NSE Welcomes New Chairman
Nairobi Securities Exchange Appoints Tom Mulwa as New Board Chairman from July 2026
Key Points
Under Kiprono Kittony's leadership, the NSE ended an 11-year IPO drought with the listings of Kenya Pipeline Company and Family Bank, introduced single-share trading, and spearheaded the Ziidi Trader M-PESA platform to widen retail investor participation.
Mulwa's involvement in a major asset-backed securities transaction: his Liaison Group listed Linzi 003 Infrastructure Asset-Backed Security on the NSE in July 2025, a deal valued at about 44.9 billion Kenya shillings.
Mulwa has driven Liaison Group from a Kenya-focused broker into a pan-African financial services group operating in Uganda, Tanzania, Rwanda and South Sudan, with annual revenues exceeding 2 billion Kenyan shillings; he has led the firm since 1999 as CEO.
Mulwa was appointed to Kenya's National Investment Council in November 2022 by President William Ruto, signaling his role in shaping national investment policy.
Industry momentum in early 2026 shows the NSE market capitalization rising about 27.8% to roughly 3.76 trillion shillings in the first half of the year, highlighting a buoyant market environment amid privatization efforts.
Tom Mulwa will take over as Chairman of the Nairobi Securities Exchange on July 13, 2026, replacing Kiprono Kittony, who retires after a six-year term. Kenyan Wall Street reports the appointment took effect by board approval on June 30, making Mulwa the exchange's top governance figure during one of Kenya's busiest stretches for new listings in over a decade.
Mulwa has sat on the NSE board as an Independent Non-Executive Director since September 2025. He brings more than 30 years in financial services, including founding and running Liaison Group, a pan-African firm with annual revenues exceeding KSh 2 billion, according to Business Today.
Kittony Leaves Behind a Market Transformed
When Kittony became chairman in 2020, the NSE had not seen a major primary listing in years. His term ended that drought. Kenya Pipeline Company listed in March 2026, offering 11.8 billion shares at KSh 9.00 each — a 65% stake in the state firm. Family Bank followed in June 2026, according to The Kenya Times.
Kittony's tenure also brought single-share trading and the Ziidi Trader M-PESA platform, which lets ordinary Kenyans buy stocks through their phones. The NSE board called his six years a period of "transformative" change, per Streamline Feed. Kittony moves on to chair Kenya Airways, a role he took up in March 2026.
Mulwa's Liaison Group Already Reshaping NSE's Product Mix
Mulwa is not new to the exchange's deal flow. In July 2025, his firm's subsidiary Linzi FinCo 003 Trust raised KSh 44.79 billion through an Infrastructure Asset-Backed Security listed on the NSE. The bond, which carries a 15.04% internal rate of return over 15 years, is funding the Talanta Sports City stadium for the 2027 Africa Cup of Nations, according to Kenyan Wall Street.
That deal drew scrutiny. Kiharu MP Ndindi Nyoro warned that taxpayers could eventually repay more than KSh 100 billion on a KSh 44.9 billion loan. Still, President William Ruto personally rang the bell at the NSE to list the bond in July 2025, signaling strong executive backing for this type of deal, per Streamline Feed.
A Market Surging — and a Broker Revolt Now Quieted
Mulwa steps in as the NSE's market cap has climbed roughly 27.8% in the first half of 2026, reaching about KSh 3.76 trillion. Brokerage commissions surged 58% in 2025 to KSh 3.75 billion, driven by higher trading volumes. The numbers reflect both the new listings and growing retail interest, according to Business Today.
Mulwa's board seat was partly a peace offering. In mid-2025, stockbrokers threatened to remove CEO Frank Mwiti over a direct-trading platform they said cut them out of the process. Adding a broker-aligned figure like Mulwa eased those tensions. Analysts now see him as a bridge between the exchange's management and its intermediaries, per The Kenya Times.
Privatization Pipeline Will Define Mulwa's Chairmanship
Kenya's Privatization Act, signed into law in October 2025, opened the door for the government to list more state-owned enterprises. That legal framework gives the NSE a ready pipeline of future IPOs. Mulwa sits on the National Investment Council — appointed by President Ruto in November 2022 — putting him close to decisions about which firms come to market, per Streamline Feed.
The NSE board said the leadership change reflects a "review of the board's composition aimed at strengthening governance and independence." Mulwa's stated priorities align with the exchange's 2025–2029 strategy: deepen liquidity, pull in more domestic investors, and expand into asset-backed products. Liaison Group already operates in Uganda, Tanzania, Rwanda, and South Sudan — a regional footprint the NSE may now look to leverage, according to Business Today.
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