Muhoho Kenyatta's Sh20 Billion NCBA Stake Revealed Amid Nedbank Takeover

Key facts

• Muhoho Kenyatta holds 227.3 million NCBA Group shares valued at Sh20 billion.
• His stake is the largest disclosed personal fortune on the Nairobi Securities Exchange.
• He was appointed a non-executive director at NCBA Group on December 1, 2025.
• The Kenyatta family's investment vehicle, Enke Investments, holds an additional 217.4 million shares.
• South Africa's Nedbank Group is seeking to acquire a 66 percent controlling stake in NCBA.
• Muhoho Kenyatta is expected to receive a Sh1.6 billion dividend for the year ended December 2025.
• The Ndegwa family's First Chartered Securities controls 246.1 million NCBA shares.

A Fortune Unveiled Amidst Banking Consolidation

Businessman Muhoho Kenyatta, brother to Kenya's former President Uhuru Kenyatta, is revealed as the largest individual shareholder in NCBA Group, holding a stake currently valued at Sh20 billion. This substantial personal fortune, comprising 227.3 million shares, marks the most significant disclosed individual wealth on the Nairobi Securities Exchange. The revelation comes as South Africa's Nedbank Group pursues a controlling interest in the Kenyan lender. The full extent of Muhoho Kenyatta's holdings, direct and indirect through various investment vehicles, was made public in a circular issued by NCBA on May 4, 2026. This disclosure was necessitated by his recent appointment as a non-executive director to the NCBA Group board, a position he assumed on December 1, 2025, precisely when buyout discussions with Nedbank were gaining momentum. His role on the board requires adherence to disclosure norms, bringing to light a beneficial interest in the bank that far surpasses previous public knowledge. Prior to this, only 12.7 million shares, valued at Sh1.1 billion, were publicly attributed to him directly.

Deep Roots in Kenya's Financial Landscape

Muhoho Kenyatta's significant stake is intertwined with the historical legacy of the Kenyatta family's long-standing association with the Commercial Bank of Africa (CBA). CBA, alongside NIC Group, merged in September 2019 to form the present-day NCBA Group. His direct and indirect holdings, including those through investment vehicles, trace their origins back to these predecessor institutions. Beyond his personal holdings, the Kenyatta family, through their investment vehicle Enke Investments, controls an additional 217.4 million shares, representing a 13.2 percent stake in NCBA. This aggregate interest underscores the family's deep and enduring ties to the banking sector, predating the formation of NCBA itself. Muhoho Kenyatta's previous experience includes serving as Deputy Chairman of one of NCBA's predecessor institutions between 2000 and 2019, and as a director of NCBA Bank Uganda. He also continues to contribute to the group's digital strategy as a board member of LOOP DFS Limited, a subsidiary of NCBA Group PLC.

The Ndegwa Family's Parallel Influence

The shareholder structure of NCBA is also significantly shaped by the Ndegwa family, descendants of the late Philip Ndegwa, a former Governor of the Central Bank of Kenya. Their primary stake is held through First Chartered Securities, which commands 246.1 million shares, equating to a 14.94 percent interest in the bank. Individual members of the Ndegwa family also maintain substantial personal investments. Andrew Ndegwa, a non-executive director, holds 77.6 million shares worth an estimated Sh6.83 billion. His brother, James Ndegwa, who chairs the NCBA board, possesses 76.6 million shares valued at approximately Sh6.74 billion. These holdings place the Ndegwa family among the largest shareholders, mirroring the Kenyatta family's considerable influence within the banking group. The combined shareholdings of these two prominent families form a significant bloc, crucial in decisions regarding the bank's future, particularly in light of the ongoing acquisition talks.

A Lucrative Position Amidst Acquisition Talks

Muhoho Kenyatta's substantial NCBA holding is projected to yield considerable financial returns. For the financial year ending December 2025, his Sh20 billion stake is expected to earn him a dividend of Sh1.6 billion. This figure highlights the financial significance of his direct and indirect share ownership in the bank. The bank's overall financial performance has seen a notable increase in dividends. For the financial year under review, the total dividend per share rose by 29.1 percent to Sh7.10, following a final dividend payment of Sh4.60 and an interim dividend of Sh2.50 paid on October 2, 2025. This growth contrasts with the previous year's total dividend payment of Sh5.50 per share. These dividend figures, coupled with the market valuation of his shares, underscore the immense financial benefit derived from his long-held association with NCBA and its predecessor institutions. The impending Nedbank acquisition introduces another layer of financial consideration for all shareholders.

Nedbank's Bid for Control

The disclosure of Muhoho Kenyatta's wealth coincides with a significant corporate event: Nedbank Group's offer to acquire a controlling 66 percent stake in NCBA. The South African financial services group has proposed a deal valued at approximately 13.9 billion rand (about Sh109.9 billion), structured as a mix of cash and Nedbank shares. This acquisition is designed to expand Nedbank's market presence, particularly in regions where NCBA operates and where Nedbank currently has limited reach. The transaction involves converting 80 percent of the acquired NCBA shares into Nedbank shares at a specific ratio, with the remaining 20 percent to be purchased in cash. The offer has garnered support from NCBA shareholders holding up to 71.2 percent of the bank's equity. Nedbank executives have emphasized that the acquisition is expected to be a smooth integration process, avoiding the complexities of merging disparate systems, policies, or personnel. This ease of integration was a key factor for the NCBA board in recommending the transaction to its shareholders, signaling confidence in the strategic alignment and operational feasibility of the proposed takeover.

Comparative Wealth on the Exchange

Muhoho Kenyatta's Sh20 billion holding in NCBA places him at the apex of individual wealth disclosed on the Nairobi Securities Exchange. His stake significantly surpasses that of prominent figures in the Kenyan financial sector. For instance, James Mwangi, the CEO of Equity Group, which has grown to become East Africa's largest bank by customer numbers, holds 127.8 million shares in Equity worth Sh9.6 billion. He earned a dividend of Sh734.9 million. Similarly, Suresh Shah, a director at I&M Group, possesses 174.9 million shares valued at Sh8.6 billion, with a dividend payout of Sh656 million. Muhoho Kenyatta's position, therefore, represents a considerable concentration of personal wealth within a single financial institution, setting a new benchmark for disclosed individual fortunes on the Kenyan stock market and highlighting the deep financial entrenchment of established business families.

The bottom line

• Muhoho Kenyatta's direct and indirect shareholding in NCBA Group is valued at Sh20 billion, making it the largest disclosed individual fortune on the Nairobi Securities Exchange.
• His appointment as a non-executive director on December 1, 2025, triggered the disclosure of his extensive holdings.
• The Kenyatta family, through Enke Investments, holds a further 13.2 percent stake in NCBA, indicating a broader family interest.
• The Ndegwa family, through First Chartered Securities and individual holdings, also maintains a significant presence, controlling approximately 14.94 percent of the bank.
• South Africa's Nedbank Group is in the process of acquiring a controlling 66 percent stake in NCBA, a deal valued at approximately Sh109.9 billion.
• Muhoho Kenyatta is set to receive a substantial dividend of Sh1.6 billion for the 2025 financial year, reflecting the profitability of his NCBA investment.