The Central Bank of Kenya (CBK) governor nominee, Kamau Thugge, on Tuesday, May 30, declared his net worth at Ksh450 million.
While appearing before the Finance and National Planning Committee, Thugge attributed his source of wealth to a plot in Ridgeways Kiambu Road and another in Thika Greens.
His possessions also included an apartment in Westlands, a house in Mombasa, shares and cash equivalents.
Thugge, who holds a senior advisory role as Head of Fiscal Affairs and Budget Policy at State House, also underscored the necessity of reducing the number of banks in the country to ensure adequate capitalisation and better liquidity.
"If I am governor, we will front merging and reduce the number of banks, so that we end up with a few that are properly capitalised and have better liquidity. Ones that can grow to regional levels," he stated.
MPs also questioned the charges he faced in the Arror and Kimwarer dam scandal. Thuge, however, argued that he was wrongly accused as the charges were later dropped.
"The DPP freed me of all the charges and I turned state witness. I am still on and I follow the law as required," he noted.
He, nonetheless, played cagey when asked how he turned into a state witness against his boss (former Treasury CS Henry Rotich).
"The DPP is best placed to answer that question as it may border closely to sub judice," he deviated.
Kenya's government-to-government oil deal with the Middle East also surfaced in the vetting, with Thugge using the agreement to showcase his influence.
The CBK governor nominee stated that he played a pivotal role in aiding Kenya seal the deal - that reduced the US dollar demand by Ksh69 billion monthly - in what he termed a win for the country and the shilling's value.
Saudi Arabia and the United Arab Emirates (UAE) agreed to export oil products to Kenya for six months on credit terms. Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) were listed as the main suppliers, with the former supplying two diesel cargo consignments monthly.
ADNOC, on the other end, agreed to export three super petrol cargos monthly.
Thugge was nominated by President William Ruto for the role on Monday, May 15, on the recommendation of the Public Service Commission (PSC).
Other shortlisted candidates were Dorcas Muthoni Mutonyi (Nairobi), Haron Sirima (Samburu), Edward Sambili (Baringo), Nancy Onyango(Nairobi), Adan and Abdulla Mohamed (Mandera).
If approved, he will replace incumbent Patrick Njoroge, whose term lapses on June 17, 2023.