Directors & Executive Committee

Tom Mulwa is a distinguished African entrepreneur and business leader with more than 30 years of executive experience spanning corporate governance, risk management, financial services, and investment advisory.

He is one of the founding members and Group Managing Director of LIAISON GROUP, where he has played a pivotal role in building the organization into a pan-African non-banking financial services organization.

Tom holds key leadership positions across several economic and social enterprises. In recognition of his expertise in driving national economic growth, H.E. Dr. William Samoei Ruto, President of the Republic of Kenya, appointed Tom to the National Investment Council. He is also Chairman of the Kenya National REITs Association (KNR) and a Council Member of the Association of Pension Trustees and Administrators of Kenya (APTAK).

Tom holds a Bachelor of Commerce from the University of Nairobi and DBA from the University of Leicester, United Kingdom. He is also a Fellow of the Global Risk Management Institute (RIMS).

With extensive experience in leadership, governance, financial services, and investment, Tom brings a wealth of expertise to his role as Chairman of the Nairobi Securities Exchange (NSE).

Along with service on the board of the Nairobi Securities Exchange Plc, Mr. Wangunyu also serves as the Chairman of the Kenya Association of Stockbrokers and Investment Banks (KASIB), and on the board of the Institute of Directors (Kenya) . Additionally, he holds an executive board role at Standard Investment Bank (SIB) and serves on the Central Depository and Settlement Corporation’s (CDSC) Business Conduct Committee of the Board.

Beyond strategic and capital allocation oversight, his corporate governance experience includes mediating shareholder disputes, fostering stakeholder alignment, and securing regulatory endorsement for key initiatives.

With extensive experience in government engagement and policy advocacy, he has represented the capital markets industry in high-level forums, including the Presidential Captains-of-Industry roundtable and the Capital Markets 10-Year Master Plan group.

He established the Capital Markets Leadership Roundtable, bringing together industry Chairpersons and Chief Executives for effective response to market dynamics, and championed the inclusion of capital markets leaders in Kenya’s National Heroes Program, with the first heroes honored in 2025.

As the founder and CEO of FourFront Management, an R&D division of Standard Investment Bank focused on the Stock Exchange, he pioneered Kenya’s first licensed Robo-Advisor, algorithm-based trading (ALGO-Trading), high-frequency trading (HFT), short selling, and mobile/SMS share trading.

Mr. Frank Mwiti is the CEO of the Nairobi Securities Exchange Plc . Mr. Mwiti is a dynamic and accomplished senior business leader with more than two decades of diverse global and regional professional experience in strategy, governance, business development, Corporate Finance, M&A, investment banking, risk management and performance improvement. He has advised governments, investors, shareholders, boards and CEOs across UK, US, EU, Russia, Middle East, Asia and Africa. Prior to his appointment as the CEO of the Nairobi Securities Exchange Plc, he served as a Partner and Eastern Africa Markets Leader at EY, leading Strategy, M&A and Business Development across Kenya, Ethiopia, Uganda, Tanzania, Rwanda, Burundi, Somalia and South Sudan. He previously held senior executive roles in London (UK) at UBS Investment Bank, Deutsche Bank, EY and PwC. Mr. Mwiti equally served as CEO and Managing Director at Afrika Kapital in UK , a firm he founded and in which he was involved in advising investment banks, private equity firms and hedge funds across forex, equities, fixed income, commodities, synthetics and listed derivatives in London, New York, Frankfurt, Singapore, Moscow, and Hong Kong. Mr. Mwiti holds Executive Management qualification from MIT (US), a Bachelor of Laws (LL.B) degree from University of Nairobi and is a member of the Institute of Certified Public Accountants of Kenya (ICPAK).

Mr. Kiprono Kittony is a Non-Executive Director and the immediate former chairman of the Nairobi Securities Exchange Plc.

Prior to this appointment, he was the National Chairman of the Kenya National Chamber of Commerce & Industry, the premiere business membership organization in Kenya. He is a well-known personality in business leadership circles in Kenya, having served in several capacities, including being the immediate past Chairman of the Media Owners Association, an influential lobby group of Kenyan media.

