Esther Koimett becomes Middle East Bank Kenya's largest shareholder after inheriting Nicholas Biwott's stake

Esther Jepkemboi Koimett, a former Kenyan principal secretary and the firstborn daughter of the late billionaire cabinet minister Nicholas Biwott, has become the largest individual shareholder in Middle East Bank Kenya after inheriting a stake in the lender from her father's estate.

Regulatory disclosures from the bank confirm Koimett now holds 17.48% of the tier-three lender, placing her ahead of all other individual and corporate shareholders, including MEB Holdings Limited at 11.58%, Mustang Limited at 10.47%, and Baumann Management Services Limited and Good Fortune Limited, which each hold 6.60%.

The stake traces to the estate of Biwott, one of the most powerful and closely watched political figures of the Daniel arap Moi era, who died on July 11, 2017, after suffering kidney failure at the age of 77. His will, written six months before his death, divided his estate into 14 equal shares distributed among his children. Lawyers administering the will made its contents public specifically to counter speculation about the true scale of his wealth.

Previous reports had linked Biwott to a stake in Middle East Bank during the period following the Al-Futtaim Group's exit from the lender in April 1991, when the Dubai-based conglomerate sold its interest as part of an effort to transfer ownership to Kenyan investors. The bank was established in August 1981 by Al-Futtaim, the UAE conglomerate now associated with Carrefour supermarkets, and remains overwhelmingly locally owned, with Kenyan investors controlling 90.22% of the institution.

The precise timing of Koimett's emergence as the bank's largest shareholder is not established in public disclosures, with the bank confirming only her current holding. What is documented is that she joined the Middle East Bank board on February 26, 2024, bringing more than three decades of experience spanning banking, investment promotion, public enterprise reform and public policy.

Her career in the public sector was extensive. She served as principal secretary across several ministries and as chief executive officer of Kenya Post Office Savings Bank. Since transitioning to the private sector, she has accumulated a series of board positions, including chairperson of M-Pesa Holdings Company Limited and AAR Insurance Kenya, non-executive director of Car & General, and, from January 2026, a board seat at Kenya Airways representing the interests of KQ Lenders Company.

The development places Koimett among a small group of women with significant equity interests in African commercial banks. Kenya has produced prominent female investors in the financial sector, including lawyer Jane Wanjiru Michuki, who previously held a minority stake in Equity Bank. Available public records do not show a comparable individual commercial bank stake held by a Kenyan woman, though the source material stops short of confirming Koimett as the first to hold such a position at this level.

Middle East Bank reported a net profit of 264.37 million Kenyan shillings, approximately $2.05 million, in 2025, up 22.2% from 216.34 million shillings the previous year. The result came as the bank moved to meet higher capital requirements set by the Central Bank of Kenya, with core capital reaching 3.07 billion shillings.

Corporate shareholders collectively control 79.69% of the bank against 20.31% held by individuals. Koimett now accounts for the largest share of that individual holding, cementing a transfer of private banking wealth that began with one of Kenya's most consequential political estates.