The families of Kenya’s founding President Jomo Kenyatta and former Central Bank of Kenya governor Philip Ndegwa are set to earn a combined windfall of more than KSh 21.9 billion following a major share sale in NCBA Group to South Africa’s Nedbank Group.
This disclosure was contained in Nedbank’s formal offer document, which confirmed that both families had signed irrevocable commitments to participate in the transaction.
The deal will see Nedbank acquire a 66 percent controlling stake in NCBA Group, one of East Africa’s largest financial institutions, in a transaction valued at about KSh 109.6 billion.
“Limited (Nedbank) to acquire approximately 66% of the ordinary shares in the issued share capital of NCBA from the existing NCBA Shareholders (the Offer),” the document read.
The Kenyatta family, through Enke Investments Limited and direct holdings by businessman Muhoho Kenyatta, owns a combined stake of about 13.2 percent in NCBA.
A portion of their shares will be sold to Nedbank in exchange for cash and Nedbank stock, while the remainder will be retained in the listed lender.
The Ndegwa family, holding a 14.94 percent stake through First Chartered Securities Limited, will also offload a significant portion of its shares under the agreement.
Like the Kenyattas, they will receive a mix of cash and Nedbank shares while retaining part of their NCBA holding.
NCBA Shareholding Breakdown Shows Heavy Control by Top Investors and Directors
From the Nedbank’s formal offer document, First Chartered Securities Limited holds the largest stake in NCBA Group PLC at 14.94%, followed by Enke Investments Limited at 13.20% and D&M Management Services LLP at 11.58%.
Brookshire Limited and Westpoint Nominees Limited also hold significant positions at 8.63% and 7.69%, respectively.
Also Read: NCBA Bank Posts KSh 23.4 Billion Profit Ahead of Nedbank Takeover
Other shareholders include Yana Investments Limited with 5.41%, Kahuho Holdings Limited at 4.10%, Rivel Kenya Limited at 3.90%, Makimwa Consultants Limited at 2.95%, and Kestrel Capital Nominee Services Limited A/C 12 at 1.58%.
The company has 1,647,519,532 ordinary shares in issue, with ownership spread across institutional and nominee investment structures.
Designated shareholders collectively control 77.54% of NCBA’s issued shares following irrevocable undertakings to accept the offer, indicating consolidated ownership among key investors.
Several directors also hold major beneficial interests, including Muhoho Kenyatta with 227,395,137 shares, Andrew S. M. Ndegwa with 77,660,683 shares, and James P. Ndegwa with 76,619,666 shares.
“Name of director Designation as director Number of NCBA Shares held, Muhoho Kenyatta Non-Executive 227,395,137, Andrew S. M. Ndegwa Non-Executive 77,660,683, James P. M. Ndegwa Group Chairman – Non-Executive76,619,666,” the document confirmed.
Also Read: NCBA Commences Circulation of Nedbank Formal Offer Document Gives Directives to Shareholders
Other NCBA Directors With Significant Interests in the Company
NCBA Group PLC has disclosed additional director shareholdings, revealing notable equity interests among its leadership. The disclosures form part of a circular outlining beneficial ownership.
Desterio A. Oyatsi, Deputy Group Chairman, holds 26,000,000 shares in the company, while Group Managing Director John Gachora holds 2,364,255 shares.
Non-Executive Director John S. Armitage owns 1,746,370 shares, while Esther N. Ngaine holds 648,980 shares. Group Finance Director David Abwoga has a smaller holding of 9,108 shares.
The document confirms that no other directors have reported shareholding interests beyond those listed, and all have indicated intention to accept the offer in respect of their holdings.
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