Taxi driver who rose to be pioneer stock broker
Although he became one of the big names in the stock market, Mr Thuo had only two years of secondary school when he quit because his parents could not afford fees. By the time he died in November 2006, Francis Mwangi Thuo had made a name for himself. Although his stockbroking firm, Francis Thuo and Partners, followed him to the grave after it was suspended from trading, Mr Thuo’s remains the story of a pioneer Kenyan stockbroker who rose from a mere taxi driver to become synonymous with the Nairobi Stock Exchange — now Nairobi Securities Exchange.
By the time the managers were smoked out, some three months after Thuo’s death, the once-prestigious firm had gobbled up millions of investors’ money and was in the red. Fate pushed him to Nairobi where he started running a taxi while doing an accounting course by correspondence from a South African college.
Privately, he also pursued his secondary education which was disrupted again by the Mau Mau war. In 1955, Mr Thuo got an internship with an accounting firm before he was employed by a stock-broker.
In the meantime, he enrolled for a course from Makerere Extra-Mural Studies in Nairobi. Mr Thuo’s desire to learn about the stock exchange saw him steal files from the office.... Read the full, comprehensive news article and discuss at The Daily Nation