The Ndegwa family has acquired an additional NCBA stake worth some Sh. 296 million. This stake is equivalent to ten million new shares.

This acquisition has been revealed in the lender’s latest filings. These filings show that the family’s investment vehicle First Chartered Securities raised its holdings of the bank shares to 216.2 million equivalent to a 13.13 percent stake as of August 8.

In May 2022, the family has moved its NCBA shares worth Sh. 1.7 billion in a restructuring strategy. The family moved the shares to its primary investment vehicle.

In the move, 70.9 million shares that were previously held in an account by asset manager ICEA Lion was moved to the Ndegwa family’s investment vehicle known as First Chartered Securities. This transfer was done in the financial year ended December.

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The Kenyatta family has been the top shareholder at NCBA holds a 13.2 percent stake worth over Sh. 5.4 billion. This means that the new shares have brought the Ndegwa family closer to becoming the top shareholder at NCBA.

Other top shareholders at NCBA include the late businessman Naushad Merali. In the financial year 2021, Merali through Yana Investments Limited disposed some 11.6 million shares currently worth Sh. 291.1 million.

Merali previously held 97.2 million shares and this dropped to 85.5 million units equivalent to a 5.2 percent stake.

In the 2021 financial year, the Kenyatta family pocketed up to Sh. 652.5 million from its stake of 13.2 per cent in the NCBA Bank.

The Ndegwa family earned Sh. 580.8 million in dividends for the financial period under review.

This followed the financial results from the bank which showed net year profit of Sh. 10.22 billion  and dividends of Sh. 3 per share for the full year ended December 31, 2021.