Peter Njonjo, CEO and co-founder of Twiga steps down from the company board

Peter Njonjo, the CEO and co-founder of Twiga, has stepped down from the company’s board, acknowledging his limited future contribution. This departure aligns with earlier indications of his unexpected exit as CEO in 2023. Njonjo, who established Twiga in 2013, had taken an abrupt six-month break in December 2023.

A TechCabal report implies that his departure might have been influenced by the significant investors, Creadev and Juven, who were pivotal in a $35 million funding round to help Twiga meet financial commitments to its vendors.

Njonjo conveyed in a letter dated January 4, 2024, that the strategic decisions and daily operations now primarily rest with Juven and Creadev. He stated, “There’s limited value I can offer moving forward.” Initially, Njonjo had planned to step down, but upon the board’s request, he agreed to aid in a six-month transition to facilitate the appointment of a new CEO.

This recent development, wherein Njonjo referred to his sabbatical as a form of resignation, seems to corroborate TechCabal’s earlier insights. Rumors among investors and prominent figures in Kenya’s tech industry had previously speculated that his extended break was a prelude to his departure. Peter Njonjo has not yet responded to TechCabal’s queries.

Just two weeks before announcing his hiatus in December 2023, Njonjo had arranged a $35 million convertible bond, primarily to settle Twiga’s outstanding debts with vendors. Although Njonjo contributed $1 million to this financing round led by Juven and Creadev, some vendors, including one involved in a legal dispute with Twiga, claim they haven’t received payments or any notification about payment plans, contrary to Twiga’s claims that approximately 100 vendors were duly informed.

Post his board departure, Njonjo intends to remain an engaged shareholder while exploring new ventures. Notably, Twiga also experienced the exit of Yebeltal Getachew, the former head of Coca-Cola’s operations in Nigeria and Twiga’s East Africa business head, in December. At present, Juven and Creadev have not provided any comments on these developments.