An active player in business, he also chairs the following boards; - CreditInfo CRB Kenya Limited, Mtech Limited and Radio Africa Group (which he co-founded in 2000). He also serves as the Chairman and Non- Executive Director of RentCo Africa Group and as a director at the Central Depositary and Settlement Corporation.

Mr. Kittony holds a Bachelor of Commerce (Hons), degree from the University of Nairobi and a Bachelor of Law (Hons) degree from the same institution. He also holds a Global Executive MBA from USIU (in Conjunction with Columbia University

Mr. Kittony was conferred the award of Elder of the Order of the Burning Spear (EBS) by President Uhuru Kenyatta in 2019 in recognition of the distinguished and outstanding services rendered to the nation as a business leader.
He actively mentors the youth and regularly participates in several philanthropic projects.

Isis is a strategic business leader experienced in driving innovation, economic opportunity and impact across Africa. She’s built and scaled high-impact initiatives at the intersection of technology, philanthropy, and business. As a partner at Asphalt & Ink, she advises global investors and philanthropic institutions on investments and initiatives related to entrepreneurship and digital economy. Previously Isis held pioneering commercial leadership positions at Google, InMobi and MTV Networks as well as founding early-stage ventures.

Isis is a graduate of Stanford University & Harvard Business School. She also serves on the boards of LGT Venture Philanthropy and Malaica. In 2024, she was appointed as an external member of the Monetary Policy Committee of the Central Bank of Kenya.

Stephen Chege is Group Chief Corporate & External Affairs Officer at Safaricom PLC, a position he assumed in October 2025. In this expanded role, he oversees Safaricom’s Regulatory, External and Corporate Affairs, Public Policy, Corporate Communications, Media Relations, Group Corporate Social Investments, ESG & Sustainability, and the integration of purpose into the company’s operations. His mandate spans Safaricom Group and its subsidiaries, including Safaricom Ethiopia.
Before this appointment, Stephen served as Chief External Affairs Officer at Vodacom Group from November 2021 to September 2025. His portfolio included Regulatory, External and Corporate Affairs, covering Public Policy, Communications, Media Relations, Group Corporate Social Investment (CSI), and Sustainability across Vodacom’s markets: South Africa, Tanzania, Mozambique, Lesotho, Egypt, Democratic Republic of Congo (DRC), Ethiopia and Kenya.
Stephen began his career at Safaricom in 2006 as In-House Counsel and progressed through senior roles including Senior Manager, Public Policy & Market Regulation, and Head of Regulatory and Public Policy. In 2015, he was appointed Director of Corporate Affairs, later redefined as Chief Corporate Affairs Officer, where he shaped Safaricom’s engagement strategy locally and globally.
He is an Advocate of the High Court of Kenya, a Notary Public, and a Certified Public Secretary. Stephen holds a Master of Laws (LL.M) in International Trade and Investment Law and a Bachelor of Laws (LL.B), both from the University of Nairobi. With over 20 years of experience in telecommunications, including at Vodafone Group UK, he has been instrumental in shaping regulatory frameworks, advancing corporate responsibility, and strengthening partnerships that drive growth and sustainability in Africa’s telecom sector.

Mr. Niepold has over 25 years of experience in frontier investing in Africa and the Middle East. In 2010, he founded SQM Frontier Management LLP and served as the Managing Partner and Portfolio Manager for the firm’s Frontier Africa Fund. Prior to founding SQM, Mr. Niepold was a Portfolio Manager and Partner at Emerging Markets Management (EMM) where he launched and managed the first fund dedicated to investing in Africa’s frontier stock markets among other
achievements.

Mr. Niepold also served as an equity analyst in Southeast Asia for Crosby Securities and as an independent consultant covering frontier markets throughout the world. Mr. Niepold has a Bachelor of Arts degree in Economics from Davidson College and a Master of Business Administration degree from the Kenan-Flagler Business School at the University of North Carolina/Chapel Hill.

