Edward H. Ntalami

Ntalami was educated at Strathmore University (formerly Strathmore College), where in 1974 he qualified as a Fellow of the Association of Chartered Certified Accountants (ACCA) of the United Kingdom. He took up employment with Housing Finance Company of Kenya (HFCK) Limited then, aged 28, was awarded a three-year scholarship by the Government of Kenya to pursue a Master of Business Administration (MBA) degree from the University of Sheffield, England. He then returned to his homeland, where in 1979 he qualified as a member of the Institute of Certified Public Accountants (CPA), Kenya. He died on 20 November 2014 after a long battle with cancer at the age of 67.

A new chairman, Chege Waruinge, the Vice-Chancellor of Gretsa University and Dean Professor Academic Affairs, United States International University (USIU), was also appointed. On 14 January 2009 Waruinge, tendered his resignation to the regulator's board.

The protracted takeover saga, that has seen the two counters suspended for over four(4) years was resolved in November 2009, as trading in carbon dioxide manufacturer Carbacid shares resumed after suspension since 2005.

Ntalami completed his term in office on 17 December 2007, and did not renew his contract. His departure was immediately followed by the exit of Christine Mweti, the Head of Legal Services who was second in command at CMA, who since moved to Renaissance Capital. Stella Kilonzo, was appointed the CMA acting chief executive, and confirmed as CEO on 15 July 2008

The Government sold 40 per cent of its stake in the 37-year-old reinsurance firm, or 240 million shares, through an initial public offering (IPO) at the Nairobi Stock Exchange (NSE). The IPO opened on 18 July 2007, and closed on 31 July 2007. The IPO was oversubscribed by an average of 363.5 per cent with the retail segment, recording the highest oversubscription of 715 per cent. For the first time ever, the transaction team implemented the delivery versus payment (DVP) method, which allowed institutional investors and insurance firms to hold off payment until the share allocation was completed.

On 20 July 2007, the Nairobi Stock Exchange (NSE) revised the companies listed on its main share index to replace inactive stocks. The 20-Share Index is a reflection of the twenty (20) most actively trading counters in Kenya and was last reviewed in May 2003.

On 4 June 2007 the AccessKenya Group was listed on the Nairobi Stock Exchange, becoming the first Information Communication Technology (ICT) company to do so. The web firm, which provides wireless access and email, said the listing for 800 million Kenyan shillings (US$11.9 million) was oversubscribed by 363% with every category, from wealthy investors to institutional investors being fully subscribed.

On 17 December 2007, the NSE completed its migration from the open outcry trading floor method to an all-encompassing wide area network (WAN) trading system which allows stockbrokers to trade from the comfort of their offices.

On 25 April 2007, an intended secondary offer for the shares, in pursuance of the IPO's initial success, was abruptly postponed by former Finance Minister Amos Kimunya attributing the move to the prevailing share price being very low and the bulk tariff conflict between Kengen and KPLC. [11]

In May 2007, a year after the near-collapse of the retail supermarket, attention shifted to renewed efforts toward the retail chain's tortuous recovery strategy. The company's receiver-managers, led by Mr Jonanthan Ciano, offered shareholders yet another chance to inject Sh800 million (U.S$. 11.4 million) into the company under a new recapitalisation plan. Analysts then observed that were the plan to fail due to shareholder reluctance, the retail chain would have to find a new equity partner to fund its recovery.

An attempted takeover bid of Carbacid Investments by BOC Group was aborted after the capital markets regulator declined to endorse the deal. In May 2006, the CMA argued that the latter had not met all the terms it had stated in an offer to Carbacid shareholders. The critical condition in the deal to warrant the takeover and subsequent delisting of Carbacid from the NSE was that at least 80 per cent of Carbacid shareholders had to back the takeover transaction, but only owners holding 71.0 per cent backed the transaction. Ironically, a ruling by the Capital Markets Tribunal okayed the takeover forcing the CMA to appeal against the ruling. Mr Ntalami said the approval of the takeover deal was likely to set a bad precedent that would plunge future takeovers of listed companies into chaos.

