Simeon Nyachae Wealth: Ex powerful Cabinet minister Simeon Nyachae owns a stake worth Sh. 300 million in the NCBA bank which is majorly owned by the Kenyatta family.
Mr. Nyachae holds 8.6 million shares in the bank which are currently worth Sh. 300 million going by the latest market rates.
“The businessman, politician, former chief secretary and former head of civil service had 3.1 million CBA shares that converted into 8.6 million shares in NCBA and whose stock is currently trading at about Sh. 35 on the Nairobi Securities Exchange. His stake in NCBA now stands at 0.57 percent. He joins a group of other billionaire investors with significant stakes in the listed firm including Naushad Merali and the families of Kenya’s founding president Mzee Jomo Kenyatta and late Central Bank governor Philip Ndegwa. Mr. Muhoho Kenyatta, for instance, now holds a direct stake worth Sh. 400 million in NCBA. He also holds other shares in the bank indirectly alongside other members of the wider Kenyatta family whose total ownership in the lender is estimated at 13.2 percent or the equivalent of about Sh. 6.8 billion,” says the a report that appeared in the Business Daily on Thursday.
The report further says that NCBA has risen to rank as the fourth largest in terms of absolute profits after overtaking DTB Group and the local branches of Standard Chartered Bank and Barclays Bank.
“He initially held 4.2 million shares in CBA that converted into 11.5 million shares in the listed firm. His direct stake in the company now stands at 0.77 percent. Mr Muhoho, who previously served as CBA’s deputy chairman, is however, not listed in the reorganised NCBA board of directors. On the other hand, the Ndegwa family, which controlled NIC with a stake of 25 percent before the merger, was revealed to have also been one of the long-term shareholders in CBA.
James Ndegwa and his brother, Andrew Ndegwa, held 6.6 million shares in CBA that were swapped into 18.2 million shares of NCBA and which have a current market value of Sh. 631 million. The merger saw the Ndegwa family emerge with an NCBA stake estimated at 12 percent and valued at Sh. 6 billion. Mr Merali’s ownership in the listed bank stands at 2.9 percent and is worth about Sh. 1.5 billion,” the report adds.