NSE taps Geoffrey Odundo from Coop Bank

The Nairobi Securities Exchange (NSE) has raided Coop Bank for its top official appointing Mr Geoffrey Odundo as new chief executive officer of the bourse.

Mr Odundo, who was instrumental in establishing Co-op Trust Investment Services, Co-op Consultancy Services and Kingdom Securities, subsidiaries of Cooperative Bank, officially takes over from Mr Peter Mwangi, who left in September 2014 for Old Mutual Kenya as chief executive officer.

Mr Odundo assumes office from March 1, has sidestepped Mr Andrew Wachira, who has been at the helm in acting capacity since the exit of Mr Mwangi.

Mr Wachira resumes his position as the head of compliance and legal department.

Prior to his appointment, Mr Odundo has been the chief executive officer of Kingdom Securities since June 2009.

NON-EXECUTIVE DIRECTOR

He has also been serving as a non-executive director of the NSE representing trading participants from March 2012.

During the period, he has been the chairman of the NSE Technology Committee and has also been a member of the NSE Finance and Manpower Committee, and the NSE Listings and Admissions Committee.

He is taking over leadership of the exchange at a time when the capital gains tax, which levies a 5 per cent charge on the net gain in sale of shares, has been introduced in the market.

The charge has slowed down trading at the bourse, with the Kenya Revenue Authority (KRA) putting the onus of collecting the tax on its behalf on the brokers.

Stocks dealers have, however, washed their hands of the arrangement saying it is not their responsibility despite the taxman insisting that the responsibility lies with the traders.

On Wednesday, KRA Commissioner-General John Njiraini said the law mandates stockbrokers to collect the tax.