Ms. Kariuki has over 20 years of experience in Private Sector management and leadership and is currently the Chief Executive Officer of Kenya Private Sector Alliance (KEPSA), a position she has held since 2010. At KEPSA, she has spearheaded public private dialogue platforms with all levels of government to move the World Bank Doing Business Index for Kenya from a high of 136 in 2014, to 56 in 2020, among other achievements. She has previously held roles at Sagamore Policy and Research Institute, Indianapolis and Barclays Bank of Kenya Limited (now Absa Bank Kenya Plc). Ms. Kariuki sits on various Boards and has received a number of awards and recognitions, including Presidential awards for National Development Contribution to the Country.

She holds a Bachelor of Arts Degree in Economics and Sociology from the University of Nairobi and a Master’s Degree in Public Administration from Bowling Green State University, Ohio, USA.

Ms. Alaro holds an MBA in Finance from the United States International University Africa (USIU-A) and a Bachelor’s Degree in Business Management from Moi University. She is a fellow of the Association of Certified Chartered Accountants (ACCA), a member of the Institute of Certified Public Accountants of Kenya (ICPAK), an International Coach Federation Associate Certified Coach (ACC), and a Certified Executive Leadership Coach. She is a fellow of the Archbishop Desmond Tutu Africa Leadership Fellowship.
Ms. Alaro was appointed a Non-Executive Director on the Board of NSE on May 30, 2018. She also serves as a Non-Executive Director on the Board of BK Group PLC, and is a practicing Executive Leadership Coach. She previously served Centum Group PLC as Managing Director of one of its subsidiaries; Centum Business Solutions, and as the Group Finance & Operations Director.

Ms. Noreh is a seasoned financial services leader with extensive experience in Kenya’s capital markets, having served in various capacities across the industry. She is currently the Acting Chief Executive of Sterling REIT Asset Management, where she oversees business strategy formulation and execution, performance monitoring, and stakeholder engagement. In addition, she serves as the General Manager of Sterling Capital, where she has also previously held the role of Head of Finance & Administration responsible for finance, risk and internal controls, and business performance management.
Ms. Noreh holds a Master of Commerce in Finance (MCOM) from Strathmore University, and a Bachelor of Arts in Economics from Moi University. She is a Fellow of the Association of Chartered Certified Accountants (FCCA), a Chartered Institute for Securities & Investment (CISI) qualification holder, and a Member of the Institute of Certified Investment & Financial Analysts (ICIFA), Kenya.
Beyond her executive roles, she has contributed to governance and thought leadership through service on the Boards of Sterling REIT Asset Management Limited, the Kenya Association of Stockbrokers and Investment Banks, Afvest Limited, the Nairobi Baptist Church Investment Company, and the ACCA Kenya Advisory Committee.

Mr. Frank Mwiti is the CEO of the Nairobi Securities Exchange Plc . Mr. Mwiti is a dynamic and accomplished senior business leader with more than two decades of diverse global and regional professional experience in strategy, governance, business development, Corporate Finance, M&A, investment banking, risk management and performance improvement. He has advised governments, investors, shareholders, boards and CEOs across UK, US, EU, Russia, Middle East, Asia and Africa. Prior to his appointment as the CEO of the Nairobi Securities Exchange Plc, he served as a Partner and Eastern Africa Markets Leader at EY, leading Strategy, M&A and Business Development across Kenya, Ethiopia, Uganda, Tanzania, Rwanda, Burundi, Somalia and South Sudan. He previously held senior executive roles in London (UK) at UBS Investment Bank, Deutsche Bank, EY and PwC. Mr. Mwiti equally served as CEO and Managing Director at Afrika Kapital in UK , a firm he founded and in which he was involved in advising investment banks, private equity firms and hedge funds across forex, equities, fixed income, commodities, synthetics and listed derivatives in London, New York, Frankfurt, Singapore, Moscow, and Hong Kong. Mr. Mwiti holds Executive Management qualification from MIT (US), a Bachelor of Laws (LL.B) degree from University of Nairobi and is a member of the Institute of Certified Public Accountants of Kenya (ICPAK).

