A red Datsun 120Y, year of manufacture 1973. Registration KDV 780. Charming it was, but fast it was not. It was the kind of car most of the established men those days had owned on their way up to where they were now. They called it the fish because it looked like, well, a fish. Not that this mattered to Dr Jonah Aiyabei. Back then, that car said something about him. Something like, I made it. My luck is in. The olfactics couldn’t be better—he was smelling victory.
Today, he is the CEO of the Public Service Superannuation Fund (PSSF), but his head still gets turned by the grr of a good engine. He even, to appropriate a hackneyed phrase, turned his passion into his paycheque. “I’d buy trailers, refurbish and turn them for a profit,” he says.
But that was then. Now, the heavy metal has given way to muzak. He is working on his handicap. Reading two or three books at any given time. Letting things go. Cruising, rather than sprinting.
Tell me something interesting that happened this week. I was invited to a conference in Tanzania. It was my first time in that city, notwithstanding that it’s a neighbouring country. I was put on a very powerful panel of top African leaders in the space of investment and finance. It was very interesting sitting next to the Governor of the Bank of Tanzania, and I was also sitting with the CEO and Executive Chairman of Angola’s sovereign wealth fund.
What is your worst money habit? I like a car with a good engine [chuckles]. So anytime I save a bit, I end up buying, trying to sell, and replacing the other. Other than that, I don’t spend as much on things.
Did you grow up around cars? I grew up seeing people occasionally driving cars, and I admired them. I remember wishing that somebody would give me a lift, and I could even extend another kilometre just to enjoy it. Indeed, one of the first items I bought—I avoided buying a house or even a TV—was a red Datsun 120Y car. It was less than Sh100,000 those days, but could move [chuckles].
What was your childhood like? Life was extremely difficult because we didn’t have the basics an average child in the village would have, like adequate food or proper clothing. But my parents, who were both farmers, did their best to make ends meet. I grew up deep in the village, went to the village school, and, like any other child of those days, had no shoes at all. That taught us to be focused and resilient.
Dr. Jonah Aiyabei, the CEO of Public Service Superannuation Fund (PSSF), during an interview in his office at CBK Pension Tower, Nairobi on August 12, 2026.
Photo credit: Lucy Wanjiru | Nation Media Group
How has your relationship with money changed? I’ve learned to live a contented life, and I like thanking God for what is available. I know there are always those who have better and those who have less, and what I have is what God has decided to bless me with.
What is one financial investment decision that has paid dividends in your life? “Side hustles,” which became the real hustle. I’ve done many things, including buying and selling bonds. I also participated in the equity market a little bit. But the most exciting one is a very funny type of business where I bought trailers, but without the engine. I’d buy the trailers, refurbish them, and turn them for a profit. Now I focus on passive investments that do not require my full time.
Do you talk about money with your children? Oh, absolutely. I formed a programme where I invite young people for a discussion every six months. Sometimes, my children are not very keen because they are used to me, but they join the team, and some invest.
What is something people say about money that you found to be completely false, or misguided? People believe that money can just fall from somewhere and suddenly you are rich. The truth about money, or anything that you’re building, is that it has to be a function of time. You must really build that particular source of cash flow or wealth.
The other thing is that you must work for it. Nothing comes for free. You must really be keen and focused on what you’re looking for.
If you could have learned one lesson earlier, what would it have been? Personal financial management, learning the concepts of investment, and even being an entrepreneur to start enterprises and build businesses. I would have been very excited to be running my own business. If you were interviewing me now, when I was running my own Dangote-style business, it would be exciting [chuckles].
Speaking of, what is something you do just for you? I spend time with friends on the golf course. I like reading, and I also spend time with young people. So you find me around people who are much younger than me, including, of course, spending much more time with my children. I have adult children, and I have small children.
What books have you read that have had the most impact on your life? One is the Bible, where I derive a lot of my strategic thinking and planning from. The second is this book by Ben Horowitz, “The Hard Thing About Hard Things”. I read maybe two or three books at any given time. I am not one of those who must complete one book before starting another.
Dr. Jonah Aiyabei, the CEO of Public Service Superannuation Fund (PSSF), during an interview in his office at CBK Pension Tower, Nairobi on August 12, 2026.
Photo credit: Lucy Wanjiru | Nation Media Group
What’s a hard thing you’ve done lately? Establishing this organisation called PSSF. I joined around two years ago, and there were no structures. It was more of a startup. We had to move from National Treasury to another home, and then diversify intothe private equity space.
You mentioned that you have adult children and young children. Was that by design? Yes, partly. I have the eldest at 33 years old, and one as young as a year old. So you can imagine [chuckles].
How different is it being a father to the 33-year-old versus the one-year-old? One has to do a lot of listening and observing. With the younger ones, you have even forgotten the style of waking up at night when a child cries [chuckles].
What’s your idea of fatherhood? I tell my children to always be truthful, that hard work always pays, and shortcuts are only temporary. There is no substitute for hard work.
