Equity Group Ushers in New Era with Global Board Appointments, UAE Expansion, and Dividend Approval

June 27, 2025 Majira Media

NAIROBI, June 27, 2025 — Equity Group Holdings PLC has announced sweeping changes to its leadership and strategy following the company’s 21st Annual General Meeting (AGM) held on June 25, 2025. In a series of resolutions passed by shareholders, the Group approved the appointment of six new Independent Non-Executive Directors, a Sh16 billion dividend payout, and a strategic expansion into the United Arab Emirates (UAE).

The board appointments signal Equity’s intention to deepen its global engagement and bolster governance at a time when the Group is accelerating its regional and international footprint.

Global Talent Joins Equity’s Board

The new appointees bring a combined 180 years of experience in international finance, investment, governance, infrastructure, and development. Their appointments are subject to regulatory approvals:

Mrs. Farida Khambata, a seasoned investment expert with over 30 years in emerging markets finance, was formerly Regional Vice President at the International Finance Corporation (IFC) and co-founder of Cartica Capital. She coined the term “Frontier Markets” and has served on multiple global boards.
Mr. Nick O’Donohoe, former CEO of British International Investment (2017–2024), has been instrumental in mobilizing over $10 billion into global development. He has also held senior positions at Big Society Capital and JP Morgan.
Dr. Aloysius Uche Ordu, a global development economist, has held senior positions at the World Bank, Brookings Institution, and the African Development Bank. He currently serves on Nigeria’s Central Bank Monetary Policy Committee.
Mr. Obadiah Biraro, former Auditor General of Rwanda (2005–2021), has over three decades of experience in financial oversight and public accountability in East Africa.
Dr. Lakshmi Shyam-Sunder, former Chief Risk Officer of the World Bank Group (2014–2024), is known for her leadership in global risk management and financial governance, having overseen multilateral lending programs exceeding $170 billion.
Eng. David Mutombo, an engineer with over 20 years in infrastructure and energy leadership, has served as CEO of REGIDESO in the DRC and held top roles in Hatch’s global water business unit.

Equity Chairman Prof. Isaac Macharia lauded the new appointments, stating, “We are privileged to welcome a diverse and distinguished group of global leaders. Their expertise will strengthen our mission of championing the socio-economic prosperity of people in Africa.

Board Retirements and Continued Service

Four directors officially retired from the board but will continue to serve Equity in other capacities:

Dr. Edward Odundo joins the board of Equity Life Assurance Kenya.
Mr. Vijay Gidoomal transitions to the Equity Bank Kenya board.
Dr. Helen Gichohi joins the Equity Group Foundation board.
Mr. Samwel Kirubi continues as the Group’s Chief Operating Officer.

The Group expressed gratitude to the outgoing directors for their strategic leadership and role in shaping Equity’s growth and transformation.

Strategic Approvals: Dividend Payout and UAE Expansion

Shareholders also approved a Sh16 billion dividend payout for the financial year, translating to Sh4.25 per share. The dividend represents a 34% payout ratio, in line with Equity’s policy of returning between 30–50% of profits to shareholders.

Another landmark decision was the approval of Equity’s expansion into the United Arab Emirates through the establishment of a Representative Office. This office is expected to facilitate cross-border trade, investment, and diaspora banking services between East Africa and the Gulf, India, and Central Asia.

“This move positions us to bridge economic ecosystems between Africa and the wider world,” said Group CEO Dr. James Mwangi in a previous investor update.

Governance and Policy Reforms

The AGM also endorsed several key governance policies aimed at strengthening transparency, accountability, and stakeholder engagement. These include:

Revised Board Appointment Policy
Enhanced Stakeholder Engagement Strategy
Updates to Directors’ Remuneration
Conflict of Interest Resolution Mechanism
Strengthened Disclosure and Reporting Guidelines

These reforms align with Equity’s commitment to maintaining robust governance structures as it grows its presence across seven countries and expands globally.

Looking Ahead

Equity Group’s 21st AGM reflects a forward-looking vision that balances global expertise with local relevance. With new directors bringing international insight and expanded operations on the horizon, Equity is reinforcing its position not just as a regional banking leader, but as a global financial player committed to sustainable development and inclusive prosperity.

As the Group turns its focus toward growth in emerging markets and trade corridors, all eyes will be on how these strategic moves shape the future of banking across Africa and beyond.