: Former Equity Bank CFO David Ngata joins I&M Group as CFO, enhancing leadership with over 25 years of experience in global banking and finance.

By Charles Wachira

In a significant leadership shakeup, I&M Group has appointed David Ngata as its new Chief Financial Officer, effective October 16, 2024, in a move aimed at bolstering its executive team.

 Ngata, the former CFO of Equity Bank, brings over 25 years of financial expertise and global experience that promises to drive I&M’s growth in Kenya and across East Africa.

 Known for its customer-focused financial solutions in corporate banking, retail services, and asset financing, I&M Group is set to benefit greatly from Ngata’s deep understanding of both regional and international finance.

An Impressive Global Career

Ngata’s career spans an impressive roster of roles in top-tier financial institutions. David Ngata Joins I&M Group as CFO.

Before joining Equity Bank in 2018, he worked at American Express in New York, where he sharpened his insights into global financial management. 

He also served as an Audit Senior Manager with KPMG, working in both Kenya and the United States.

 This wealth of experience has equipped Ngata with a keen eye for operational efficiencies, regulatory compliance, and strategic finance management, all of which he brings to his new role at I&M.

A Transformative Role at Equity Bank

At Equity, Ngata’s role as Group Finance Director saw him overseeing finance teams across six countries: Kenya, Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo. 

His leadership was instrumental in Equity’s remarkable growth across East Africa, as he developed cross-border financial strategies, implemented risk management frameworks, and introduced cost-efficiency measures that helped the bank navigate through challenging economic periods.

 In 2022, he was promoted to CFO, where he continued to guide Equity’s financial direction, reinforcing its position as one of East Africa’s top financial institutions.

Academic Excellence and Professional Credentials

Ngata’s academic credentials complement his extensive professional background. 

He holds a Master of Science in Business Analytics from Carnegie Mellon University and a Bachelor of Commerce in Marketing from the University of Nairobi.

 His Certified Public Accountant (CPA-K) qualification, along with memberships in both ICPAK (Kenya) and AICPA (USA), highlights his commitment to high standards in finance and professional excellence.

Positioning I&M Group for Growth

Ngata’s move to I&M Group comes at a crucial time as the bank aims to enhance its footprint in the competitive East African banking sector, where digital transformation and evolving customer needs are reshaping the industry.

 David Ngata Joins I&M Group as CFO, filling the gap left by former CFO Amit Budhdev, who exited in December 2023.

 Ngata’s strategic mindset and vast experience are expected to play a pivotal role in shaping I&M’s financial strategies, optimizing risk management, and seizing new growth opportunities.

A Future of Resilience and Innovation

Industry analysts are optimistic about Ngata’s impact on I&M Group, noting that his leadership could help the bank strengthen its market position and continue innovating to meet customer needs. 

David Ngata Joins I&M Group as CFO. As Ngata steps into this key role, he is set to lead I&M’s financial team toward new heights, positioning the bank for a future defined by resilience, growth, and transformative finance solutions in East Africa.

DTB Kenya appoints Murali Natarajan as CEO, aiming for growth, digital expansion, and SME support in Kenya’s competitive banking landscape.

In a strategic move poised to deepen Diamond Trust Bank’s (DTB) leadership in Kenya’s banking sector, Murali Natarajan, a veteran banker from India, has taken the helm as the new Managing Director and Chief Executive Officer.

Natarajan’s appointment is not only a significant leadership change for DTB but also marks a crucial step in the bank’s continued evolution and resilience in a competitive landscape.

Murali M Natarajan a Veteran Banker with a Vision

With over three decades in banking, Murali Natarajan has built a reputation for steering banking institutions toward growth, especially in challenging economic environments.

 Known for his customer-centric approach and operational acumen, Natarajan brings a wealth of experience from his previous roles in top-tier financial institutions, notably in India, where he played a key role in transforming banks through innovation, efficiency, and prudent risk management.

DTB’s Regional Expansion and Digital Push

Under Natarajan’s leadership, DTB is expected to sharpen its strategic focus on regional expansion and digital banking transformation. 

The bank, already a key player in Kenya and the East African region, has seen steady growth in its network and asset base, expanding its footprint in Uganda, Tanzania, and Burundi.

 Natarajan’s extensive background in digital banking and microfinance offers DTB a unique opportunity to capitalize on the growing demand for digital financial services in East Africa.

