Cooperative Bank of Kenya Group managing director and Chief Executive Officer Gideon Muriuki was on Friday conferred an honorary doctorate for his work in the banking sector.
Muriuki was recognized by Co-operative University of Kenya as a transformational leader, a cooperator, a distinguished private sector servant, a polished innovator, and a prime mover of no comparable influence in the cooperative movement.
This is Muriuku’s second honorary doctorate degree award after the 2011 Ph.D. in Businesses Leadership from the privately-owned Kabarak University.
“Muriuki has steered the Bank out of near-collapse to achieve record profitability,” the university said.
The university also recognized the consistent pay-outs of dividends of the bank under Muriuki’s leadership.
“In the last six years, Kenyan co-operatives through their shareholding entity (Co-op Holdings Co-operative Society) have received in excess of Sh21.5 billion in dividend payments from Co-op Bank, which is a most attractive return on their original investment in the Bank,” the University said.
Muriuki was also nominated because of his great leadership during Covid-19 pandemic by offering critical relief and support to over 15 million members of the co-operative movement in Kenya and outstanding contribution to the development of rural finance in Africa.
He was appointed the CEO of the Bank amidst shareholder revolt following a historic Sh2.3 billion loss that the Bank reported in 2001.
During his leadership at the Bank, despite the frightening legacy of challenges including huge levels of non-performing assets; weak management controls; and, fierce competition in the market Muriuki managed to increase in total assets from Sh24 billion in 2001, to over Sh600 billion.
He has been honoured for moving the Bank from a huge loss of Sh2.3 billion in 2001, to a profit before tax of over Sh16.5 billion for the first nine months of 2021 while increasing customers from 125,000 in 2001, to 9 million in the same period.
Muriuki was also named the best Chief Executive Officer in the banking industry in Africa.
It was in recognition of the Bank’s decision to pay dividends to its 15 million shareholders during the Covid-19 pandemic.
Through a statement, the bank confirmed that Europe, Middle East, Africa (EMEA) Finance, the organizers of the African Banking Awards, had named Muriuki for leading the bank to great heights, with the bank recording commendable profits in recent years.
“Muriuki was recognized for the bold decision to sustain the payment of dividends to shareholders despite Covid-19, which offered a critical relief and most timely support to the over 15-million-member Cooperative movement,” read the statement.
Muriuki was also recognized for his leadership during the global pandemic, with the award organizers stating that many of the bank’s clients and the staff benefited from his remarkable leadership during the difficult financial period.
In addition, the award recognized the decision by the lender’s CEO not to push for staff retrenchment and opting to retain full staff complement during the pandemic.
Under the leadership of Muriuki, Co-op bank has seen great expansion, with the bank acquiring additional banks, further making a name for them in the banking industry in Africa.
The awards also recognized the successful acquisition and stabilization of Jamii Bora Bank (renamed Kingdom Bank) as it offered much-needed stability to the local financial sector.
