Equity Group Holdings Plc has announced the appointment of six new Independent Non-Executive Directors to its Board following the retirement of four directors. The appointments were approved during the company’s 21st Annual General Meeting held on June 25, 2025, and are subject to regulatory clearance.
In a statement issued on Friday, June 27, the bank said the appointments reflect its continued commitment to strong governance, strategic oversight, and long-term stakeholder value creation.
Among the new appointees is Farida Khambata, a renowned expert in emerging markets finance. With over three decades of experience in investment and risk management, Farida is a co-founder of Cartica Capital and a former Regional Vice President at the International Finance Corporation (IFC), where she managed a $14 billion portfolio. She coined the term “Frontier Markets” in 1992 and has served on the boards of global companies, including Tata Steel and Kotak Mahindra Life Insurance. She was recognized by Euromoney as one of the Top 50 Women in Finance and named Best Woman Director in 2015.
Nick O’Donohoe, a veteran in development finance, also joins the board. He is the former CEO of British International Investment, where he oversaw the deployment of $10 billion in development and climate finance. A former Head of Global Research at JP Morgan, Nick has been a leader in impact investing and served on several international boards. He was awarded a CMG by the UK government in 2022 for his contributions to finance and development.
Dr. Aloysius Uche Ordu, a Nigerian economist and international development expert with more than 30 years of experience, brings significant policy expertise to the board. He has held senior roles at the African Development Bank and World Bank Group, and currently sits on the Monetary Policy Committee of Nigeria’s Central Bank. He is also Director of the Africa Growth Initiative at the Brookings Institution.
Also joining the board is Obadiah Biraro, a Certified Public Accountant with extensive experience in public financial management. Biraro served as Rwanda’s Auditor General for 16 years, leading reforms in public audits and introducing modern accounting systems. He has served on regional and continental audit bodies and played a key role in strengthening accountability in public finance.
The bank has also appointed Dr. Lakshmi Shyam-Sunder, former Vice President and Chief Risk Officer at the World Bank Group. Lakshmi played a critical role in maintaining the World Bank’s AAA rating and oversaw financial innovation that unlocked $170 billion in lending capacity. She has served in several leadership roles including CFO of MIGA and as board chair for The Currency Exchange.
David Mutombo, an infrastructure expert and business leader, joins the board as well. With over 20 years of global experience, he has led major water and energy projects and served as CEO of REGIDESO SA in the Democratic Republic of Congo. He has also held executive roles in global engineering firm Hatch and currently sits on the board of Chemtrade Logistics, where he heads its strategy and audit committees.
“We are privileged to welcome a diverse and distinguished group of global leaders whose expertise in development finance, governance, investment, infrastructure, and sustainability will strengthen our vision of championing the socio-economic prosperity of the people of Africa,” said Prof. Isaac Macharia, Chairman of Equity Group Holdings Plc.
“Their appointment affirms our commitment to robust governance and stakeholder value creation. We also express our heartfelt gratitude to the outgoing directors whose invaluable service has shaped the Group’s strategy and impact over the years,” he added.
Those who retired include Dr. Edward Odundo, Vijay Gidoomal, and Helen Gichohi as non-executive directors. Samwel Kirubi also stepped down from his position as executive director.