The sports category has moved to a new website.

Kenyatta family overtaken as top shareholders in NCBA

The Kenyatta family which owns a Sh7.4 billion stake in NCBA has been surpassed as the top shareholders at the bank

Uhuru Kenyatta addresses members of the fourth estate at the State House in Bujumbura, Burundi on May 6, 2023

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.

ADVERTISEMENT

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.

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

ADVERTISEMENT

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.

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.

ADVERTISEMENT

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.

JOIN OUR PULSE COMMUNITY!

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Hashi Energy disposes of 31 trucks, & other assets as it winds up after 33 years

Hashi Energy disposes of 31 trucks, & other assets as it winds up after 33 years

Sabina Joy, CBD home & other assets owned by billionaire Gerald Gikonyo

Sabina Joy, CBD home & other assets owned by billionaire Gerald Gikonyo

In shadow of the business summit: The U.S. buys right to pollute Angola with toxic waste

In shadow of the business summit: The U.S. buys right to pollute Angola with toxic waste

The role of digital payments in Kenya's online gaming market

The role of digital payments in Kenya's online gaming market

EPRA announces new fuel prices  for June & July

EPRA announces new fuel prices for June & July

Kenya fulfils 6 of IMF's strict conditions in budget & Finance Bill 2024

Kenya fulfils 6 of IMF's strict conditions in budget & Finance Bill 2024

How AI is transforming the Kenyan online Casino and Cryptocurrency landscape

How AI is transforming the Kenyan online Casino and Cryptocurrency landscape

Kenya Power MD explains fate of idle prepaid meters post-upgrade deadline

Kenya Power MD explains fate of idle prepaid meters post-upgrade deadline

Explainer: What follows when an insurance company closes or collapses

Explainer: What follows when an insurance company closes or collapses

ADVERTISEMENT