Ms. Lucy Kamar Chepkirui is the Head of Talent at the Nairobi Securities Exchange Plc. She has over fifteen (15) years' experience in Human Resource Management.

Prior to her current role, Ms. Chepkirui was the Chief Officer, Human Resources and Administration. She also served as the Human Resources and Administration Manager at the NSE. She joined the NSE from the Institute of Certified Public Accountants of Kenya where she had served for a period of four (4) years in Human Resources and Administration. Lucy also previously served in the human resources department at the Kenya Broadcasting Corporation and at the Kenya Ordnance Factories Corporation.

She holds a Master of Science Degree in Human Resources Management from the Jomo Kenya University of Agriculture & Technology as well as a Bachelor of Arts Degree in Government & Public Administration from Moi University. She has also undertaken a Post-graduate Diploma in Human Resources Management from the Kenya Institute of Management (KIM). She is a Certified Human Resources Professional and is a full member of the Institute of Human Resources Management Kenya and the Women on Boards Network.

Lilian is the Legal Manager at the Nairobi Securities Exchange (NSE). Lilian is an Advocate of the High Court of Kenya with experience spanning over 10 years as an in-house counsel. She holds an MBA from United States Internal University (USIU-Africa), a Bachelor of Laws Degree (LLB) from Kenyatta University and a postgraduate diploma in law from the Kenya School of Law.
At the NSE, Lilian is tasked with providing legal support to the NSE as well as stakeholder relations through building and strengthening relationships with NSE’s key stakeholders.

Mr. David Wainaina is the current Head of Trading, Data and Analytics at the Nairobi Securities Exchange. He has over 18 years’ experience in the Capital Markets Industry, having served in various capacities at the Nairobi Securities Exchange since the year 2005.

David has been central in the implementation of key projects for the Bourse, overall Capital Market and the E.A Region, including the automation of the Equities and the Fixed Income (Bonds) market. He was the NSE team lead during the successful launch of the Central bank lead CSD dhow system in the year 2023.

He has served in various capital market forums including the East African Community market integration initiative, Market Leaders forum by the Central Bank of Kenya, and the Capital Markets Authority lead Master Plan implementation Working Group, amongst others. He is the current chairman of the Technical Committee of the Association of East African Stock Exchanges and Depositories (EASEA).

David holds a Bachelor of International Business Administration Degree from the United States International University – Africa and a Master of Business Administration from the same institution. He is a full member of² the institute of certified investment and financial Analysts. He has undertaken numerous courses at local and international levels during his career.

David Irungu Waggema is a distinguished leader in capital markets, business development, and financial innovation, with nearly 20 years of experience—14 in senior management—driving transformative financial solutions with integrity and excellence. As Business Development Sector Leader - Agriculture at the Nairobi Securities Exchange (NSE), he is pioneering scalable investment frameworks, expanding market access, and mobilizing sustainable capital flows to revolutionize agricultural finance. He played a pivotal role in launching Kenya’s first Green Bond and supporting its dual listing on the London Stock Exchange, alongside leading key market advancements such as the industry-wide Broker Back Office system, M-Akiba—the world’s first fully mobile retail bond, the Green D&I REIT on the NSE’s Unquoted Securities Platform (USP), and the Ibuka Incubator and Accelerator Programme, which is strengthening the pipeline for future listings and capital market growth. With extensive global exposure to leading financial markets, including London, Johannesburg, Dubai, South Korea, India, Nigeria, and Egypt, he has been instrumental in shaping policy frameworks, regulatory reforms, and financial market strategies, ensuring sustainable growth, institutional resilience, and long-term impact across the sector

Austine Odhiambo Ogutu is a finance and risk management professional with experience in capital markets regulation, enterprise risk management, compliance, and data protection. He currently serves as Manager, Risk & Compliance and Data Protection Officer at the Nairobi Securities Exchange, where he leads enterprise risk management, regulatory compliance, business continuity, and privacy governance initiatives.

He has experience across the capital markets, banking, and public sector, with expertise in financial modelling, risk analytics, regulatory oversight, and market surveillance. Austine holds a Master of Science in Finance (Securities & Investment) from Maseno University and is a CFA Level II Candidate. He is also a PECB Certified Data Protection Officer and ISO 31000 Risk Management Certified, and a Member of ICPAK and ICIFA.

