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Ndegwa family extend majority stake in NCBA by Sh1 billion over Kenyattas

The Ndegwa family now possess 246.15 million shares in the bank as of July 10

James Ndegwa

The family of former CBK Governor Philip Ndegwa has taken a strategic move to strengthen their position as the largest stakeholders in NCBA Group, widening the gap between them and the Kenyatta family.

In the first half of this year, they raised their shareholding by 8.25 million shares, currently valued at an impressive Sh315.6 million.

According to recent regulatory filings, the Ndegwa family, through their First Chartered Securities, now holds a substantial 246.15 million shares in the bank as of July 10.

This impressive stake amounts to Sh9.41 billion in value, showcasing their confidence in the bank's growth prospects.


Compared to the end of December 2022, their holdings have significantly increased from 237.9 million shares, marking a noticeable increase.

This addition has resulted in their stake in the bank rising to 14.94 per cent from 14.44 per cent at the close of the previous year.

Meanwhile, the Kenyattas, represented by Enke Investments Limited, maintain their stake at 13.2 per cent, amounting to 217.49 million units valued at Sh8.32 billion.

The unaltered position of the Kenyatta family highlights the Ndegwa family's proactive approach to solidifying their influence within the bank.


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.


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.



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