Kenyatta family, Kenya’s largest landowners, sees $9 million gain from NCBA stake

Key Points

• The Kenyatta family’s stake in NCBA Group has gained Ksh1.22 billion ($9.41 million) over 70 days, driven by an 11.88% increase in the bank’s stock on the Nairobi Securities Exchange.
• The family’s 13.2% stake in NCBA, now valued at $88.7 million, reinforces their stronghold in Kenya’s financial sector, building on last year’s $26.99 million gain.
• Beyond NCBA, the Kenyattas have strategically invested in agriculture, tourism and finance, solidifying their long-term economic influence in Kenya.

The Kenyatta family, Kenya’s largest landowners, has seen the market value of the family’s joint stake in NCBA Group rise by more than $9 million, recovering from an early-year dip. The gain follows a strong rebound in the bank’s shares on the Nairobi Securities Exchange (NSE).

One of Kenya’s most influential families, the Kenyattas hold a 13.2 percent stake in NCBA through the estate of Jomo Kenyatta, the country’s founding president. Over the past 70 days, their 217.5 million shares have gained Ksh1.22 billion ($9.41 million), bringing the total value closer to $89 million.

This latest increase builds on last year’s strong run, when the family’s NCBA holdings grew by $26.99 million. That surge was driven by renewed investor confidence and a stronger Kenyan shilling. In 2024, the value of their stake climbed from Ksh8.48 billion ($54.15 million) to Ksh10.48 billion ($81.14 million), further cementing their influence in Kenya’s banking sector.

NCBA shares surge 11.88%, market cap surpasses $670 million

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.

In recent weeks, NCBA’s stock has been on the rise, gaining 11.88 percent on the NSE. Its share price climbed from Ksh47.15 ($0.36) on Jan. 14 to Ksh52.75 ($0.41), pushing the bank’s market value past $670 million. This rally has rewarded investors, including the wealthy Kenyatta family.

Kenyatta family sees gains as NCBA stock rises

The double-digit stock increase has boosted the value of the family’s 13.2 percent stake, adding Ksh1.22 billion ($9.42 million) in just a few weeks. The stake has grown from Ksh10.25 billion ($79.23 million) on Jan. 14 to Ksh11.47 billion ($88.64 million), reinforcing their status among Kenya’s top investors.

The recent surge in NCBA shares highlights both the bank’s performance and investor confidence in Kenya’s financial sector. As NCBA expands its regional presence, a sustained stock rally could further increase shareholder returns, solidifying the family’s influence in the country’s financial landscape.

Beyond their NCBA stake, the Kenyattas have built a diverse investment portfolio, spanning large-scale agriculture and strategic financial ventures. This broad approach to investing has played a key role in their wealth growth, cementing their lasting presence in Kenya’s economy.