President William Ruto, on Tuesday, October 11, asked two Chief Executive Officers (CEOs) to refund their salaries for failing to perform their duties as assigned by the government.
During the launch of the Nairobi Securities Exchange (NSE) Market Place at the Exchange Building in Westlands, Ruto reprimanded the two senior officials for failing to enable companies to list to online trading.
He explained that the two CEOs were at the helm of their organisations for five years and 13 years, respectively, yet no proper progress was made to allow more firms to enlist in NSE.
"I think it would be fair to ask for a refund of salaries from those two gentlemen. They haven't done the job they were hired to do and you know the job is based on results," he stated.
"So, you guys must actually demonstrate to me why you should not refund the salaries we have been paying you," Ruto added.
The head of state hinted at the revision of the investment laws to allow more companies to trade on NSE.
"The law exists to serve as if it is not serving us, we change. If we cannot change, we repeal so that we give ourselves the latitude to do the right thing," the commander in chief of the armed forces insisted.
He, however assured the two CEOs that his government was ready to provide leadership to help the companies execute their mandate as expected.
Ruto promised to put together a legal infrastructure to help the top officials perform their functions without impediments. He also assured NSE stakeholders that Trade Cabinet Secretary nominee Moses Kuria and his Treasury counterpart Njuguna Ndung'u would work to spearhead their operations.
He also said the government will list between six and ten state corporations on the NSE within the first year of his administration.
Additionally, Ruto hinted at empowering boda boda operators, vegetable vendors and other entrepreneurs to start trading on NSE.
"I look forward to many Kenyans buying, selling and growing their wealth using NSE. I also look forward to the time when a boda boda guy or a mama mboga will trade on their phone as he or she awaits for the next customer," he stated.
“I came here deliberately because I believe the stock market has the capacity to help us raise capital. There is demonstrable evidence that within this market there is potential for us to raise the resources that today we are struggling to raise using debt instruments," Ruto remarked.
