Central Bank Of Kenya (CBK) Governor, Patrick Njoroge is the new CBK governor in Kenya. Find out more about his biography age, education, salary, net worth, family, wife, children and girlfriend.
Dr Patrick Ngugi Njoroge Biography
President Uhuru Kenyatta’s nominee for the position of Central Bank of Kenya (CBK) Governor, Dr Patrick Ngugi Njoroge, is not married and has no single investment in the country.
When Dr Patrick Ngugi Njoroge was nominated by President Uhuru Kenyatta for the Central Bank of Kenya Governor’s post, many Kenyans did not know him.
CBK Governor Religion – Patrick Njoroge
CBK Governor, Patrick Njoroge is is a member of the Roman Catholic organization Opus Dei, and has shunned most trappings of his post, such as a mansion and new cars. The governor donates part of his income to the church and lives a celibate life in a communal home with six other Opus Dei members in Nairobi.
Dr Patrick Ngugi Njoroge Education
Dr Patrick Njoroge attended Mang’u High school for his secondary education. After his secondary education he went to Strathmore College after which he proceeded to Nairobi University where he attained his undergraduate and master’s degrees from 1979 to 1985.
Dr Patrick Njoroge attained his doctorate from Yale University. He graduated with a Doctor of Philosophy (Ph.D.) in Economics from Yale in 1993.
CBK Governor Family Wife and Children
Dr Patrick Njoroge belongs to a Catholic congregation Opus Dei whose devoted members believe that they promote their faith through their work and everyday lives. Opus dei Members choose whether they want to get married or remain singe in their devotion to God though their daily work. Dr Patrick Njoroge Choose to be single.
“I am single by choice and I am comfortable that way. There is nothing sinister with that and I am sure this committee has done its due diligence on what sort of a person I am.”
Dr Patrick Ngugi Njoroge, therefore is Single and has neither wife nor children.
CBK Governor Girlfriend
Dr Patrick Ngugi Njoroge’s girlfriend is yet to be known, Opus dei Members choose whether they want to get married or remain singe in their devotion to God though their daily work.Dr Patrick Njoroge Choose to be single.
CBK Salary and Net worth
Dr Patrick Njoroge has no assets in Kenya
When MPs quizzed Dr Njoroge about his investments, he told the vetting panel that he has does not have any assets in Kenya.
While some have questioned whether this means that he does not believe in the local economy, he has asserted it was a personal decision.
Dr Patrick Ngugi Njoroge Wealth and Net Worth.
Dr Patrick Ngugi Njoroge does not have any assets in Kenya. Opus Dei members use part of their income in furtherance of their christian vocation. This may explain why Dr. Njoroge has no asset in Kenya at age 54.
“Yes, I don’t have a single asset here in Kenya and this is where I am at this point and it doesn’t mean that this how it will be forever and I subscribe to being very deliberate about that. This is my economic model and may be, years after retirement, I would want to invest in other things. That should not mean I have any financial inabilities. It comes with the profession,”
CBK Governor, Dr Patrick Njoroge News
News: CBK boss proof that high office need not come with opulence
The man in charge of Kenya’s money has turned down the offer to live in an expansive home in Nairobi’s Muthaiga and ride in a motorcade.
Dr Patrick Ngugi Njoroge, who took over as Central Bank of Kenya governor last week, will instead be housed in communal accommodation in Nairobi’s Loresho estate with his fellow members of Opus Dei (Latin Work of God), an institution of the Catholic church.
The institution teaches that everyone is called to holiness and that ordinary life is a path to sanctity. Most of its members are lay people, with secular priests under a bishop.
Dr Njoroge, who is turning out to be a man of exemplary modesty, has also turned down an office-issued high end smart phone, a bevy of security guards and three cars.
Central Bank governors have at their disposal a Range Rover, Mercedes Benz and a VW Passat.
When he was being vetted by MPs before his appointment by President Uhuru Kenyatta, Dr Njoroge was asked why he did not own property in Kenya and was still single at 54 yet his monthly salary at the International Monetary Fund was Sh3 million a month.
“Yes I don’t have a single asset here in Kenya and this is where I am at this point and it doesn’t mean that this how it will be forever. I subscribe to being very deliberate about that. This is my economic model and may be years after retirement, I would want to invest in other things. That should not mean I have any financial inabilities. It comes with the profession,” the country’s 9th Central Bank governor said.
He told the MPs that his lifestyle was a matter of choice and there was nothing unusual about it.