On 11 September 2006 the Nairobi Stock Exchange migrated from the hitherto Open Outcry system to the Automated Trading System (ATS), an electronic trading platform. The President commissioned the new technology on 25 October 2006.

Listing and official trading of Equity Bank shares on the NSE commenced on 7 August 2006; a day which saw the price move from Kes. 70 to Kes. 158 in a single price setting deal involving 1000 shares.

On 17 July 2006, the initial public offering of Scangroup Limited shares kicked off what was to be a historical listing at the NSE. Scangroup, became the first marketing services company in Africa to go public through an IPO. The advertising house, an intelligence-intensive outfit, offloaded 69 million company shares into the capital markets at an offer price of Kes 10.45 per share. The IPO was oversubscribed by 520% and official trading of the company's shares on the NSE) commenced on 29 August 2006.

In April 2006, the Government offloaded 659.51 million shares in Kenya Electric Generating Company (KenGen) through the capital markets. The IPO premiered at the NSE at a discounted price of Kes. 11.90 price before rallying to a high of Sh40, representing a massive fourfold jump. The success of the IPO is credited for spurring the current appetite and excitement for investing in Kenya.

On 23 December 2005, CFCStanbic Bank officially listed 12.0 million new shares, arising out of its successfully completed rights issue. The bank succeeded in raising the Kes. 744 million (US$10 million) needed to align its capital base with Central Bank of Kenya risk management guidelines.

In October 2005, the retail chain, already facing serious financial challenges, received approval from the CMA for its shareholders to inject an extra Kes. 1.1 billion (US$15 million) through a rights share issue.

The highly successful Kenya Commercial Bank rights issue in September 2004, mobilised in excess of Kes. 2.3 billion (US$31 million) needed for the bank's growth strategy. The rights offer for 50 million shares at a price of Kshs 49.00, was oversubscribed by 12.25%, necessitating a refund of Kes. 310 million (US$4.1million) to applicants following shortage of untaken rights for allotment.

Following the unexpected restructuring of the stockbroking business, Ntalami left to open and operate a Financial and Investment consultancy firm, Marited Associates. After two years, in December 2002 he was appointed Chief Executive of the Capital Markets Authority by the President replacing Paul. K. Melly, following a major cabinet and public service reshuffle.

By 1998 the Sterling Securities Limited partnership was dissolved and, on 11 August 1999, SSL was suspended from trading on the NSE, but later resumed its operations.

Here, Ntalami participated in a number of private and public share issues and flotation, including initial public offerings (IPOs), divestiture, and privatisation of public enterprises. At its peak in 1996, SSL was retained by Kenya Commercial Bank (KCB) as a sponsoring broker during its third share issue.

After ten years with KO& Co., he became a stockbroker in 1995. He served as executive director for Sterling Securities Limited (SSL), a then fledgling stock broking firm.

Previous Chief Executives of the CMA (Kenya), include (a) William Chelashaw, who served from 1992 until 1997 and (b) Paul K. Melly, who served from 1998 until 2002.

The early 1980s, which was billed as the golden moment for local indigenous accounting firms, Ntalami became a partner at Kimani Onyancha & Company, a medium size firm of Certified Public Accountants involved primarily in the provision of statutory audits. He held special responsibility for the management consultancy services (MCS).

In 1970 he became an audit trainee with the City Council of Nairobi for two years. He later joined Magadi Soda Company (MSC) Limited, a mineral mining company, serving as an Assistant Accountant. After two years at the company, Ntalami joined international audit firm Ernst and Young. He served as a senior audit assistant, then transferred to Housing Finance Company of Kenya (HFCK) Limited, a local real estate financier, as Senior Accountant for three years.

Edward Haggai Ntalami (19 March 1947 – 20 November 2014) was a business executive and the former CEO of the Capital Markets Authority (CMA) of Kenya. Ntalami was involved in Kenya's capital markets. He served for over two decades in financial planning and management in the fields of commerce and industry, public sector. Prior to his appointment at the CMA, Ntalami was the executive director of Sterling Securities Limited, a local stockbroker. He was appointed Chief Executive, Capital Markets Authority in December 2002 by President Mwai Kibaki. He completed his term in office on 17 December 2007. Seven months after he left Stella Kilonzo became head of CMA.