The Billionaires of Kenya: Philip Ndegwa, Former CBK Governor Who Became Kenya’s First Billionaire

Billionaire Philip Ndegwa died on January 7, 1996, and almost three decades later, his family remains one of Kenya’s wealthiest, with an estimated net worth of $1.6 billion (about Ksh244 billion).

Ndegwa became a billionaire by blending scholarship, public service, and entrepreneurship to build one of Kenya’s most enduring business empires.

Born in 1936, Philip Ndegwa rose from a modest background to become one of Kenya’s brightest economic minds.

He attended Alliance High School, studied economics at Makerere University, and later sharpened his expertise at Harvard University.

In 1965, he joined the government as an economic advisor, beginning a public service career that would shape Kenya’s financial sector.

By 1982, he had been appointed the second Governor of the Central Bank of Kenya, succeeding Duncan Ndegwa.

Before he passed away, He chaired Kenya Commercial Bank, National Bank of Kenya, Kenya Airways, and the Kenya Revenue Authority.

Internationally, he served as an economic expert with the UN, assistant director at UNEP, and co-authored influential works, including  Africa to 2000: Imperative Political and Economic Agenda.

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Building First Chartered Securities

In 1974, Ndegwa founded First Chartered Securities, an indigenous investment entity with civil servants and business leaders as shareholders.

This became the foundation of the family’s fortune.

Through First Chartered, he acquired the Insurance Company of East Africa (now ICEA Lion).

Additionally, he secured controlling stakes in NIC Bank (now NCBA Bank), Ambank House, and major agricultural assets, including the world-renowned Karirana Tea Estates, bought in 1986.

By the 1990s, the Ndegwas had expanded into re-insurance, beverage manufacturing, logistics, and real estate.

One of the family’s biggest real estate investments is the Riverside Park in Nairobi’s Westlands, managed in partnership with Knight Frank.

By 1999, the property portfolio alone was worth about $100 million (Ksh9 billion).

They also once controlled Africa’s largest dry shipping dock between Cairo and Cape Town through Inchcape Shipping, before eventually selling out.

Also Read: The Billionaires of Kenya: Five Sons of Moi and 7 Companies They Run

Becoming Kenya’s First Billionaire

At the turn of the millennium, Forbes reached out to confirm reports that Philip Ndegwa was the first Kenyan to bank a billion.

Today, the Ndegwa family fortune is managed by his widow, Alison Mary Ndegwa, and their three children, including James P. M. Ndegwa, Andrew S. M. Ndegwa, and Leslie Ruth Wakini Ndegwa.

On the other hand, James Ndegwa, an Oxford alumnus, chairs First Chartered Securities and is a former MD of Lion of Kenya Insurance.

He owns about 6.5% of NCBA Bank, worth Ksh1.1 billion, alongside multiple directorships.

Andrew Ndegwa, also an Oxford graduate, is the chairman of NCBA Bank and Executive Director of First Chartered Securities. He also holds a 6.5% stake in NCBA, valued at Ksh1.1 billion.

However, Leslie Ruth Wakini Ndegwa keeps a low profile but remains a key beneficiary of the family’s vast fortune.

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