wake of incidents of insider trading and market manipulation in transactions such as the takeover of KenolKobil by French major Rubis Energie.

For the past seven years and seven months he served as the CEO, it has been a roller-coaster ride in making key decisions in rolling out new products to deepen the Sh2.5 trillion Nairobi Securities Exchange but also cut malpractice.

But it has come with its own challenges. In a recent interview with NTV, Mr Muthaura said it has not been easy for the regulator to flex its muscles on those who go against the CMA Act and the rules that govern the conduct of listed firms.