Former CMA Chief Paul Muthaura makes surprise move to ICEA Lion

Former Capital Markets Authority (CMA) Chief Executive Officer Paul Muthaura has been named the new Chief Operating Officer for ICEA Lion general insurance business.

The surprise move follows his early exit from the Capital Markets regulator last year when he turned down the opportunity to stay on for a new five year term in a meeting with the board in July last year.

The COO position in ICEA Lion has been created in an intent to strengthen the company’s leadership structure.

“With his track record as a champion for fintech adoption, his broad exposure, rich career and diverse leadership experience, Paul will be of great benefit to the company,” noted ICEA Lion General Insurance CEO Steven Oluoch.

The move has however been deemed as a surprise from the former top regulator with many in the financial sector having linked him to higher public offices following his exit from the CMA.

However, according to a source who spoke to Citizen Digital, Paul Muthaura has a preference for the private sector and had regretted the decision to move into public service.

Before crossing over the divide into the regulatory space, the London School of Economics-bred executive served as the senior commercial associate with law firm Daly and Figgis Advocates.

Muthaura left the CMA at the height of his success having been feted as the most innovative Capital Markets Regulator in Africa for four consecutive years between 2015 and 2018.

Further to his Master of Laws degree from the London School of Economics, Muthaura holds a Masters in Philosophy from the Dutch-based Maastricht School of Management in addition to his elementary law degree from the UK based University of Warwick.