James Mworia leaves National Infrastructure Fund board role to become founding CEO

James Mworia Mwirigi has moved from his role as an independent director of the National Infrastructure Fund (NIF) to become the institution’s founding Chief Executive Officer, less than two months after he joined its board.

The National Infrastructure Fund Board announced Mworia’s appointment on Monday, September 7, saying he had secured the CEO position through a competitive recruitment process.

His appointment takes effect on September 7, 2026, placing him at the centre of efforts to establish the new State-backed investment institution and build its pipeline of major infrastructure projects.

Mworia was appointed to the National Infrastructure Fund Board on July 8, 2026, by Treasury Cabinet Secretary John Mbadi alongside five other members.

The appointment, made through a Special Gazette Notice, gave the six members three-year terms. Mworia was appointed under the provision covering independent directors.

He subsequently took part in the early work of setting up the Fund. In a statement published after his appointment to the board, Mworia said the inaugural board meeting had begun the work of establishing the institution’s foundations.

His move to the CEO position now changes his legal status within the National Infrastructure Fund.

What happens to his board position

The National Infrastructure Fund Act, 2026, provides for four independent directors on the Board, alongside other members appointed based on their public office or expertise.

Section 17 of the Act sets out circumstances under which an independent director ceases to hold that position. These include becoming an employee of the Government or the Fund.

This provision is relevant to Mworia’s appointment because becoming the National Infrastructure Fund’s chief executive makes him an employee of the Fund.

He therefore cannot continue serving as an independent director in the same capacity.

The Act also gives the Board the responsibility of appointing and removing the Chief Executive Officer. This means Mworia’s appointment as CEO represents a separate executive appointment rather than an automatic elevation from his earlier board position.

The change comes as the National Infrastructure Fund moves from establishing its governance structure to putting its investment operations in place.

Mworia to build National Infrastructure Fund

As founding CEO, Mworia will have to establish the organisation, recruit its people, put systems in place and develop the institutional culture needed to run the Fund.

The Board said he will also operationalise the Fund’s governance, investment and risk-management frameworks.

His responsibilities will include developing an investable project pipeline, mobilising co-investment capital and taking priority projects through appraisal, structuring and execution.

The Board said Mworia will lead the Fund’s dual task of establishing it as a credible national investment institution and building the infrastructure enterprises needed to deliver its mandate.

“Dr Mworia brings a directly relevant track record of building investment institutions and viable enterprises, allocating and recycling capital, and bringing investable assets to market,” the Board said.

The National Infrastructure Fund was established under the National Infrastructure Fund Act, 2026, which came into force in March.

The law gives the Fund a mandate to accelerate national infrastructure development, mobilise private capital and other non-traditional sources of infrastructure finance and reduce reliance on public debt for commercially viable infrastructure projects.

The Fund will focus on transport and logistics, energy, ICT, water and agriculture.

Its investment model is based on turning infrastructure needs into financeable projects and investable assets, attracting additional capital and eventually recycling returns into other projects.

This model is intended to allow the Fund to support projects through different stages, from development and structuring to investment and eventual long-term ownership or capital-market exits.

Why Mworia was selected

The Board said Mworia brings more than 25 years of experience in investment management, enterprise development and capital allocation.

He has operated at principal-investment level since 2005 and has served as Group Chief Executive Officer and Managing Director of Centum Investment Company Plc for 17 years.

During his time at Centum, he has overseen investment activities across several sectors and worked on the establishment, acquisition and transformation of enterprises and investment platforms.

The National Infrastructure Fund Board said his experience covers investment origination, evaluation, structuring and execution, management-team formation, governance, financing, portfolio management, value creation and preparing businesses for long-term ownership or exit.

These are areas that closely match the Fund’s planned investment model.

The Board also pointed to Mworia’s experience in mobilising financing from commercial banks, development finance institutions, debt capital markets, institutional investors and strategic partners.

He previously served on the boards of the Nairobi Securities Exchange and the Central Depository and Settlement Corporation.

The experience is expected to help him engage investors as the National Infrastructure Fund seeks to bring domestic and international capital into infrastructure projects.

From board member to executive

Mworia’s appointment marks a quick transition from participating in the establishment of the Fund as a director to becoming the person responsible for its day-to-day leadership.

His July appointment was part of a wider process to establish the National Infrastructure Fund Board. Treasury appointed Mworia, Fahima Ali Ahmed Zein, Christopher Kibui Maranga and Latoya Ouna as independent directors, while Lawrence Kibet and Mohammed Abdirahman Hassan joined as members appointed under another provision of the Act.

The Board was expected to provide oversight as the Fund developed its investment strategy and operational framework.

The CEO, however, will handle the executive side of the institution and report to the Board.

That distinction is important because Mworia now moves from an oversight role to the executive position responsible for implementing the Fund’s strategy.

The change also comes while he remains a major figure in Kenya’s investment sector. He has been Centum Investment Company’s Group CEO and Managing Director for 17 years, according to the National Infrastructure Fund Board.

Capital for infrastructure

The National Infrastructure Fund is intended to provide an alternative to heavy reliance on government borrowing to finance large infrastructure projects.

Earlier reporting on the Fund’s establishment said it would draw capital from sources including government resources, private investors, pension funds, development finance institutions, privatisation proceeds, grants and investment returns.

The government has also said the Fund has been seeded with proceeds from the partial monetisation of State assets.

In July, Mworia wrote about the Fund’s potential, arguing that its strength would depend not only on the capital available to it but also on how effectively it develops commercially viable enterprises and recycles capital.

He will now be responsible for putting that investment model into practice.

His immediate task will be to establish the National Infrastructure Fund as an operating institution, create its investment systems and develop a pipeline of projects capable of attracting additional capital.

The Board said it expects the Fund to operate with commercial discipline, transparency, accountability and strong governance while working with government agencies, investors, financiers, developers, regulators and communities.

Mworia holds a Bachelor of Laws degree from the University of Nairobi and is an Advocate of the High Court of Kenya. He is also a Certified Public Accountant, Chartered Global Management Accountant and CFA charterholder.

The National Infrastructure Fund Board said his experience building investment institutions, mobilising capital and developing enterprises would help the Fund deliver its infrastructure mandate and strengthen Kenya’s capital markets.