As a career economist with a dotted tenure in the civil service, Nelius Kariuki stepped out of retirement in 2003 to join Kenya Reinsurance Corporation’s board of directors. In 2007, she became the chairperson of Kenya Re, making her Kenya’s first female chairperson of a listed company. By determination and hard work, she steered the
company through its first Initial Public Offering. “Never despise small beginnings.” This is the principle that Nelius Kariuki has chosen to live by. As the first female chairperson of Kenya Reinsurance Corporation (Kenya Re), East Africa’s largest reinsurance entity, Kariuki is living testimony that small beginnings can eventually lead to great things.
“There are responsibilities that come our way that may not seem like they are leading anywhere,” Kariuki says. “It’s the little roles that are not high profile, such as responsibilities in church or volunteer activities, that prepare you for greater things you may have no idea about.. It’s important to take these roles seriously. At this stage of my life I can look back and say God was preparing me all this time.” Describing herself in three words, Kariuki chooses ambitious, ordinary and blessed, adding that her siblings would probably call her a disciplinarian and an organiser.
These traits, combined with a steely faith in God, have helped shape her journey. The oldest of 10 children, Kariuki was fortunate to grow up in a home that valued the development of the daughters as much as the sons, in an era when education for girls was not a priority. “I grew up in a village in Murang’a and that’s why I say I’m ordinary,” she says, adding that growing up without shoes did not seem strange because the other children around her also didn’t have shoes. “I would, however, say I was fortunate enough to have parents who valued education. I remember my father being very particular about his children going to school. But I wouldn’t say I grew up in a poverty-stricken family. We were okay,” she laughs. “We managed to eat and sleep.”
A fondness for education has weaved itself through her life and she continuously pursues opportunities to learn. She admits that coming out of retirement in 2003 – after a long career as a civil servant – and into Kenya Re, offered her plenty of chances to do just that. “I was honoured to be appointed as a director,” says the economist, who had been in
retirement for over a decade. “It was interesting to take up something different. I love challenges because they expose me to things I probably would not have thought of.” She points out that “to be effective in your work, you have to read and learn. The learning curve does not stop”. In 2007, her fourth year on the board, she was appointed chairperson, making her the first Kenyan female chairperson of a listed company. By the time she was picked to
head the board, she says, she knew a lot more. She leveraged value from Kenya Re staff, including its technocrats, and leaned on her background in economics.
“Economics is a way of life,” she says. “It’s a question of how you utilise the resources you have – whether time, money or what you’re gifted in. When I came to Kenya Re, I wanted to help make decisions that were good for the corporation, especially reviewing how we utilised resources so as to keep it profitable.” Kenya Re experienced significant milestones during Kariuki’s tenure as chairperson. Hitting the ground running, she was at the helm of the organisation’s first Initial Public Offering (IPO), which aimed to open up 40 per cent of its shares to the public. “The process of getting listed is quite hectic!” she says. “As chairperson, you have a big role to play because you are the face of the organisation.”
A lesson that became clear during and after the process is that investor education is very important. IPOs were becoming popular at that time. KenGen and Safaricom had previously also listed shares, with many wanting to jump on the bandwagon. “While investing, one needs to weigh the strengths of the company you’re investing in, and to know if you’re interested in a short-term or long-term investment,” she says. “It’s like planting crops. There are those that can give you a harvest in three months and those that take far longer.”
The IPO’s success exceeded the team’s expectations as investors over-subscribed. The occasion afforded her the chance to make history by becoming the first Kenyan woman to ring the opening bell at the Nairobi Securities Exchange. “It was a very big honour,” she reflects. “It remains a high point in my life in the sense that history was made. It’s by virtue of God’s grace that I was appointed chairperson at a time when Kenya Re was going into the IPO and I hope this history will inspire somebody else.” Such milestones, while thrilling, also come with responsibility.
“When you get the opportunity to be recognised, it’s important to give it your best. Out there, there are people who will view you as a woman first. Your success or failure may become a representation of all women.”
Words of Wisdom
We can receive encouragement from unexpected places. Even that random ‘good job’ gives one the momentum to go on.”
“It is so fulfilling to enable someone to live an independent and dignified life.”
“Think positively. Negative thoughts drain your energy. You have to believe in a better tomorrow.”
“I’d love for my experiences to be an encouragement to someone, especially so they can see that where they are now is not where they will remain.”
“Faith in God keeps me balanced – there is no question about it.”
“Patience pays. Sometimes we are overly ambitious and want things immediately. It is important to appreciate the long stretch in between.
Kariuki is open about the challenges she has faced, saying they have given her the chance to continually improve. Finding herself in the minority as a woman has been a long-standing theme for this former student of Alliance Girls’ High School and University of Nairobi (UoN). “My education was Christian-based and this prepared me to know who God is and how to deal with life. Whatever the task, I’ve done it as a human being and not as a woman.” She notes that finding her footing as one of a few women at UoN helped her learn to be competitive. “I learnt that you have to compete because it’s not going to be given to you on a silver platter.”
And over the years, she has learnt that it’s a balancing act for women in the work place. “As a woman, people respect you when they know that you know what you’re talking about.” She believes that if you’re not making sense, the negative thinking that ‘women don’t know anything’ rules the day. “Women therefore have to play the part,” she says, but cautions that playing the part does not mean losing one’s identity just to fit in as a leader. “It just comes with the bonus of thinking differently and viewing situations from an alternative perspective.” In her role as chairperson, Kariuki picked up some life lessons: “As human beings, we are not always right.” She adds that being combative is not always necessary. “I used to be a very critical person. When I joined Kenya Re, I found that you need to start listening more and talking less. I asked God to give me wisdom to deal with this.”
Kariuki also discovered the importance of confidence, saying it is important to walk into a professional setting without an inferior mindset, something women often struggle with. “You have to go in believing that whatever you’re saying is correct. If it’s not correct, be open to a different view because there are two sides to a coin.” Going hand-in-hand with confidence are two other areas many women struggle with – setting boundaries and saying no. “Do not be afraid to say no. Just because you are a woman does not mean you have to serve everybody tea and take minutes.”
On leadership, she points out that “the most important component of leading people is having a vision so that you can work towards getting your team there. You also must be able to harness the gifts and talents of staff to build a strong team”. Reflecting on Kenya’s 50-plus years of independence, Kariuki chooses to see the positives and learn from the challenges.
“If you focus on the things that are not happening, we won’t have time to appreciate the things that are. To have come this far without any military rule, when most of our neighbours have had upheavals – some lasting decades – is something to be extremely grateful for,” she says while acknowledging that Kenya still has room to grow. She thanks God for bringing her this far. “I feel blessed when a new morning dawns and realise God has given me the opportunity to see another day. When you’ve been given the opportunity to do something, you have to give it your best.” Having come this far, she has words of wisdom for her 25-year-old self: “It is important to take responsibilities seriously, map out your goals, be realistic about those goals, pursue your passion and don’t give up.” She also would tell her younger self to utilise time wisely because no one knows how much of it they have on earth.
“In retrospect, I wish I had pursued a PhD,” she says. She also believes her friends have kept her grounded. “I have a group of women I went to primary school with and we still meet once a month. Such friends know you for who you are and not the individual the public sees. They will tell you exactly what you need to hear and you won’t take offence because it’s coming from a sincere place.”
On the home front, she is a wife (of Nduati Kariuki), a mother and grandmother. Having left Kenya Re, she now enjoys spending time with her family. Kariuki is now a board member at the Central Bank of Kenya, a position she has held since October 2016.