He served the Sacco for over 22 years helping it raise to the peak of co-operative movement.
Gabriel Njihia Waweru, the long-serving Tower Sacco Chief Executive, has retired shoulders high, having steered the Society to great heights of success in his tenure.
Mr Njihia joined the Sacco in 1989 as the Deputy CEO and has played a significant role in accelerating its growth since he took the helm in 2014.
In recent years, Tower has dominated the charts as the fastest growing and financially stable Deposit-Taking Sacco with Sacco Societies Regulatory Authority (SASRA) ranking it top for registering the highest growth in asset base and members deposit in the last three years. The Sacco has also won numerous National Ushirika Day Awards, including the best Society in Risk Management and Innovative use of Information and Communication Technology.
“I have seen the Sacco grow step by step in terms of asset base, deposits, and loan portfolio. This growth has been enabled by our passionate and loyal members, who really love the Sacco. They have motivated me by offering me their support,” said Njihia.
During his term as CEO, Njihia said he was spiritually driven by his faith in God, noting that service to humankind is service to God.
“I never regarded myself as a boss, but servant of the people. I collected a lot of ideas from various people and converted them to policies,” he said.
His leadership style was open-door policy, ensuring he was accessible to all and always ready to share information with the world.
As he leaves the co-operative industry after 35 years of service, Mr Njihia offers a hint to building successful organizations. “I have learned that for you to succeed, be innovative, passionate and have the right attitude towards your customers.”
He leaves behind a strong DT-Sacco with its coffers boosting over Ksh2.3billion and 100% liquidity ratio. “I want to assure members I am leaving them a strong organization, from a membership of 11,600 when I was appointed the CEO, I am leaving a loyal membership of 147,000.”
Tower is ranked the 10th richest DT-Sacco in the country by the latest SASRA data. Recent figures show that its members’ deposit, asset size, and loan book stood at Ksh 11.5 billion, Ksh 13.8 billion, and Ksh 13.8 billion, respectively. “I became the Sacco when it had total assets valued at Ksh 2.3 billion, and members deposits were Ksh 1.8 billion. In my seven years as CEO, we have really grown thanks to the Board of Directors and our members,” said Mr Njihia.
Mr Njihia, who leaves after attaining the retirement age, will be succeeded by Patrick Kibuika Njenga. Mr Njenga is a certified public accountant and a member of the Institute of Certified Public Accountants of Kenya. He had served the organization in various capacities since the year 2005 until recently when he was elevated to the Deputy CEO and Head of Finance.
The Sacco Chairman John Gitundu lauded the outgoing CEO for his commitment and dedication in serving members and initiatives to ensure sustainable growth all the time.
“Tower Sacco has consistently paid high rebates and dividends to members annually. We have also greatly supported our members acquire plots and affordable houses,” he said.
Speaking during a recent Special General Meeting, Mr Gitundu assured members that transition was smooth, noting Mr Njihia and Mr Njenga have been working together for the last three years,
The Sacco half-year financial result shows it generated a turnover of Ksh 1.11 billion, a 17.4% growth as the surplus grew by 18% to reach Ksh 831 million. In the last eight months of 2021, the Sacco has added over 19,000 new members and disbursed loans worth Ksh 5.5 billion to members.
The Society’s modern eight-storey head office construction in Ol’Kalou is nearing completion, with plans to construct its own building at Maralal town.
Mr Gitundu said the Sacco has opened new branches in Nanyuki, Gateway Flyover, and Ngorika towns and plans to open others at Ruiru, Ongata Rongai, and Molo towns once feasibility studies are concluded.
