Equity Group has appointed new board members, subject to regulatory approval, following the retirement of several directors.
The Group’s incoming board members include Nick O’Donohoe, Lakshmi Shyam-Sunder, Obadiah Biraro, Dr. Aloysius Uche Ordu, Farida Khambata, and Eng. David Mutombo.
At the same time, the group will bid farewell to retiring directors Dr. Edward Odundo, Vijay Gidoomal, Dr. Helen Gichohi, and Samuel Kirubi.
Equity Group Proposes New Board Appointments
- Nick O’Donohoe from the United Kingdom (UK) was appointed by the Board on March 14, 2025, and now offers himself for election following retirement under Article 101 of the Company’s Articles of Association.
- Aloysius Uche Ordu from Nigeria, also appointed on March 14, 2025, offers himself for election under the same terms.
- Obadiah Biraro from Rwanda, appointed on March 14, 2025, similarly offers himself for election.
- Farida Khambata from the United States (US), appointed earlier on August 26, 2024, offers herself for election after retirement in line with Article 101.
- Ms. Lakshmi Shyam-Sunder from India, appointed on May 12, 2025, also offers herself for election following retirement under Article 101.
Members Set to Retire
The following directors will retire in accordance with Article 100 of the Company’s Articles of Association. Although eligible for re-election, they have chosen not to seek another term:
- Dr. Edward Odundo
- Mr. Vijay Gidoomal
- Dr. Helen Gichohi
- Mr. Samwel Kirubi
Also Read: James Mwangi Breaks Silence on Equity Bank Mass Layoffs
Mass Lay-Offs at Equity Bank
The announcement came days after Equity Group Chief Executive Officer (CEO) Dr. James Mwangi addressed concerns following reports of looming layoffs at the bank across its branch network.
Equity revealed that the move followed months of investigations launched in December 2024.
Staff were required to account for any irregular income in their bank or M-Pesa accounts for the past two years, with face-to-face disciplinary hearings held for those with unexplained deposits.
The staff received show cause letters citing gross misconduct, conflict of interest, and ethical breaches.
Additionally, employees were given a chance to defend themselves as part of an ongoing rigorous staff audit process.
Also Read: Equity Group’s Net Profit Drops by 4% in First Quarter of 2025
Equity Bank’s 2025 Quarter 1 Performance
During the release of its first-quarter results, Equity Bank announced that earnings fell to Ksh 15.4 billion, impacted by high inflation and currency depreciation in South Sudan.
The Kenyan subsidiary recorded a 7% growth in deposits, reaching Ksh 792.7 billion. Total revenue rose by 19%, while non-funded income increased by 23% to Ksh 7.57 billion, driving a 50% surge in profit before tax.
Equity Group Expansion
It was founded in 1984 as Equity Building Society; the institution became Equity Bank Limited in 2004 and was listed on the Nairobi Securities Exchange in 2006.
Today, Equity Group operates in six African countries—Kenya, Uganda, Tanzania, Rwanda, South Sudan, and DRC—positioning itself as a pan-African financial powerhouse driving socio-economic transformation across the region.
Follow our WhatsApp Channel and X Account for real-time news updates.
