Kenyatta family, Kenya’s largest landowners, gains $10 million from NCBA stake

Key Points

• A 12.19% rally in NCBA shares since May 13 has added $10.01 million to the Kenyatta family’s 13.2% stake.
• NCBA Group’s share price rose from Ksh48.8 ($0.38) to Ksh54.75 ($0.42) in 22 days, lifting its valuation above $700 million.
• NCBA stock has returned 13.59% year-to-date, turning a $100,000 January investment into $113,590.

The Kenyatta family, one of Kenya’s most influential political and business dynasties and the country’s largest private landowners, has seen a significant boost in the value of its stake in NCBA Group, thanks to a recent recovery in the bank’s share price on the Nairobi Securities Exchange (NSE).

Held through the estate of the late President Jomo Kenyatta, the family owns a 13.2 percent stake in the lender, amounting to 217.5 million shares. In just 22 days, the market value of this stake jumped by Ksh1.29 billion ($10.01 million), bringing its total worth to more than $92 million.

This rebound follows a sharp drop between April 28 and May 7, when the value of the family’s shares slipped by $9.5 million, from Ksh11.91 billion ($92.1 million) to Ksh10.68 billion ($82.59 million).

NCBA shares surge 12.19% in 22 days

NCBA Group, a leading financial institution headquartered in Nairobi, Kenya, operates in Tanzania, Rwanda, Uganda, and Côte d’Ivoire. Formed in 2019 through the merger of NIC Bank Group and Commercial Bank of Africa Group, the bank has strengthened its presence in East Africa’s banking sector.

Over the past three weeks, NCBA Group’s stock has posted a strong rally on the Nairobi Securities Exchange (NSE), rising 12.19 percent since May 13. The share price climbed from Ksh48.8 ($0.38) to Ksh54.75 ($0.42), lifting the bank’s market capitalization above $700 million. 

Stock surge boosts Kenyatta family fortune

The recent rise in NCBA Group’s share price has brought notable gains for investors—none more so than the Kenyatta family, one of Kenya’s wealthiest and most influential dynasties.

Since May 13, the value of their 13.2 percent stake has grown by Ksh1.29 billion ($10.01 million), climbing from Ksh10.61 billion ($82.14 million) to Ksh11.91 billion ($92.15 million). The increase further strengthens their standing among the country’s leading private investors.

But the Kenyattas’ fortune extends beyond NCBA. Over the years, they’ve built a broad investment portfolio that includes major agricultural holdings and key positions in the financial sector. This mix of assets has helped preserve and grow the family’s wealth, anchoring their influence in Kenya’s economy.

Year-to-date performance

As one of the most valuable firms listed on the Nairobi Securities Exchange, NCBA Group has delivered a significant 13.59 percent year-to-date return to shareholders. A $100,000 investment at the start of 2025 would now be worth $113,590, reflecting a gain of nearly $13,590.