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Kenya's Central Bank has approved Nedbank's acquisition of a 66% stake in NCBA Group for approximately $842 million, clearing the way for one of the most significant cross-border banking transactions in East African history.
Muhoho Kenyatta collects roughly $6.6 million from NCBA's interim dividend, months before Nedbank completes its takeover of the bank his family has long backed.
Nedbank's $856 million takeover of NCBA Group has secured key East African regulatory approvals, bringing the Kenyatta and Ndegwa families' Sh21.9 billion windfall closer to completion.
Nedbank's NCBA buyout offer opened May 29 at Sh105, offering shareholders a 20.3% gain above NSE prices. Muhoho Kenyatta stands to be the biggest individual winner.
Muhoho Kenyatta, son of Kenya's founding president Jomo Kenyatta, holds 227.3 million NCBA shares worth Sh20 billion ($153.8 million), the largest disclosed individual fortune on the Nairobi Securities Exchange.
Muhoho Kenyatta rejoins NCBA as a non-executive director amid ongoing Standard Bank buyout talks shaping Kenya’s banking industry.