Capital Market Master Plan (2014 - 2023)
Financial Law Review Panel
CMA Board Members
Mr. John Birech - Chairperson, Board Technical and Policy Committee
Mr. Birech joined the Central Bank of Kenya in September 1984 where he served in various areas of the Bank including Banking, Bank Supervision and Financial Markets Department. He was the alternate to the Governor, Central Bank of Kenya at the Capital Markets Authority Board until 11th May 2018. He retired from the Central Bank of Kenya as the acting Director, Financial Markets Department. He was appointed as an independent member of the CMA Board effective June 6, 2018. He is currently the Chairperson of the Technical and Policy Committee of the Board.
Mr. Birech holds an MA Economics; B Phil. Economics and BA Economics (all from University of Nairobi).
Mr. Nevis Ombasa - Alternate to the Attorney General
Mr. Nevis Ombasa is currently working in the office of the Attorney General and Department of Justice as a State Counsel in the Government Transactions Division. He has previously worked in the law firm of Moebe Maotsetung& Co. Advocates and Omboga& Co. Advocates.
Mr. Ombasa holds a Bachelor of Arts (Econs) degree (Karnataka University, India).
Domestic and International Financial Markets Experts
Dr. Robert Barnes - Global Head of Primary Markets at London Stock Exchange Group and CEO of Turquoise
Dr. Robert Barnes is Global Head of Primary Markets at London Stock Exchange Group and CEO of Turquoise, the European multilateral trading facility majority owned by LSEG in partnership with the user community. Prior to joining Turquoise LSEG in 2013, Barnes worked at UBS for more than 19 years, including as Managing Director Equities and founding CEO of UBS MTF. His industry roles include serving 2004-2009 as Chairman of the Securities Trading Committee of the London Investment Banking Association.
Dr. Barnes holds a BA(Harvard), PhD (Cambridge).He is a Chartered Fellow of the Chartered Institute for Securities & Investment.
Mr. Naval Sood - Stanbic Bank Executive Head, Capital Market and Advisory for East Africa
Mr. Naval Sood leads Stanbic Bank's Corporate Finance division in East Africa. He helps clients complete merger and acquisition transactions, create joint ventures, and tap capital markets to fund expansions - particularly in the financial services sector. He has over 30 years of work experience across Africa, working with financial institutions in the region, assisting in their restructuring, development and privatization across East and Central Africa.
Mr. Sood is a qualified accountant and holds an MBA degree (London Business School).
Mr. Ranjit Singh - Former Executive Chairman of the Securities Commission Malaysia (SC)
Mr. Ranjit Ajit Singh is the former Executive Chairman of the Securities Commission Malaysia (SC) serving for six years from 2012 to 2018. He was the Managing Director of the SC prior to his appointment as Chairman and had served for 25 years in the SC in a variety of senior roles across the strategy, policy, regulation and supervisory areas. He introduced several major market reform and development initiatives including the formulation of Malaysia's Capital Market Masterplan, key corporate governance initiatives as well the thrust towards sustainable finance and digital markets. In 2013, he was appointed as Vice chairman of the Board of the International Organisation of Securities Commissions (IOSCO) and later chairman of the International Organization of Securities Commissions(IOSCO) Growth & Emerging Markets Committee. He has been an adviser on developmental and regulatory matters to leading and emerging markets globally. He was also chair of the ASEAN Capital Market Forum (ACMF) for 4 years, a major grouping for ASEAN countries which has driven regional integration and market connectivity initiatives.
Mr. Singh holds a Master of Economics Degree in Finance, Bachelor of Economics and Doctor of Laws honoris causa (all from Monash University, Australia). He is a qualified accountant and a Fellow of CPA Australia.
Ms. Alison Harwood - An independent consultant on sustainable finance and investing with impact
Ms. Alison Harwood is an independent consultant on sustainable finance and investing with impact. A recognized leader in building sustainable financial markets and market -based solutions to finance growth. She is the former Global Head, Capital Markets, Finance & Market Practice at the World Bank Group.
Ms. Harwood holds an MBA (Columbia University) Masters in International Affairs (Columbia University) and BA, History (Franklin and Marshall College).
Ms. Louise Kabucho - Industry expert in corporate governance, regulatory and compliance matters
Ms. Louise Kabucho is an industry expert in corporate governance, regulatory and compliance matters. She was a Senior Consultant at Cordium where she worked with various financial institutions in the City of London, assessing and enhancing their corporate governance, compliance and operational risk framework. A former Director and Head of Compliance Europeat Munizich&Co, she led and ensured effective oversight of financial crime matters and providing a framework & structure that supports regulatory compliance.
