President William Ruto constituted the inaugural Governing Council of the National Infrastructure Fund consisting of seven members, comprising seven members, following its signing into law on March 9, 2026.
In a public notice on Wednesday 1, 2026, President Ruto unveiled Treasury Cabinet Secretary John Mbadi as Chair of the Council.
The Governor of the Central Bank of Kenya, Dr. Kamau Thuge alongside Attorney General Dorcas Agik Oduor will both serve as statutory members.
Prof. Benedict Oramah, KCB CEO Paul Russo, Faith Boinett and Richard Etemesi were appointed independent members of the council.
“It is notified that His Excellency the President has appointed members to the Governing Council of the National Infrastructure Fund. This presidential action follows the coming into force of the National Infrastructure Fund Act, 2026 (Act No. 4 of 2026) pursuant to Article 116 of the Constitution,” the notice said in part.
According to the notice, Paul Russo is the CEO of KCB Group PLC and Chairperson of the Kenya Bankers Association Governing Council, with over 20 years of experience in the banking and financial services sector.
Oramah is the Chairperson of the Board of Directors of the Fund for Export Development for Africa (FEDA) and the African Medical Center of Excellence (AMCE) and the immediate former President and Chairperson of the Board of the African Export-Import Bank (Afreximbank).
Mrs. Boinett, an Advocate of the High Court of Kenya, and currently serving as the Chairperson of Kenya Pipeline Company, has experience in public sector governance, having served in various State Corporations and institutions.
Richard Etemesi is the Chairperson of Liberty Holdings Limited with over three decades experience in financial services across Africa, Asia and Middle East.
The Governing Council’s immediate priority will be to oversee the recruitment of the Fund’s Board of Directors which shall in turn recruit the CEO to drive the operationalization of the Fund.
