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Key Points
- The family gained $12.63 million in three weeks as NCBA shares surged nearly 14% on the Nairobi Securities Exchange.
- The bank’s strong stock performance has boosted investor returns and lifted its market value above $780 million.
- The Kenyattas also control major assets in dairy, land, real estate, media, and hospitality, reinforcing their economic clout in East Africa.
Kenya’s influential Kenyatta family, long known for its deep political roots and vast business interests, has seen the value of its stake in NCBA Group climb past the $100 million mark, driven by a steady rally in the bank’s stock on the Nairobi Securities Exchange (NSE).
Their 13.2-percent shareholding, held through the estate of Kenya’s founding president Jomo Kenyatta, has gained Ksh1.63 billion ($12.63 million) over the past three weeks. That brings the total market value of their 217.5 million shares to about $103.12 million.
Kenyattas’ NCBA stake climbs again
This rise follows an earlier increase of $10.01 million between May 13 and June 5, when the family’s NCBA stake grew from $82.14 million to $92.15 million. The steady upward movement underscores the family’s continued influence in Kenya’s financial sector.
Mama Ngina Kenyatta, Kenya’s former First Lady, remains at the center of the family’s business empire, which spans agriculture, banking, real estate, media, and hospitality. Together, these assets help position the Kenyattas among the wealthiest families in Africa.
NCBA shares climb nearly 14% in three weeks
NCBA Group, a major financial institution based in Nairobi, Kenya, has steadily expanded its footprint across East Africa, with operations in Tanzania, Rwanda, Uganda, and Côte d’Ivoire. The bank was formed in 2019 through a merger between NIC Bank Group and Commercial Bank of Africa Group, a move that helped solidify its position in the region’s banking landscape.
Over the past few weeks, NCBA’s stock has rallied on the NSE, rising 13.95 percent. Its share price jumped from Ksh53.75 ($0.4161) on June 10 to Ksh61.25 ($0.4741) by July 2, lifting the bank’s overall market value to more than $780 million. The rally has been a welcome boost for shareholders, particularly the Kenyatta family.
Kenyattas add $13 million via NCBA
As one of the bank’s largest investors, the Kenyatta family has seen the value of its stake grow significantly. Between June 10 and July 3, their holdings rose from Ksh11.69 billion ($90.49 million) to Ksh13.32 billion ($103.12 million), adding billions of shillings to their wealth and reaffirming their influence in Kenya’s financial sector.
As of July 3, NCBA shares have gained 27.07 percent since the start of the year. For investors, that means a Ksh13 million ($100,000) stake in January would now be worth Ksh16.34 million ($127,070). The steady rise has made the bank increasingly attractive to both local and institutional investors, especially in light of the changes shaping Kenya’s financial sector.
Inside Kenyatta family’s business empire
For the Kenyatta family, NCBA remains one of their most valuable holdings. But their wealth extends far beyond banking. Over the years, they’ve built a diverse portfolio that includes agribusiness, hospitality, real estate, and media—an approach that has helped them maintain their position as one of the most influential families in East Africa.
Their business interests are wide-ranging. The family owns more than 500,000 acres of land across the country, and runs Brookside Dairy, which supplies around 60 percent of Kenya’s milk. They also own Mediamax Network Limited, the media company behind K24 TV and The People Daily. One of their most ambitious ventures, Northlands City, is set to transform a large section of Nairobi’s outskirts into a mixed-use development.
