Sharp Daily
No Result
View All Result
Monday, June 15, 2026
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Kenya Power faces scrutiny over former MD’s KES 26.82 million payout

Editor SharpDaily by Editor SharpDaily
November 20, 2023
in News
Reading Time: 2 mins read

Auditor-General Nancy Gathungu has raised concerns about Kenya Power’s governance in relation to the substantial exit payment of KES 26.82 million to former Managing Director Bernard Ngugi, who abruptly resigned in August 2021.

Gathungu’s examination highlighted the lack of approval for the payment from the State Corporation Advisory Committee (SCAC), a mandatory step according to legal stipulations. While nods from the Ministry of Energy and the National Treasury were obtained in 2022, SCAC’s clearance, a crucial requirement, was bypassed before the gratuity payout.

Pointing out contradictions in the utility’s staff regulations, Gathungu revealed that employees resigning before contract completion should not be entitled to gratuity or terminal leave pay. Ngugi’s premature exit, 15 months before his contract term, raised questions about the circumstances surrounding his departure.

The Auditor-General emphasized the irregularity of a portion of the payment, noting the incongruity of allocating KES 2.52 million as payment in lieu of notice, a sum inconsistent with Ngugi’s resignation without prior notice, which would warrant payment to the company instead.

RELATEDPOSTS

Kenya power technicians install a transformer at Ibutuka Village in Mbeere North in Embu County (Murithi Mugo, Standard)

Kenya plans coastal power barge as grid reserves run thin

May 25, 2026

EPRA ends kenya power monopoly in major energy sector shift

May 13, 2026

Gathungu’s revelations suggest a hasty exit for Ngugi, indicating potential external pressures for leadership changes at Kenya Power. Subsequent appointments of acting managing directors, including Engineer Rosemary Oduor and Geoffrey Muli, further fueled speculation. The recent appointment of Dr. Joseph Siror as substantive managing director, almost two years after Ngugi’s exit, has signaled stability at the helm.

Dr. Siror, formerly overseeing technical services at Kenya Electricity Transmission Company (Ketraco), assumed the leadership mantle at Kenya Power, succeeding Ngugi, who took charge in October 2019 amid the utility’s financial challenges.

The Auditor-General’s report has raised governance concerns, spotlighting procedural irregularities in Ngugi’s exit. These revelations provoke inquiries into the circumstances surrounding his departure and draw attention to governance practices within Kenya Power’s executive leadership, signaling a call for enhanced transparency and adherence to regulatory procedures.

Previous Post

President Ruto’s labor exportation plan: a solution or a problem?

Next Post

SGR sees 13.9% surge in Q3 2023 passenger traffic

Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

News

Understanding market capitalization and its importance in investment analysis

June 15, 2026
Banking

CBK moves to expand emergency lending powers as Kenya strengthens banking sector stability

June 15, 2026
News

June 12, 2026
News

Where Fintech Companies Actually Make Their Real Profits: Beyond Payments and Transaction Fees

June 12, 2026
News

Why Revenue Growth in Fintech Can Be Misleading: The Hidden Economics Behind Digital Payments

June 12, 2026
News

Finance bill 2026: key tax reforms and economic impact in kenya

June 12, 2026

LATEST STORIES

Understanding market capitalization and its importance in investment analysis

June 15, 2026

CBK moves to expand emergency lending powers as Kenya strengthens banking sector stability

June 15, 2026

Kenya Airways seeks Sh194 Billion to rescue itself from debt crisis

June 15, 2026

June 12, 2026

Where Fintech Companies Actually Make Their Real Profits: Beyond Payments and Transaction Fees

June 12, 2026

Why Revenue Growth in Fintech Can Be Misleading: The Hidden Economics Behind Digital Payments

June 12, 2026

Finance bill 2026: key tax reforms and economic impact in kenya

June 12, 2026

INVISIBLE TRANSACTIONS: THE FUTURE OF PAYMENTS

June 12, 2026
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024