At its 21st Annual General Meeting (AGM) on Wednesday, Equity Group Holdings Plc announced a significant board overhaul, appointing six new Independent Non-Executive Directors, subject to regulatory and shareholder approvals.
The move forms part of the Nairobi-based lender’s effort to reinforce governance and align with its pan-African growth ambitions.
This is the full list of the Independent Non-Executive Directors appointed by Equity Group to the Board, with their portfolios:
Farida Khambata
Farida is a Chartered Financial Analyst (CFA) with an MSc from London Business School and a Master’s in Economics from Cambridge University.
With more than 30 years of investing and risk management expertise, she is a global leader in emerging markets finance. As a co-founder of Cartica Capital, she spearheaded creative investing techniques.
She previously oversaw a $14 billion portfolio across East Asia, South Asia, Latin America, and the Caribbean while serving as Regional Vice President at the International Finance Corporation (IFC).
Farida created the phrase “Frontier Markets” in 1992 and has held positions on boards at Kotak Mahindra Life Insurance, Dragon Capital Group, Tata Steel Limited (where she chairs the Risk Committee), and Tata Investments Corporation.
In 2015, she received the Best Woman Director award and was included as one of Euromoney’s Top 50 Women in Finance.
Mr. Nick O’Donohoe
Nick graduated with an MBA from the University of Pennsylvania’s Wharton School. Having worked in financial services for 30 years, he is a world expert in development finance.
While serving as CEO of British International Investment from 2017 to 2024, he deployed $10 billion in development and climate funding, greatly expanding the organisation.
He was the Head of Global Research at JP Morgan and the original CEO of Big Society Capital.
He has held positions on the boards of BlueMark, the European Development Finance Institution Association, and the Global Impact Investing Network. In 2022, Nick received a CMG for his work in impact investment.
Dr. Aloysius Uche Ordu
Aloysius graduated from the Harvard Kennedy School with a Ph.D. in Economics from the University of Sussex.
With more than 30 years of experience in financial innovation and policy, he is a seasoned specialist in international development.
He is a member of the Central Bank of Nigeria’s Monetary Policy Committee.
He increased think tank collaborations and policy influence while serving as the Director of the Africa Growth Initiative at the Brookings Institution.
As Vice President of the African Development Bank, he oversaw the restocking of the African Development Fund (ADF) and the decentralisation of personnel among 54 nations, which improved operational effectiveness.
Throughout his over twenty years at the World Bank Group, he oversaw the group that streamlined the quality assurance procedures, investment lending, and development policy financing instruments.
He also sits on the board of Big Win Philanthropy and advises the T20/G20 forums and the Harvard-Lancet Commission.
Mr. Biraro Rwayitare Obadiah
Biraro is a Certified Public Accountant (CPA) in Rwanda, Kenya, and Uganda, and he has an MBA from Uganda Martyrs University.
He has been an expert in public finance management for 37 years.
He led the first audit of consolidated financial statements and professionalised public audits while serving as Rwanda’s Auditor General from 2005 to 2021.
In addition to serving on the Human Resources Committee of AFROSAI-E, he chaired the East African Community Audit Commission.
Under his direction, Rwanda adopted IPSAS accrual accounting and improved control of government and World Bank-funded organisations.
Dr. Lakshmi Shyam-Sunder
Lakshmi earned an Excellence in Teaching Award and a Ph.D. in Finance from MIT Sloan School of Management.
She is a seasoned financial leader with more than 30 years of expertise in risk management and innovation.
She preserved the World Bank Group’s AAA ratings while granting $170 billion in lending capacity throughout her tenure as Vice President and Chief Risk Officer (2014–2024).
She also chaired the Supervisory Board of The Currency Exchange and was the CFO of the Multilateral Investment Guarantee Agency.
Lakshmi has served on boards throughout Latin America and is well-known for her interactions with legislators and rating agencies.
Eng. David Mutombo
David has an MBA from the University of the Witwatersrand and graduated from Harvard Business School’s Advanced Management Program.
He is a certified professional engineer with over twenty years of expertise in international infrastructure, energy, and water.
As CEO of REGIDESO SA in the Democratic Republic of the Congo, he oversaw a profitable turnaround while serving 100 million people.
He was previously Hatch’s Water Business Unit’s Global Managing Director.
In addition to leading the diversification of power and energy, he has overseen several basement flooding projects totalling more than $400 million. He chairs Chemtrade Logistics’ strategy and audit committees and is a member of the board
David is proficient in sustainable infrastructure, private-public collaborations, and French and English.
Equity Group’s chairman expresses enthusiasm
Prof. Isaac Macharia, Chairman, Equity Group Holdings Plc., stated, “We are privileged to welcome a diverse and distinguished group of global leaders whose expertise in development finance, governance, investment, infrastructure, and sustainability will strengthen our vision of championing the socio-economic prosperity of the people of Africa.”
He continued, “Their appointment affirms our commitment to robust governance and stakeholder value creation.”
“We also express our heartfelt gratitude to the outgoing directors whose invaluable service has shaped the Group’s strategy and impact over the years,” he added.
Outgoing directors
The shareholders at the same AGM noted that the following non-executive directors had retired from the board of directors: Mr. Vijay Gidoomal, Dr. Helen Gichohi, Mr. Samwel Kirubi, and Dr. Edward Odundo.
The retiring directors were thanked by the chairman on behalf of the board for their unwavering dedication, strategic vision, and outstanding leadership, which were crucial in determining the governance, growth trajectory, and long-term goals of the group.
These directors will remain on their respective subsidiary boards, with Mr. Vijay Gidoomal joining the board of Equity Bank Kenya, Dr. Edward Odundo joining the Equity Life Assurance Kenya board, and Dr. Helen Gichohi joining the board of the Equity Group Foundation. Mr. Samuel Kirubi will continue to serve as the Group Chief Operating Officer.