Sharp Daily
No Result
View All Result
Sunday, May 11, 2025
  • 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

Let’s power rural Kenya’s economic revival

April 29, 2025

Kenya Power targets 150,000 new customers in Phase VI of last mile project

April 9, 2025

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

Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025
News

Butere girls teacher accused of altering play script with political content

April 14, 2025

LATEST STORIES

Mothers who move us

May 9, 2025
Agriculture And Economy

Lets get Kenya out of FATF list

May 9, 2025

Stanbic bank Kenya posts 16.6% profit decline in Q1 2025

May 9, 2025

Regulatory hurdles hampering transition to electric motorcycles

May 9, 2025

A magical birthday at the springs

May 8, 2025

PSG defeat arsenal to reach Champions League final

May 8, 2025

The hidden risks of family-owned companies

May 8, 2025

Tackling Kenya’s housing crisis with affordable solutions

May 8, 2025
  • 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