Ms. Kabucho holds an Executive MBA (London Metropolitan University), Double Majors BSc Joint(Hons) Business Information Systems & Human Resources Management(Middlesex University) and USA NASDAQ Diploma in Anti -Money Laundering (University of Reading Business School). She is a member of the Chartered Institute of Securities and Investments-compliance & regulation and topquality management.
Domestic Legal Experts
Mr. Fred Ngari - Managing Director, Centum Capital
Mr. Fred Ngari is the Managing Director of Centum Capital at Centum Investment Company Ltd. He is an experienced investment professional with a demonstrated history of working in the investment and private equity industry. He is skilled in private equity, investment banking, investor Relations, legal & Compliance, Banking, Company Secretarial Work, and Accounting.
Mr. Ngari holds an MBA Finance (USIU), LLB (University of Nairobi), is a Certified Public Account (CPA), Certified Public Secretary (CPS)and an Advocate of the High Court of Kenya. He is a member of the Law Society of Kenya (LSK) and a member of the Institute of Certified Secretaries Kenya (ICS).
Mr. Paras Shah - Partner, Coulson Harney LLP (Bowmans)
Mr. Paras Shah is a Partner in Coulson Harney in the Nairobi office and heads the Mergers &Acquisitions and projects team in Kenya. He is one of the leading corporate & commercial lawyers in Kenya and specializes in corporate& commercial law, banking & finance law, privatizations, mergers& acquisitions, capital markets and real estate law. He has advised on some of the most important M&A and financing transactions, IPOs and takeovers, listings and public-private partnership (PPP) transactions undertaken in Kenya in recent years.
Mr. Shah holds a Diploma in Legal Practice (cum laude) (College of Law, UK), LLB (Kings College London) Diploma in Management (Henley School of Management, UK), and a Postgraduate Diploma (Kenya School of Law). He is an English-qualified solicitor and an Advocate of the High Court of Kenya. He is also a member of the Law Society of Kenya, the Law Society of England & Wales and Institute of Certified Public Secretaries.His expertise is recognized by Chambers Global, Legal 500 and IFLR1000 and he was named Banking & Finance Lawyer of the Year in Kenya in 2015.
Domestic Legal Experts: Justice
Mr. Mbage Ng'ang'a - Chairman, Kenya Law Reform Commission
Mr. Mbage Ng'ang'a is the chairman of the Kenya Law Reform Commission. He is an Advocate of the High Court of Kenya and a Member of the Certified Institute of Public Secretaries, Kenya. He was until his appointment to the Commission, a Senior Partner in the Law Firm of Waruhiu K'Owade &Ng'ang'a Advocates. As a Member of the Law Society of Kenya (LSK), he served in various Committees of the LSK.
Mr. Ng'ang'a holds an LLM in International Business Law (University of London), MSc in Agricultural Development (University of London) and LLB( University of Nairobi). He has further Executive Education Programs in Financial Law, Economic Development, Public Enterprise Reform and Regulatory Law in leading universities and other institutions of higher learning which include: Harvard University Kennedy School of Government, Cambridge University, University of Florida, Duke University and Georgetown University in conjunction with International Law Institute.
Ms. Lilian Matagaro - Deputy Chief Parliamentary Counsel and the Parliamentary Liaison Officer at the Office of the Attorney General & Department of Justice
Ms. Lilian Matagaro is the current Deputy Chief Parliamentary Counsel and the Parliamentary Liaison Officer at the Office of the Attorney General& Department of Justice. She has a wide array of experience in drafting international and national laws, subsidiary legislation and policy documents. She advices Government Ministries and Agencies on various legislative and legal matters on diverse aspects. She regularly represents the Office of the Attorney General in various regional engagements (EAC, COMESA, IGAD) that have delivered numerous statutory and policy frameworks. She has also served on numerous Taskforces and Technical Committees on diverse assignments notably the Taskforce on the Rationale for the Establishment of Tribunals, Taskforce on Royalties in the Mining Sector, Taskforce on the Development of Private Securities, and others.
Ms. Matagaro holds an LLB (Hons) and M.A International Studies (University of Nairobi), Postgraduate Diploma in Legislative Drafting (International Law Institute), Postgraduate Diploma in Human Resources Management (Institute of Human Resources Management), Certificate in Advanced Oil, Gas Power and Sustainable Energy (International Law Institute, USA) and a Diploma in Law (Kenya School of Law). She is also a member of the Board of the National Oil Corporation and a member of the Registration Committee, Institute of Human Resources Management.
