Kenyan Tycoons Who Own Multi-Billion Businesses

Kenya has emerged as one of the fastest growing economies in the world. Known for its welcoming nature to both local and international entrepreneurs, the pride of Africa is home to several business tycoons whose ventures span across various sectors.

From telecommunications to real estate, these tycoons have built empires that contribute significantly to Kenya’s economic growth and development. 

They have generated employment opportunities for Kenyans and other nationals.

Among the prominent tycoons with diverse investments include SK Macharia, Pius Ngugi, Humphrey Kariuki, and Simon Gicharu.

Here is a glimpse into the business ventures of some of Kenya’s most prominent entrepreneurs.

Kenyan Tycoons

1. SK Macharia

Samuel Kamau Macharia plunged into the world of media and established Royal Media Services (RMS).

He founded RMS which encompasses Citizen TV, Radio Citizen as well as a fleet of other local radio and tv stations in Kenya.

SK Macharia is also the founder member of Rosy brand, a tissue company in Kenya. This was the only tissue paper manufacturing company in 1976.

However, he later sold the company in 1989 to an investor for Ksh 250 million.

In 2012, he appeared in Forbes’ magazine list of top 10 African dollar millionaires to watch out for and made the list of African Report’s 50 most influential Africans the following year.

Besides RMS, Macharia has shares in Directline Insurance, Serenity Media Productions Ltd, Big Five Conservancy, Bushfire Media Distributors, Toi Redevelopment and Harbour Capital Ltd.

SK Macharia won the 2015 Eastern Africa Ernst and Young Entrepreneur Lifetime Award.

Macharia has a Bachelor of Arts degree in Political Science from Seattle Pacific University and a Bachelor of Science degree in Accounting from the University of Washington.

He also earned a Master of Arts Degree in Accounting and became a Certified Public Accountant.

Also Read: Meet Billionaire Poaching Citizen TV and Standard Group Stars

2. Simon Gicharu

Simon Gicharu established Mount Kenya University (MKU) in 2008, which attained full charter status three years later.

He established the Kenya Entrepreneurship Promotion Program (KEPP), later evolving into the Thika School of Management Studies (TSMS).

Like Macharia, Gicharu has also made significant strides in the media industry through Cape Media, the parent company of TV47 and Radio 47.

Despite being just five years old, TV47 has established itself as one of Kenya’s fastest-growing TV stations.

Radio47 which was launched in March 2023 has so far garnered a significant following.

He is also the visionary behind the Equip Africa Institute and the Mount Kenya University Graduate Enterprise Academy.

His upbringing as the eldest child instilled in him a sense of responsibility and drive for achievement.

Gicharu pursued a Bachelor of Science degree in Mathematics and Chemistry in Kenyatta University. This was later followed by further studies in Managing Enterprise Development at Cranfield University in Britain through a scholarship in 1995. 

In October 2023, the MKU founder was appointed as the Chairperson of the Kenya Institute of Curriculum Development (KICD) by President William Ruto.

3. Ndegwa brothers

James Ndegwa and his brother Andrew Ndegwa inherited a multi-billion empire left behind by their father, Philip Ndegwa.

Philip was Kenya’s third Central Bank of Kenya governor a position he held from 1982 to 1988.

Ndegwa died on January 7, 1996, leaving behind the multi-billion wealth he had accumulated for over 30 years.

He was reportedly the first Kenyan to ‘bank a billion’. Moreover, the Ndegwa family is associated with old money in Kenya and are ranked among the wealthiest families in the country.

By the time of his death in 1996, he had accumulated property worth Sh9 billion, a huge fortune at the time and even now, and a figure that most Kenyans read or hear about.

The formation of First Chartered Securities alongside 20 other civil servants was what made Philip Ndegwa’s fortune.

This was an indigenous investment outfit which is still a source of revenue for his family. The outfit went on to buy 100% stake in ICEA, which partnered with Lion of Kenya Insurance to form ICEA Lion Group.

He also ventured into real estate through AMbank House that offers flexible business accommodation and the prestigious Riverside Estate in Nairobi.

Ndegwa’s family also owns majority shares in Unga Group through Victus Limited.

Similarly, the family owns an 11.7% stake in NCBA Bank alongside the Kenyatta’s and other shareholders. 

The Ndegwa’s also have interest in the shipping industry through Inchcape Shipping.

Also Read: Ashok Rupshi Shah: Tycoon Behind Contested Loresho Land with Ksh28 Billion Govt Deal

4. Pius Ngugi

Nairobi woman representative Esther Passaris’s husband, Pius Ngugi, owns Kenya Nut Company, which exports macadamia and cashew nuts to various parts of the world.

The company’s brands include Out of Africa nuts, Nassu Snacks, Aberdare Tea and Leleshwa Wines. 

The tycoon is also the proprietor of Thika Coffee Mills, which produces and exports special coffee.

Furthermore, the billionaire has also invested in the insurance sector with shares in the Kenya Alliance Insurance.

Ngugi is also a shareholder in the multi-billion Tatu City project, one of Kenya’s special economic zones projects.

Tatu City is a 5,000-acre, new city with homes, schools, offices, a shopping district, medical clinics, nature areas, a sports and entertainment complex. 

His other interests include sweet manufacturing, dairy farming, winery, and Amazon Motors.

5. Peter Munga

Peter Munga chairs the Mt Kenya Foundation brings together wealthy businesspeople from the vote-rich Mt Kenya region.

He founded Equity Bank (previously Equity Building Society) in 1984 and retired as the bank’s chairman in 2018, aged 75.

According to Forbes, Munga owns a 0.4% stake in the lender worth $ 5 million (Ksh 657.5 million) after selling most of his shares.

Besides Equity, he is a major shareholder in Britam Holdings (over Ksh 500 million value) and Equatorial Nut Processors.

Munga’s father, a small-scale trader, was jailed in 1952 when he was still in lower primary, and after the colonial government declared a state of emergency.

This forced him to join his mother, Beth Nyambura, in her small business to provide for the family.

When he joined Giachanjuri high school, Munga doubled education and work, getting employment as the handyman to former Minister John Michuki who back then worked as a colonial administrator.

Together with Equity Bank’s Managing Director James Mwangi, Munga founded the ‘Wings to Fly’ programme, which has gobbled up in scholarships.

6. Humphrey Kariuki

Kariuki is the founder of Janus Continental Group (JCG), which brings together several companies in the petroleum, energy, hospitality, and real estate sectors.

These include The Hub, Africa Spirits, Fairmont Mount Kenya Safari Club, Mount Kenya Wildlife Conservancy and Animal Orphanage, BSL Infrastructure Limited and Dalbit Petroleum.

The group has employed over 700 people in more than 10 countries in East, Central and Southern Africa, United Arab Emirates (UAE) and Europe.

JCG’s real estate businesses include the premier shopping mall The Hub Karen Mall located in Nairobi.

In 2013, he founded the Great Lakes Africa Energy (GLAE) which develops energy projects across Africa, bringing local, reliable and affordable power to millions.

In Uganda, Kariuki invested in generating 24MW from the Kabulasoke Power plant, with potential to expand this up to 100MW.

Humphrey was appointed as Chair of the Energy Committee on the Kenyan National Investment Council by President William Ruto in December 2022.