The Nairobi Securities Exchange (NSE) is Kenya’s primary bourse and one of the most vibrant capital markets in Africa.
It serves as the marketplace where shares of listed companies are bought and sold, providing opportunities for both institutional and retail investors to participate in wealth creation.
Some investors at the NSE are prominent individuals or families with large equity stakes, while others are institutional holders that help shape market ownership dynamics.
According to a report by Billionaires Africa, below are the biggest individual investors at the NSE:
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Philip Ndegwa family
Portfolio value: $180.80 million
Holdings: 14.94% stake in NCBA Group
The family of Philip Ndegwa, the late former Governor of the Central Bank of Kenya, remains one of Kenya’s wealthiest with investments across banking, insurance, real estate and manufacturing sectors, among others.
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Mama Ngina Kenyatta & family
Portfolio value: $159.75 million
Holdings: 13.2% stake in NCBA Group
The former first lady of Kenya is regarded as the wealthiest woman in Kenya with investments across various sectors, including banking, agriculture, education, real estate, and hospitality, among others.
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Zarin Merali and family
Portfolio value: $89.97 million
Holdings: 5.41% stake in NCBA Group; 74% stake in Sameer Africa
Zarin is the wife to the late businessman Naushad Merali, founder of Sameer Group. The late businessman was one of the wealthiest individuals in Kenya and was once reported to have made Sh1.6 billion in just an hour due to his sharp business mind.
Merali, who had been featured countless times on the Forbes list as one of the richest people in Africa, had investments across agriculture, real estate, and banking, among others.
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James Mwangi
Portfolio value: $67.62 million
Holdings: 3.39% stake in Equity Group Holdings
James Mwangi is the CEO of Equity Group. His wealth primarily comes from his shareholding in Equity Group Holdings as well as investments in other companies like Britam Holdings and real estate.
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Baloobhai Patel
Portfolio value: $66.87 million
Holdings: 49.9% stake in Carbacid Kenya; 1.7% of Co-operative Bank, 1.2% of Absa Bank Kenya, 0.5% of CIC Insurance Group
Baloobhai Patel is a prominent Kenyan investor and billionaire best known for holding diversified stakes across multiple sectors, including banking, Insurance, Manufacturing, real estate and agriculture, among others.
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Suresh Bhagwanji R. Shah
Portfolio value: $61.03 million
Holdings: 10.58% stake in I & M Group
Suresh Bhagwanji R. Shah is a veteran Kenyan banker and investor best known as the founder of I&M Bank, the lender that grew into today’s I&M Group across East Africa.
He serves as chairman-emeritus of I&M Bank and is also linked to the I&M Bank Foundation, and he has remained a significant shareholder in I&M Group in recent disclosures.
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Andrew S. M. Ndegwa
Portfolio value: $57.01 million
Holdings: 4.71% of NCBA Group
A son of the late former Governor of Kenya’ central bank, Philip Ndegwa, Andrew S. M. Ndegwa is a Kenyan businessman and boardroom mainstay best known in markets for his long-running links to the NCBA Group, where he serves as a director and has been a significant shareholder through family investment vehicles.
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James P. M. Ndegwa
Portfolio value:: $56.25 million
Holdings: 4.65% of NCBA Group
James is also a son of Philip Ndegwa, currently serving as the group chairman at NCBA.
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Gideon Maina Muriuki
Portfolio value: $35.2 million
Holdings: 2.3% of Co-operative Bank; 6% of CIC Insurance Group
Gideon Muriuki is the long-serving group managing director and chief executive of Co-operative Bank of Kenya, a role he has held since 2001.
- John Kibunga Kimani
Portfolio value: $27.5 million
Holdings: 33.35% of Kakuzi PLC; 10.43% stake in Centum Investment; 0.52% of Nation Media Group.
John Kibunga holds huge stakes in some of Kenya’s biggest listed companies. The most prominent companies he has invested in include Safaricom PLC, Nation Media Group, Kakuzi Plc, and Centum Investment.
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