Kenyatta family overtaken as top shareholders in NCBA

The family of former CBK Governor Philip Ndegwa has recently acquired an additional 31.6 million shares of the NCBA Group, surpassing the family of former President Uhuru Kenyatta family to become the bank's largest shareholder.

Through their investment vehicle, First Chartered Securities, the Ndegwas now hold a stake of 14.44 per cent in the NCBA Group, amounting to Sh8 billion.

The additional shares bought by the Ndegwas is currently worth Sh1 billion.

First Chartered Securities chair James Ndegwa First Chartered Securities chair James Ndegwa during a past event Pulse Live Kenya

The Ndegwa family has a long-standing history of investment in NCBA, dating back several years.

Their investment journey began with NIC Group and CBA Group, which merged in September 2019 to form the NCBA Group, a prominent player in the banking industry.

According to the latest annual report, the stake held by First Chartered Securities rose from 12.52 per cent to 14.44 per cent.

Kenyattas' Ownership Status

The Kenyatta family's investment vehicle, Enke, has maintained its ownership at 13.2 per cent.

With a valuation of Sh7.4 billion, Enke retains a significant stake in the bank but has been surpassed by the Ndegwa family in terms of overall ownership.

Uhuru Kenyatta in Addis Ababa on April 23, 2023 Uhuru Kenyatta in Addis Ababa on April 23, 2023 Pulse Live Kenya

The Kenyatta family recently scored a Sh924 million payday after NCBA proposed a payout of Sh4.25 per share following the bank’s performance in 2022.

The Ndegwas earned Sh876 million on their 12.52 per cent ownership.

Ndegwa Brothers

James Ndegwa and Andrew Ndegwa, both directors of NCBA and beneficiaries of First Chartered Securities' investment vehicle, have seen a significant boost in their personal portfolios.

James Ndegwa's direct and indirect ownership in NCBA has risen to 75.2 million shares, equivalent to a 4.57 per cent stake, with a value of Sh188.7 million.

Similarly, Andrew Ndegwa's ownership has increased to 76.3 million shares, representing a 4.63 per cent equity, with a current valuation of Sh189.1 million.