The prominent Kenyatta family and the family of former Central Bank of Kenya Governor Philip Ndegwa are set to receive up to Sh21.9 billion from a trading deal involving the sale of NCBA Group to South Africa’s Nedbank Group.
In the deal, the Kenyatta family and the Ndegwa family have agreed to sell 66 percent of their NCBA shares to Nedbank. They will also receive some 10.14 million stocks in Nedbank in exchange for the shares they sell which have an estimated combined worth of around Sh20.6 billion. This will bring the total amount they pocket from the deal to Sh21.9 billion.
In the deal, 80 percent of the NCBA shares that are acquired will be converted to Nedbank stock. This stock is listed at the Johannesburg Stock Exchange. This will be done at a rate of 4.02994 shares for every 100 NCBA shares. The remaining 20 percent of the shares shall be bought in cash at a rate of 2,100 for every 100 shares. This will equal to about Sh21 per NCBA share.
This means that the Ndegwa family’s 129.97 million shares will be converted into 5.24 million Nedbank shares which shall be valued at Sh10.65 billion. The family will then get a cash payment of Sh682.34 million.
The Kenyatta family shall receive Sh602.9 million in cash while their 143.54 million shares shall be converted to 4.63 million Nedbank shares with a value of Sh9.4 billion. Former president Uhuru’s brother Muhoho Kenyatta who holds NCBA shares shall receive 271,383 Nedbank shares worth Sh551.6 million and Sh35.4 million in cash.
At the same time, the two families have told Nedbank that they will put their total shareholding in NCBA Group up for sale to the South African lender should other shareholders fail to accept the cash-and-stock deal that is being offered by Nedbank.
“Nebank has obtained irrevocable undertakings from the designated shareholders to accept the offer in respect of their pro-rata entitlement (and, where applicable, to participate in excess applications) and confirms that all irrevocable undertakings have been signed,” the South African lender stated.
In this cash-and-stock deal, Nedbank will acquire 66 percent of NCBA Group for an estimated Sh109.6 billion. The remaining 34 percent shall continue to trade publicly at the Nairobi Securities Exchange. In this transaction, only NCBA shareholders with more than 7,520 shares or more have been offered the deal.
After the deal is completed, the Kenyatta family will be left with 73.94 million shares worth about Sh6.5 billion while the Ndegwa family will be left with 83.69 million shares worth about Sh7.4 billion.
The Kenyatta family currently has a shareholding stake of 13.2 percent in NCBA through the family’s investment vehicle which is known as Enke Investments. It is ranked second after the Ndegwa family. The Ndegwas have a 14.94 percent shareholding stake in the banking group through the family’s investment vehicle which is known as First Chartered Securities.
In May this year, it was revealed that former president Uhuru’s brother Muhoho Kenyatta holds a stake in the NCBA Group that is worth an estimated Sh20 billion.
Muhoho holds these shares directly and indirectly through investment vehicles. This disclosure comes barely five months after he was named as the new non-executive director at the board of the NCBA Group. He assumed his new position starting from December 1, 2025.
Uhuru’s brother Muhoho owns Sh20 billion stake in NCBA Group
When he announced Muhoho’s appointment, NCBA Group Managing Director and Chief Executive Officer John Gachora described him as an accomplished business executive with over 35 years of experience in leading and developing businesses across East Africa, spanning diverse sectors including manufacturing, healthcare, insurance, and banking.
“Mr Kenyatta has previously served as Deputy Chairman of one of the predecessor institutions of NCBA between 2000 and 2019, and as a director of NCBA Bank Uganda. He continues to support the Group’s growth in its digital strategy as a member of the Board of LOOP DFS Limited, a wholly owned subsidiary of NCBA Group PLC,” said Mr. Gachora.
