Thursday, March 28, 2024

Multi-billion empire left behind by the late Simeon Nyachae

Simeon Nyachae Net Worth: Former politician, cabinet minister and ex-Nyaribari Chache MP, Simeon Nyachae died on February 1, 2021. Nyachae died at the age of 88.

Although the late Nyachae was popularly known for his work in politics, he was an astute businessman. His wealth can be referred to in billions. Immediately after the merger of the NIC Bank and CBA Bank, regulatory filings showed that Nyachae had a multi million stake in the newly established NCBA Bank Group.

At the time, he owned a stake that was worth Sh. 300 million. This was derived from his 8.6 million shares in the bank. He had 3.1 million CBA shares that were converted into 8.6 million shares. He has now left behind a stake that stands at over 0.57 percent.

Angry Citizen Tv employee blasts bosses over salary, alleges sex scandals

Beyond this stake, the late Nyachae has ventures in the real estate sector locally and abroad. He is said to own a ranch in Australia and a tea farm in both South Africa and Zimbabwe. He was also in transportation, banking, manufacturing, and Agriculture.

Nyachae’s source of wealth was controversial too, especially from a quote in his biography where he stated that he started his journey to wealth from trading in bread. His forays in business were via metal drums and an oven which birthed Sansora Bakery at Nyantunango Market in 1954 to what is today the Sansora Group with interests in wheat and flour milling (Swan and Kabansora Millers), aviation, horticulture, coffee, real estate and banking, according to his thinly written 2010 bio, Walking Through Corridors of Service.

Connect With Us

320,545FansLike
14,108FollowersFollow
8,436FollowersFollow
1,880SubscribersSubscribe

Latest Stories

Related Stories