Kevin Nyakeri is currently the CFO of ICEA Lion Life Assurance, a company specialising in pensions and long-term insurance, with a focus on human-related services. He began his career at EY, and after a five-year stint, transitioned from audit to the broader business world.
Kevin then joined Fast Charter Securities, a quiet yet influential company with diverse business interests. Later, he moved into the insurance sector, initially in internal audit, before transitioning to his current role as CFO, where he has served for the past five years.
Kevin participated as a panel speaker at the recent CFO of the Future Summit held in Nairobi. What stood out to him from the event was the emphasis on strategy and how finance has evolved beyond its traditional functions. He highlighted the importance of mastering the fundamentals before transitioning to more strategic roles. Reflecting on his own experience, he noted that when he first became CFO, the strategy department operated separately from finance. Over time, the responsibility for strategy was moved under the CEO's office, and eventually, the CEO delegated it to the CFO, integrating it with the finance function.
“In this part of the world, no one goes to university specifically for a degree in strategy or earns a certified strategy qualification. Yet, as a CFO, you're expected to work with strategy, steer it, collaborate with the CEO, and get it approved by the board. For me, that was a significant realisation. Beneath it all is leadership; as a finance professional, you're not at the core of the operating business, but you need to understand it to drive strategy, track it, and challenge it,” he explained.
Kevin encouraged CFOs to develop generalist skills. While being a finance expert is expected before reaching senior roles, it is crucial to broaden one’s understanding beyond finance. In boardrooms, the CFO often works closely with the CEO, while the other members may consist of non-executive directors who typically have diverse professional backgrounds. Drawing from his own experience, Kevin highlighted the importance of building strong relationships and maintaining back channels with directors to succeed in such environments.
“One of my biggest early surprises was introducing a black cat—a new idea—into the boardroom that people weren't prepared for, which caused unnecessary friction. That’s when I realised that significant discussions should happen outside the boardroom. By socialising with board members beforehand, things would have been different. By the time we enter the boardroom, it’s about dissecting the issue and making decisions, rather than presenting new information for the first time,” he advised.
Kevin emphasised the importance of influence, echoing one of the other speakers' points. He noted that as a CFO, you're not just influencing colleagues but also those who ultimately measure your performance, such as the CEO. Managing that relationship, he added, is crucial. From his perspective, it's important to be a generalist, but also to be socially aware and adept at influencing any boardroom interaction. This balance, he noted, is key to navigating the complexities of leadership at that level.
Kevin ended his contribution by sharing a humorous anecdote about misunderstanding cost efficiency early in his career.
“A year into my role, I proudly reported that we were below budget, explaining that it was because we hadn't opened the new branches we had planned. It turned out to be a blunder, as I realised I was celebrating the wrong thing and was out of sync with the strategic reality. That experience taught me to shift my perspective. Now, when people come to me with spending requests, I see it as an investment opportunity and focus on how we can generate returns,” he concluded.
