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Sh924 million pay day for Kenyatta family

Kenyatta family pockets Sh924 million payout

Retired President Uhuru Kenyatta in his office on February 10, 2023

Kenya's listed banks are set to pay a combined total of Sh63 billion in dividends, with the families of former President Uhuru Kenyatta, former Central Bank of Kenya Governor Philip Ndegwa, and Equity Group CEO James Mwangi among the top beneficiaries.

NCBA Group, created following the merger of the former NIC Group and CBA Group, has proposed a payout of Sh4.25 per share, up from Sh3 a year earlier.

The Kenyattas will receive Sh924.26 million for their combined 13.2 percent stake in the group, while the Ndegwas will earn Sh876 million on their 12.52 percent ownership.


In 2022, the Kenyattas has pocketed Sh625 million in dividends after the bank announced it would it would pay dividends at Sh3 per share.

Dividends are considered as a type of passive income; money that you earn without being actively involved in generating it.

Dividends are a form of income that shareholders receive as a distribution of a company's profits.

When you invested in a company's shares and become a shareholder, you become eligible to receive a portion of the profits in the form of dividends.


Passive income is different from active income, which is money that you earn through work or services that you provide.

With active income, you exchange your time and effort for money, such as receiving a salary or wages for your work. With passive income, you can earn money without having to work actively for it.

James Mwangi, who owns a 3.4 percent direct stake in Equity, will receive a payout of Sh685.3 million, making him the biggest individual dividend earner.

His 188.6 million shares in Equity are worth about Sh8.3 billion, making it one of the single-largest investments in a publicly traded firm by an individual.


The nine tier-one banks, including DTB, Stanbic Bank of Kenya, Absa Bank of Kenya, Standard Chartered Bank of Kenya, and I&M, saw their net profits rise by 25.2 percent or Sh35.8 billion to Sh176.86 billion.

Central Bank of Kenya (CBK) data show the banking sector's pre-tax profits hit Sh244.1 billion last year, translating to a 25.3 percent rise from Sh194.8 billion posted the previous year.

The dividend payouts have signalled continued economic recovery that has seen banks expand lending and stem growth in non-performing loans.

Increased lending and upward review of loan prices have helped banks to book more interest income while aggressive loan recoveries have saved them from a sharp elevation of loan defaults.



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