Given the increasing competition in Kenya’s banking sector, where over 40 banks are vying for a share of a rapidly digitalising market, Natarajan’s digital-first approach could provide DTB with a competitive edge. In India, Natarajan was recognized for rolling out digital solutions that improved customer engagement and broadened financial inclusion.

 For DTB, which is looking to increase its digital footprint and integrate more accessible banking solutions, this experience could prove invaluable.

Addressing Challenges in Kenya’s Banking Sector

Natarajan’s appointment comes at a time when Kenya’s banking industry is navigating a mix of regulatory pressures, evolving consumer expectations, and economic headwinds.

 The sector has faced increased scrutiny from the Central Bank of Kenya, which is pushing for more transparency, stronger governance, and digital inclusivity. 

Furthermore, with Kenya’s inflation and interest rates creating volatility, Natarajan’s strong background in risk management could be instrumental in steering DTB through economic uncertainties.

The veteran banker’s experience will likely play a crucial role in addressing the rising demands for loan restructuring and risk mitigation, especially as more customers and businesses seek financing in a post-pandemic economy.

 His tenure at various financial institutions has shown his adeptness at balancing growth with caution, a skill set that will be essential as DTB positions itself as a key partner in Kenya’s economic recovery efforts.

Expected Impact on DTB’s Performance and Strategy

Industry insiders are optimistic that Natarajan’s experience will catalyze DTB’s growth trajectory.

 His focus on operational efficiency and digital innovation could lead to improved financial performance, while his understanding of micro and SME financing aligns with DTB’s mission to empower Kenya’s small and medium enterprises. 

His approach is expected to bolster DTB’s role as a supportive financial partner for SMEs, which form the backbone of Kenya’s economy.

By bringing in a seasoned executive with a global perspective, DTB signals its ambition to evolve beyond traditional banking.

 Natarajan’s previous success in pioneering initiatives like mobile banking, loan digitization, and customer-centric financial services could play a transformative role in DTB’s journey toward becoming a fully digitized, customer-first institution. His leadership will be instrumental in shaping DTB’s long-term strategy and resilience in a fast-evolving market.

Looking Ahead

Murali Natarajan’s appointment is a clear indicator of DTB’s commitment to scaling its impact within Kenya and the East African region. 

As he steps into his role, all eyes will be on how he leverages his international experience to drive DTB’s growth, strengthen its digital capabilities, and deepen its regional reach.

 For Kenya’s banking sector, his tenure promises to introduce new innovations and operational practices that could set a benchmark for other financial institutions in the region.

In a highly competitive sector, DTB’s choice to bring in a leader with Natarajan’s pedigree reflects a vision for growth, transformation, and resilience—qualities that could shape the bank’s future for years to come.

: South African billionaire Patrice Motsepe’s companies face a $195M lawsuit in Tanzania, accused of breaching a non-compete contract in graphite mining.

South Africa’s first black billionaire Patrice Motsepe and his associated companies—African Rainbow Minerals (ARM), African Rainbow Capital, and ARCH Emerging Markets—are facing a $195 million lawsuit in Tanzania, one of the largest commercial cases in the country’s history.

 The case, initiated by the Tanzanian mining firm Pula Group, resumes  in court on November 4 and centers around claims of a breached non-compete agreement.

 According to Pula’s chairman, Charles Stith, ARM’s investment in Australia’s Evolution Energy Minerals, located near Pula’s graphite project, violates a two-year non-compete agreement they had previously signed.

Stith explained that the lawsuit’s $195 million claim is based on a third-party evaluation of the losses Pula stands to incur due to the alleged breach.

 He voiced concerns over ARM’s practices, stating, “Similar dynamics have been observed across the African continent, and this case is expected to set a legal precedent to protect the rights of local mining and exploration companies competing with international counterparts in Tanzania”​

ARM, in its defense, claims that the accusations are baseless.

 An ARM spokesperson said that while the company initially signed a confidentiality agreement with Pula to explore potential investment in graphite, it ultimately chose not to pursue the project and informed Pula of this decision.

 ARM’s legal team has also argued procedural issues, including claims of improper service and jurisdictional objections, occasionally not appearing in court to contest these points.

Stith, a former U.S. ambassador to Tanzania, also highlighted the broader implications, pointing out that such disputes often hinder equitable access for local mining companies competing with global firms in Africa’s resource sector. This case could therefore influence future agreements and operational norms for foreign investments across the continent

Keywords:Patrice Motsepe lawsuit:African Rainbow Minerals Tanzania:Pula Group non-compete breach:Tanzania commercial court mining:Evolution Energy Minerals