CDSC boss Nkoregamba Mwebesa resigns

Nkoregamba Mwebesa

Nkoregamba Mwebesa has resigned as CEO of the Central Depository and Settlement Corporation (CDSC).

Photo credit: File | Nation Media Group

Nkoregamba Mwebesa has resigned from the position of Chief Executive Officer of the Central Depository and Settlement Corporation (CDSC), 3 years and 5 months after taking up the job.

CDSC General Manager for Business Support Services and Chief Finance Officer, Jesse Kagoma, has now been appointed to take over the leadership of the entity effective September 1.

Mr Mwebesa will be remembered notably for the launch of the Securities and Lending Borrowing programme in February 2022, a programme designed to unlock activity in Kenya’s capital markets through allowing investors holding stocks for the long-term to lend to those keen on short-term gains. The product has, however, struggled to register traction thus far.

Mr Mwebesa previously served as the CEO of the Nairobi Securities Exchange (NSE) during its boom years between 2005 and 2008.

“The Board of Directors of the Central Depository & Settlement Corporation Limited announces the resignation of Nkoregamba Mwebesa as Chief Executive of the Corporation. Mr Nkoregamba has been at the helm of the Company since February 2020 and has steadily steered CDSC through the persistent business headwinds during and after the Covid-19 pandemic,” a CDSC statement says.

“Mr Mwebesa exits to pursue other career interests. The Board appreciates his invaluable input and leadership and wishes him all the best in all his future pursuits.”

CDSC is a limited liability company which provides automated clearing, delivery and settlement facilities in respect of transactions carried out at NSE as well as holding of listed and non-listed securities, including other documents of title on behalf of investors.