Innovation and Fintech Experts
Mr. Grant Brooke - Former CEO and Co-founder of Twiga Foods
Mr. Grant Brooke is the former CEO of Twiga Foods a mobile-based supply platform for Africa's retail outlets, kiosks, and market stalls. He was named the Africa CEO Forum start-up CEO of the year in 2018.
Mr. Brooke holds a Dphil, Religion -Social Economics (University of Oxford). He was at Princeton and Oxford for masters and doctoral work focused on Kenya's informal markets.
Ms. Elizabeth Howard - CEO, Lelapa Fund
Ms. Elizabeth Howard is a CEO at Lelapa Fund an innovative fintech startup company that helps impact funds, angel syndicates and developmental institutions reduce their transaction costs on small sized investments in Africa. She is an advisor to African regulators on equity crowdfunding regulations and is a founding director of the African Crowdfunding Association.
Ms. Howard holds an MPhil Economics (Institut d'Etudes Politiques Sciences Po Paris), BComm Economics(University of Cape Town), B.Soc.Sci, Politics,Philosophy, Economics (University of Cape Town), Certificate of Innovation and Entrepreneurship (Stanford University Graduate School of Business) and Certificate in Digital Money (Digital Frontiers Institute-Fletcher School at Tufts University).
International Legal Experts
Mr. Habib Motani - Partner, Clifford Chance
Mr. Habib Motani is a leading international financial markets lawyer, with particular expertise in relation to derivatives, securities lending, repo, netting & collateral and clearing & settlement systems. A partner since 1986 in Clifford Chance’s International Financial Markets Group. He is the global head of the Derivatives Group.
Mr. Motani holds a BA (Cambridge University)and was admitted as a solicitor in England & Wales in 1980. He is listed by Chambers UK, 2013 as a derivatives expert who boasts a thriving Islamic Finance Practice and is widely recognized as “one of the best” operators in the London Market.”
Mr. Steven Galbraith - Partner, Slaughter and May
Mr. Steven Galbraith has been a partner since 1996 at Slaughter and May, in the commercial department.He has a broad financing, infrastructure and energy practice including extensive experience in projects and project financing, infrastructure acquisitions and investments &acquisition financing. His clients include major development, oil and gas and operating companies; and private equity, banks and state-owned enterprises.
Mr. Galbraith holds an LLB (Hons) (St. Andrews College, University of Canterbury, New Zealand)and was admitted as a solicitor in England & Wales in 1991. He is listed as a leading individual in the Projects section of Chambers UK, 2017.
Islamic Finance Expert
Ms. Rahma Hersi - Managing Director, Awal Consulting
Ms. Rahma Hersi is an Islamic Finance Expert and Economic Justice Expert. She is a partner at Gateway Islamic Advisory LLPwhere she is the Head of Sharia. She is also the Managing Director of Awal Consulting Limited an Islamic Advisory Firm. Her areas of specialty are Islamic Finance &Banking, Shariah Governance, Regulations, Project finance &Asset finance. She is a working group member of the Capital Markets Master Plan dealing with legal and regulatory environment.
Ms. Hersi holds an LLM-InternationalComparative Law, Human Rights & Business Law (Robert H. McKinney School of Law, Indianapolis USA),LLB(Hons) Islamic Law and Common Law (International Islamic University, Islamabad Pakistan), Diploma in Arabic (International University of Africa, Khartoum Sudan) and a Diploma in Islamic Banking and Finance Arbitration (Global University of Islamic Finance (INCEIF) and Centre for International Arbitration, Malaysia).
Mr. Kairo Thuo - Partner, Viva Africa Consulting LLP
Mr. Kairo Thuo is a lawyer and certified accountant specializing in legal and financial taxing consultancy. He is a Partner at Viva Africa Consulting. Through his many years of practice, Kairo has developed extensive experience in all areas of taxation in Kenya, Uganda, Rwanda and Tanzania and has also been involved in tax matters involving other countries in Africa. His experience involves all areas of taxation and was also involved in establishment of specialized tax service lines in direct and indirect taxation including customs, international tax and transfer pricing.He is also a working group member of the Capital Markets Master Plan dealing with legal and regulatory environment.
Mr. Thuo holds an LLB(University of Nairobi) and is a Certified Public Accountant.