For the next five years, the newly appointed Egerton University Chancellor will serve the institution without any pay.
Kenyan steel billionaire Narendra Naval, has voluntarily pledged to spend his salary as a way of a good will and give back to the community by helping the needy students at the institution. That will include his entire salary, any allowance or financial benefits.
Raval, 55, replaced Prof. Shem Wandiga whose tenure ended in March this year.
The business mogul has a vast business empire that spans five sectors including aviation.
They include Devki Steel Mills Limited, National Cement Company Limited (Simba Cement), Maisha Mabati Mills Ltd and others.
He said any of his companies that may do business or supply goods to the university will do it for free.
In 2015, Raval made it to the Forbes ranking of Africa’s richest people with a net-worth of Ksh.41.2 billion.
Two years later, Raval pledged to donate half of his net-worth to humanitarian causes in education, health and social programmes to benefit the poor.
A year later, the business magnate launched an entrepreneurship program at the United States International University-Africa (USIU-AFRICA).
It is known as the Narendra Raval-Guru Entrepreneurship and Social Innovation program.