What would you like your children to remember about you when they are your age? To be accountable in whatever they’re doing to themselves, to society, and to their God. I also want them to remember me as a good example of hard work—from nowhere to, by the grace of God, managing an organisation. I want them to remember that resilience and hard work pay, whether in academia or in business. And more importantly, I want them to remember that without the fear and understanding of God, it becomes very difficult to succeed in life.
What’s the best advice you received concerning fatherhood? Create time. To be present with them is more important than giving them prizes. They appreciate you being available more than even giving them gifts.
Are you the firstborn? I’m the middle, with four ahead and four behind. But I support the entire family chain [chuckles].
How do you ensure that support does not equate to entitlement or dependency? The temptation is very real for people to be lazy, knowing that there’s somebody who can give them tokens. I try to empower them from where they are. We discuss, and I help them to do things for themselves. I know many call it “black tax”, but I look at it as a responsibility not to abandon any one of them, regardless of the challenges they go through, because I appreciate my background.
Does success make one feel guilty, especially when you are the shining light? You can feel guilty if pride comes into you. But these titles are just labels that can be removed any time. But success is also a moving target; we are all aspiring to do better.
How do you reward yourself? The other day I was asked, “Who pours into your cup?” I think that was a very tough question because I kept on talking about how I help others. So, I decided recently that I should have some time to try to do what I like most. Go to games, say, golf. I like mentoring people too. To refocus on me as a way of rewarding myself. I used to feel very guilty. I didn’t even want to travel, even when there were opportunities to go, because I felt that I was missing a lot, that I should be helping everybody.
What habit are you trying to kick? Coffee addiction haha! I’ve actually succeeded. My wife and I would go all over collecting coffee. Recently, I realised that I would have a small glass of coffee when I came here, and that it was becoming part of my life. I don’t want anything that can enslave me.
What’s your most boring habit? Checking WhatsApp now and then creates an element of urgency, and I don’t like it, but sometimes you find yourself checking who has sent a WhatsApp, who’s doing what, and you find yourself spending a lot of time on that. The phone steals most of my time.
What has life taught you about life? If you don’t plan yourself, don’t programme yourself, if you don’t really think about you and your future, the world is very unforgiving. And life itself can redesign and program you in the wrong direction. Know what you want, program yourself, design what you want, because if you leave it to the world, it can take you to the wrong place. I have also learned from a book by Napoleon Hill that whatever you desire and believe in it, heaven and earth will conspire to deliver it to you. I read that in 1999. In 1991, as a second-year student at the university, I decided that one day I’d be a CEO, inspired by the former Attorney-General Amos Wako, who spoke eloquently and wore thick glasses.
Have you kept the promises you made to yourself as a young man? I actually wrote my personal strategic plan early in life. I’ve had some very serious misses, and in others I’ve succeeded. And always, I’ve refused to blame myself. I learned not to make excuses, but to take responsibility for any misses. I was five years old when I said I would never in my life taste alcohol. That was in 1980. Till today, 46 years later.
Why was it so important for you not to drink alcohol? I could see back home that the major source of income was brewing alcohol, and I could see my parents struggling, and eventually, as they did the selling, they also had to taste it. So in the process, there was no net income [chuckles]. I realised that this thing may not be a business; it could even be the enemy of your business haha! And then again, I joined the Anglican Church, and we were advised as young people in Sunday school that drinking alcohol is not good. You can make a decision even at 12 years old, or 10, and it can follow you for the rest of your life. You cannot be too young to make a decision. I have never understood how peer pressure can make you change your philosophy.
What have you become better at letting go of? I used to get worked up and mad when I didn’t see people thinking more or less like I expected, especially close friends and close family members. Now I realise that you may love your people, children, but you will never give them your thinking. They will always have their own. I am not disturbed by the decisions and the choices that people make, especially when they are adults.
Who do you know that you should know? Haha! Engineer Absalom Kosgei. I met him in 2002. He made me leave my teaching career at the university. I would have been a professor by now, like many of my colleagues. He brought me to the corporate world, despite me refusing initially. He believed in me before I even believed in myself. He is a man of wisdom, integrity, and his word.
What do you think he saw in you? He said that when he realised I had done investment analysis, he looked at my qualifications and saw my level of ability, he thought, “This is the right person to enter the corporate world,” and from there, he believed in me. He even started telling me, “You will grow to be a CEO,” and I said, “What do you mean? How can I be the CEO of Kenya Pipeline Company?” Haha!
How are you honouring him? He is retired and has a lot of wisdom. So I give him my time. We can spend the whole afternoon with him.And any time I have a function for my children, like the other day when my son married, Mzee was given a special seat. My relatives were like, “This guy is not family,” but I know who he is. He had to sit up there [chuckles]. It may look small, but it means a lot.
Give us some practical life wisdom. The source of all wisdom is to have a belief in the supernatural—in this case, God. I’m not saying any specific church, but believe that there is someone superior to you. And another is, whatever you do, be yourself. Don’t try to please people. If you do that, you will become tired. And thirdly, always cherish and celebrate where you are. If you are an intern, an analyst, or a CEO, celebrate that position, and remember there are always those who are better than you and those who are below you.
