How cartels forced Equity Group Director Munga from its board

Equity Group retires two directors from its board

Equity Bank last month announced the retirement of its long-serving chairman and founder Peter Munga from the lender’s board of directors, heralding a new era for the lender that is eyeing a pan African banking status.

Dr. Peter Munga and Mr. Dennis Aluanga will no longer serve as directors in the board of Equity Group Holdings.

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Investors agreed on the matter during the firm’s annual general meeting held on 30th April 2019.

In filings to local regulatory bodies, the bank said Prof Isaac Macharia, a serving member of the bank’s board would take over from Munga as chair of Equity Bank’s local subsidiary.

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A source has hinted that Munga the founder of the bank has been at loggerhead with Jubilee cartels who had interest with the bank.

He states that the bank was denied business worth billion as Munga had some differences with top government officials and thus the management requested him to step down,”he said.

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Dr. Munga leaves office after he surpassed the recommended retirement age for board members which is 70 years. He is 76 according to Forbes. During the bank’s AGM, shareholders resolved to award the departing Chair KSh50 million for his committed and dedicated service at the regional lender.

Mr. Dennis Aluanga is the second director to depart from Equity’s board in 2019. Mr. Aluanga took up the leadership position at the bank in 2011 where he served as a non-executive director. He is a director at Nation Media Group, Vivo energy, and Helios Towers Tanzania.

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According to the shareholders’ resolution passed on 30th April, “Mr. Dennis Aluanga retires by rotation accordance with Articles 101 of the Company’s Memorandum and Articles of Association and has hereby ceased being a director of the Company.”

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