Esther Jepkemboi Koimett, the firstborn daughter of the late Kenyan billionaire and former Cabinet minister Nicholas Biwott, has emerged as the largest individual shareholder in Middle East Bank Kenya, holding a 17.48 per cent stake in the lender.
Koimett’s substantial interest in the Tier III bank is linked to the estate of her late father, one of the most influential and controversial political figures during the administration of former President Daniel arap Moi.
Regulatory disclosures show that Koimett’s 17.48 per cent holding places her ahead of other major shareholders in the privately owned lender.
MEB Holdings Limited owns 11.58 per cent, while Mustang Limited holds 10.47 per cent. Baumann Management Services Limited and Good Fortune Limited each have a 6.60 per cent stake.
The disclosures, however, do not establish precisely when Koimett acquired the shares or when her holding rose to become the bank’s largest individual stake. What is clear is that her interest is associated with the distribution of assets from Biwott’s estate.
The Biwott inheritance
Biwott died on July 11, 2017, aged 77, after suffering kidney failure. At the time of his death, he was one of Kenya’s wealthiest and most prominent businessmen-turned-politicians, having occupied several senior government positions during Moi’s presidency.
His will, which was prepared about six months before his death, divided his estate into 14 equal portions for distribution among his children.
The contents of the will were subsequently made public by the lawyers administering the estate, partly to address speculation surrounding the size and composition of Biwott’s wealth.
The inheritance has since resulted in his children becoming beneficiaries of assets accumulated during his decades in business and public life.
Koimett’s current position at Middle East Bank Kenya provides one of the clearest indications of the significant financial interests inherited from the former minister’s estate.
Middle East Bank Kenya traces its origins to August 1981, when it was established by Al-Futtaim, the Dubai-based conglomerate now associated with businesses including Carrefour supermarkets.
The bank underwent a change in ownership in the early 1990s after Al-Futtaim sold its interest in April 1991 as part of efforts to transfer ownership to Kenyan investors.
Biwott had previously been linked to an interest in the bank around the period following Al-Futtaim’s exit.
Today, Kenyan investors collectively control about 90.22 per cent of Middle East Bank Kenya, reflecting the institution’s predominantly local ownership structure.
From government to corporate boardrooms
Koimett has built a career spanning both the public and private sectors. In government, she served as a principal secretary in several ministries, giving her extensive exposure to economic policy and public-sector administration.
She also served as chief executive officer of Kenya Post Office Savings Bank, now known as Postbank.
Her transition into the private sector has seen her take up a number of influential corporate positions.
She joined the Middle East Bank Kenya board on February 26, 2024, bringing with her more than 30 years of experience in public administration, banking, investment promotion, public-sector reform and policy.
She has also served as chairperson of M-Pesa Holdings Company Limited and AAR Insurance Kenya, as well as a non-executive director of Car & General.
In January 2026, she joined the board of Kenya Airways as a director representing the interests of KQ Lenders Company, adding the national carrier to her growing list of corporate affiliations.
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