Before his appointment as CEO at KIE, he was the director of external and regulatory affairs at Chase Bank and it was during his tenure at there that the financial institution was placed under receivership by the Central Bank of Kenya over a flawed loan issuance system that saw the bank un-procedurally lend out billions of shillings, according to the CBK
President William Ruto is expected to make sweeping changes in the management of various State Corporations anytime from now, and it has been discovered that some of the Chief Executive Officers currently in office at the corporations are taking advantage of the transition period to illegally stay in office. At the Kenya Industrial Estates, the CEO Dr Parmain Ole Narikae is still in office despite the expiry of his contract.
According to a gazette Notice No.8387 dated 29th August 2019, his contract was renewed for three years and expired on September 5th 2022. He has however continued to stay in office without a formal extension of his contract. Dr Parmain was first appointed to the CEO position on 5th September 2016 through a gazette notice number 6784 by the Cabinet Secretary for Industry, Trade and the Co-operatives Adan Mohamed.
Before his appointment, he was the director of external and regulatory affairs at Chase Bank. It was during his tenure at Chase Bank that the financial institution was put under receivership by the Central Bank of Kenya over a flawed loan issuance system that saw the bank un procedurally lend out billions of shillings, according to the CBK.
His powerful post at Chase Bank saw him charged with the administrative coordination of the various functions towards the realization of the Bank’s objectives as well as the developmental capabilities of personnel at the Bank.
In addition, he was also the chairman of the Chase Group Foundation, whose aim, according to the brief on the bank’s website, “Was to facilitate giving back to the Nation through initiatives that contribute to the development of various sectors of the Kenyan society”.