Standard news

The corner office at the pan-African housing financier has been a game of thrones with no steady MD since 2014.

The firm 2020 recorded an operating loss of Sh67.3 million ($580,000). This is noted in the statement addressing the decision to part ways between Shelter Afrique and Mr Chimphondah. Just a few words to show a change of guard. There have been no colourful statements from either the board decorating their tenure with sweet words like dynamic or charismatic as was the case with Mr Ba. The exit of Mr Chimphondah was regardless of his efforts to bring the company back to profitability as the housing company bounced back from the red, posting an operating profit of Sh120.6 million ($1.04 million) in 2021. Additionally, none of the managing directors since 2014 has clocked five years in office. “The organisation, however, is in the middle of a reorganisation and restructuring to optimise service delivery and during this transition, it will be stewarded by Kingsley Muwowo, the chief finance officer as acting managing director pending the recruitment, on a competitive basis, a substantive managing director,” reads the statement from the financier.