MPs approved his nomination, paving the way for his appointment, but not before making inappropriate offers to get him a wife.
In a country where appointment to public office is associated with opulence, demand for higher pay and motorcades, Dr Njoroge’s decision to pass up a chance to live in a house on two acres located in the city’s most exclusive suburb is a rare one.
Had he taken up the offer, some of his neighbours would have been former President Mwai Kibaki, the US ambassador, British high commissioner and former Attorney General Charles Njonjo.
The home has lawns and beautiful mature gardens, ideal for parties and official receptions and functions.
Former governor, Philip Ndegwa, lived there. But subsequent governors, Eric Kotut, Nahason Nyaga, and Andrew Mullei, did not move in. Still, the premises were fully maintained by the Central Bank, even though the only people living there were domestic staff and gardeners.
The position of governor also comes with other trappings of power. The previous governor, Prof Njoroge Ndung’u, had at his disposal the Mercedez Benz, a Range Rover, Volkswagen Passat, a chase car, two armed guards and a driver.
But self-effacement comes as naturally to the new governor as ostentation comes to the typical public official in Kenya.
“Totally devoid of ego and instinctively averse to self-advertisement” is how a senior Treasury official and long-serving central banker described him.
His style brings to public service a rare quality of humility and an aversion to trappings of power and opulence. In Kenya, the practice is that when you are appointed to high office, you demand big fuel-guzzling cars and expensive Turkish carpets.
But it is not just on matters of cars and homes that the governor has shown he has a mind of his own.
During vetting the governor demonstrated an independent mind, taking a different position to what MPs were pushing and also going against the government position on some issues.
He was, for example, forthright that he considers Kenya’s external borrowing excessive saying the country must be careful in considering more debt and where the money was going.
This contradicted the National Treasury position which is that the country’s borrowing is healthy and within the limits.
He also dismissed proposals by MPs to form a government bank to give cheaper loans and bring interest rates down or simply introduce legislation to control bank lending rates.
“I think it would be a big mistake to even think that we can control interest rates through legislation. It will not work. That is why we moved from price control. Commercial banks just need to get confident to move ahead with market-based solutions that are sensitive for their businesses like control on inflation. This is something we have done in other countries by assuring the banks that the economy is under control, we will come up with a plan that is acceptable to all,” said Dr Njoroge. -Daily Nation
News: CBK Governor says how faith has influenced his life
Central Bank governor Njoroge says Opus Dei has a great influence on his marathon living
Central Bank of Kenya (CBK) Governor Dr Patrick Njoroge has broken his silence over the huge influence of his faith in his day to day life.
The Yale-trained economist whose appointment as the regulator early last year stirred the country but also spawned emergence of a new order for financial institutions in Kenya, revealed in an wide ranging interview with the BBC World Service’s Outlook radio programme how his Opus Dei faith has shaped his daily life and work ethic.
The Governor in the 10-minute interview recalled the “embarrassment” caused to him by legislators as they vetted him when they wondered why he had no wife at 54 years of age.
He also spoke about his peculiar decision to refuse to take in the trappings of power associated with his plum post a move that baffled many Kenyans.
In the interview, the governor explains his steadfast belief in the President Uhuru Kenyatta’s quest to fight corruption.
He recalls his childhood in Kenya saying it was fun, but also delves into how he landed his current job while “at the top of his game” as an advisor at the International Monetary Fund.
The following are the excerpts from the BBC radio interview below.
Matthew Bannister: Tell us about your childhood?
Dr Patrick Njoroge: Our parents set very high standards for us, there is no doubt about that. There wasn’t a sense of it being handed to us on a silver platter, no, we had to work hard study hard and so forth.
MB:And you were brought up in the Catholic faith:
G: That’s correct. That was also an important element in our life, Catholic faith, and yes they taught us that right from the beginning. I was baptized when I was three days old. And in the end of course there are other things that come through, being responsible, working, we were taught well in that regard.
MB:What made you decide to become an economist?
G: My intention was to go and do electrical engineering at the University of Nairobi. After finishing High School we actually had to stay out maybe seven, eight months. During that time, it became clear to me that an electrical engineer is no more than sort of a gloried electrician.
I began to see issues about poverty, about connection with people, development and I began to see that maybe I could make a difference in people’s lives by working as an economist.
MB: And then you went to Yale University in the United States. Did you fit in well with the American lifestyle?
G: (Laughing) I am not sure about that. I think the American lifestyle as graduate student is really different from what you call an American Lifestyle. The Grad student is poor and every free moment is used to study, but I did enjoy that I had a lot of friends. One of the interesting.