Ms. Jane Kiarie is the Head of Finance at the Nairobi Securities Exchange Plc . Jane joined the NSE in 2012. Prior to joining the NSE, Jane had accumulated four years’ experience as a Financial Controller/Head of Finance and Administration in various organizations.
She also worked as an Associate Consultant with PricewaterhouseCoopers Limited, Kenya, in Advisory Consulting within the Accounting and Operations Effectiveness line of service. In addition, she worked with Deloitte (both in Kenya and the USA) for about 11 years in audit, where she gained valuable experience in providing auditing, accounting, compliance, internal controls reviews, risk identification and management, financial reporting, and management services across many sectors of the economy.
Ms. Kiarie is a holder of a Master’s in Business Administration (Strategic Management) from the United States International University and a Bachelor of Science Degree in Mathematics (Statistics Major) from the University of Nairobi. She is also a Certified Public Accountant of Kenya and a member of the Institute of Certified Public Accountants of Kenya.

Mr. Jackson Kiminje is the Business Development Leader, Chamas and SACCOs, with more than 18 years of experience in the Capital Markets.

He joined the Nairobi Securities Exchange Plc (NSE) in 2005 and has served in various roles within the organization. Jackson has been instrumental in enhancing investor education in the Kenyan Capital Market and the East African region at large.

He played a key role in the establishment of the NSE Digital Academy, which currently provides capital markets capacity development and certification programs in Kenya and across East Africa. Jackson was also pivotal in the development of the NSE Investment Challenge simulator, which has empowered over 10 million young people in Kenya with financial literacy and investment knowledge.

Additionally, he was a founding member of the Securities Industrial Training Institute—an initiative of the East African Securities Exchanges Association (EASEA)—which focuses on strengthening capital markets capacity across the East African region.

Mr. Kiminje serves as the Chair of Capacity Development in EASEA, Vice Chairman of the Capacity Development Working Group at the Africa Stock Exchanges Association (ASEA), and sits on the Advisory Council for Technical and Vocational Training (TVET) in the Financial Services Sector.

Jackson holds a Bachelor of Science degree in Mathematics from the Catholic University of Eastern Africa, a Postgraduate Degree in Actuarial Science from the University of Nairobi, and a Diploma in Information Communication Technology. He also possesses numerous certifications in financial markets and is a Certified Trustee of the NSE and CDSC Staff Provident Fund Scheme.

Jackson is deeply passionate about advancing knowledge in the capital markets and has extensive professional training and exposure, both locally and internationally, in investor education, training, and business development. His work continues to make a lasting impact in expanding financial inclusion through Chamas, SACCOs, and other grassroots investment networks.

Ms. Musehenga joined the NSE in May 2022 and brings over eleven (11) years of experience in internal audit, risk management, and financial control across both public and private sector institutions. She provides strategic oversight of the internal audit function, championing strong governance practices, enhancing enterprise-wide internal controls, and promoting a culture of accountability and continuous improvement across the organization.
She holds a Master of Business Administration (Finance) from the University of Nairobi and a Bachelor of Commerce (Finance) from Jomo Kenyatta University of Agriculture and Technology. Ms. Musehenga is a Certified Public Accountant (Kenya) and a member in good standing of the Institute of Internal Auditors (IIA) and the Institute of Certified Public Accountants of Kenya (ICPAK).

Gift Kori is a finance professional with over eight years of experience in investment banking, capital markets, and business development. He serves as the Manager – Listings & Capital Raising at the Nairobi Securities Exchange, where he leads issuer engagement, deal origination, and transaction support for companies seeking to access the public markets. Gift has worked on capital raising and investment structuring across diverse sectors including manufacturing, agriculture, financial services, real estate, and hospitality. Prior to joining the NSE, he was the Head of Business Development at Horizon Africa Capital. He holds a BSc. in Economics and Statistics from the University of Nairobi and is currently pursuing the CFA certification.