Kenya’s largest landowner loses $9.5 million on NCBA stake

Key Points

• The Kenyatta family’s 13.2% stake in NCBA Group has declined by Ksh1.23 billion ($9.5 million) over just nine days, driven by a 10.32% drop in the bank’s share price on the NSE.
• The recent loss reverses earlier momentum, when the family’s NCBA holdings had gained $9.42 million between January and March
• NCBA’s market value drops below $630 million, with shares only up 1.87 percent in 2025.

The Kenyatta family, one of Kenya’s most influential political and business dynasties and the country’s largest landowners, has witnessed a sharp decline in the market value of its stake in NCBA Group. This drop comes after a significant fall in the bank’s share price on the Nairobi Securities Exchange (NSE).

Kenyatta family’s NCBA stake falls below $90 million

Holding a 13.2-percent stake through the estate of the late President Jomo Kenyatta, the founding father of Kenya, the family owns 217.5 million shares in the bank. In just nine days, the value of this holding has fallen by Ksh1.23 billion ($9.5 million), dragging its market value below $90 million. 

It’s a sharp reversal from earlier this year. Between mid-January and late March, the family’s stake had climbed by $9.42 million, from $79.2 million to $88.6 million—as NCBA shares rallied. This underscores the volatility gripping Kenya’s financial markets and shifting investor mood around banking stocks.

NCBA shares slide 10.32% in nine 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 nine days, NCBA Group’s stock has suffered a sharp 10.32 percent drop on the NSE, with its share price falling from Ksh54.75 ($0.4234) on April 28 to Ksh49.10 ($0.3797). This decline has pushed the bank’s market capitalization below $630 million, resulting in significant losses for investors—including the influential Kenyatta family.

Kenyatta family loses $9.5 million on NCBA stake

The single-digit decline in NCBA’s share price has wiped out a substantial portion of the Kenyatta family’s 13.2-percent stake. The value of their holdings has dropped from Ksh11.91 billion ($92.1 million) on April 28 to Ksh10.68 billion ($82.59 million), a steep loss of Ksh1.23 billion ($9.50 million) in just nine days.

Despite the recent decline in the market value of their NCBA stake, the Kenyatta family remains one of the wealthiest investor groups on the NSE. Their influence extends far beyond banking, with a diverse investment portfolio that spans large-scale agriculture and strategic financial ventures. 

NCBA shares down 1.87% year-to-date

As one of the most valuable firms listed on the Nairobi Securities Exchange, NCBA Group has delivered a modest 1.87 percent year-to-date return to shareholders. For context, a $100,000 investment at the start of 2025 would now be worth approximately $101,870—reflecting a gain of nearly $1,870.