MB:So you found a job at the International Monetary Fund and your vision there was that the IMF is a force for good in the world, is a force which can help developing economies develop better and faster, through money from the international community?
G: That’s accurate. It has not been disappointing, I think my 20 years there were phenomenal. If I had to do it again yes I would exactly what I did.
MB: Can you pick out some high lights of your time there that you are really proud of?
G: Highlights and low lights. I remember in Kazakhstan negotiating with the Kazakhks for some programme. I distinctly remember going bowling with half of the Cabinet of that country.
We had the deputy prime minister with us. (Laughing) It was kind of interesting. I think without a doubt the high point of it all was working in the office of the managing director just before I took over this job as the governor of the Central Bank of Kenya.
MB:How did that happen? How did you get the call to be the governor of the Central Bank of Kenya?
G: I was at the top of my game so I could do whatever I wanted. But this job came along and I looked at it and I sort of thought, well you know I may never know if I never apply if I could have got it or not. And in any event if I want to help Kenya or work with Kenya I do have specific skills and unique experiences that I think would be very useful for Kenya so may be this is the time to check that out and see what happens.
MB: Did you have to go through some rigorous selection process?
G: Yes, it was rigorous because we had to go through the vetting as we call it here by Parliament.
MB:Those MPs put some scrutiny on your private life, didn’t they?
G: They asked a lot of questions about my private life. How much property I have and things like that. But I guess the point in all this which was surprising for some of the listeners, indeed some of the Parliamentarians, was that I didn’t have a single asset in Kenya.
MB:Why was that?
G: I had decided not to put my money into investments, I give it away to charity and I spend it in my own things and I am not apologetic about that.
MB:But that was a result of your membership of Opus Dei, was it?
G: That’s correct?
MB: Could you tell me what it means to be a member of the Opus Dei? What is it that members sign up for?
G: The first thing is to realise that really what it is about is working towards becoming saint meaning relate to God in your work, in your daily activities.
MB:I believe that you also live in a community with other members of the Opus Dei, presumably that means you turned down the offer of the Central Bank Governor’s mansion?
G: I could have stayed in the mansion if I wanted to. I didn’t need to. They are not me.
There are aspects of my life that I feel strongly about and I just feel that that is not something I would want to do. And it’s not because, it’s an Opus Dei thing or not, may be other members of the Opus Dei or other people would have wanted to stay there. I didn’t feel that that’s what I wanted to do.
MB: They also wanted to know why you are still single at the age of 54, it seemed like quite an intrusive question but they did want to know that?
G: I found it a little embarrassing. I had decided to be single and to remain single, to be celibate and that’s my decision. And as members of Opus Dei who live celibate lives, some of them, not all of them, some of them, do live in a house together.
MB: Some people would say you’ve given up something very significant in deciding to become celibate?
G: I don’t think so. We give up a lot in our lives. A lot, a lot. Years ago I looked at Lisa Ondieki, she was training for a marathon and she had set a record in the New York Marathon. She used to run 120 miles every week. I mean that’s some serious dedication.
MB: And your faith is your marathon?
G: It’s not my faith, my life is my marathon. I don’t distinguish my faith from my profession, from my relations with others It’s one package, it’s a seamless package.
MB: And you also turned down the big car? There was actually fleet of cars I think, do you have any of those?
G: What I would say is that what I’ve done is to minimize my – not just use – but also access to some of those things. That I think is accurate. If I need to write well, I have just one pen, I don’t need two, the same thing with motor vehicles, and the same thing with other things? There is no point in just amassing property or amassing instruments that I cannot use.
MB:I am sure people will be impressed by your pledge but I suppose some of them will be surprised to find a banker, somebody who is looking after money who is so uninterested in material possessions?
G: That may well be the case, but I think I would turn it on its head, there is nothing about banking that requires you to be attached or to be so wrapped up in material possession.
As a matter of fact there is everything to say on the contrary. Maybe a lot of us have been stuck in a certain way of looking at things, that material possession is everything. Maybe that’s what we need to change. Maybe that’s where we need to start.
MB: One of the issues that we know faces Kenya is the endemic corruption in society. How can someone like you in the influential position you now occupy begin to tackle that corruption?
G: I think one needs to look at what their responsibilities are. My responsibility now as the Central Bank Governor is the commercial banks, making sure that the rules that are in place are supportive of reduction in corruption and things like that. – Daily Nation
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