President Uhuru Kenyatta recently appointed steel billionaire Narendra Raval as the new Chancellor of Egerton University replacing Prof Shem Wandiga who held the office since 2013.
"I would like to express my gratitude to HIS EXCELLENCY PRESIDENT UHURU KENYATTA for entrusting and appointing me the Chancellor to the very FIRST institution of Higher Learning in Kenya," reads the acceptance tweet by Narendra Raval.
"As I begin my work, I would like to commit that I will not take any salary, allowance or financial benefit from the university. Instead, this will go to Chancellor’s Donation account and it will be utilized by the University to support the needy students for their fees," reads the Linkedin statement.
Raval also noted that none of his business empires that includes; Devki Steel Mills Limited, National Cement Company Limited (Simba Cement) or Maisha Mabati Mills Ltd among other businesses will transact or supply goods to the institution unless it is for free.
In 2015, Forbes ranked Narendra Raval among the richest people in Africa with a net worth of 41.2 Billion.
In an interview with Citizen, the billionaire promised that half of his net worth will go to support initiatives on Education, Health and social programmes to benefit the poor.
Mr Raval also launched an entrepreneurship program at The United States International University-Africa (USIU-AFRICA) dubbed the Narendra Raval-Guru Entrepreneurship and Social Innovation Program in 2018 aimed at nurturing entrepreneurs and innovative skills.