Kenyatta Family and Two Other Rich Kenyan Families Set to Gain Billions in KSh 110 Billion NCBA Deal

Three of Kenya’s prominent business families are set to benefit from South African bank Nedbank’s takeover of NCBA Group, in a deal worth about KSh 110 billion.

The Kenyatta, Ndegwa and Merali families are expected to receive a combined KSh 7.84 billion in cash and about 15 million new Nedbank shares valued at approximately KSh 55.4 billion, according to reports published on October 21, 2026.

The transaction marks a major change in the ownership of NCBA, one of Kenya’s leading banking groups. Nedbank has acquired a 66% controlling stake in the lender after receiving the required regulatory approvals.

The Kenyatta family, associated with former President Uhuru Kenyatta, is among NCBA’s major shareholders. The family holds shares mainly through Enke Investments, while businessman Muhoho Kenyatta also owns shares directly.

Under the deal, the family is expected to receive about KSh 3.19 billion in cash and Nedbank shares valued at approximately KSh 17 billion.

The Ndegwa family, whose investments are linked to the late former Central Bank of Kenya governor Philip Ndegwa, is also a major NCBA shareholder.

The family is expected to receive about KSh 3.41 billion in cash, alongside Nedbank shares valued at approximately KSh 18.2 billion.

The Merali family, associated with the late businessman Naushad Merali, is the third major beneficiary. Through its investment company, Yana Investments, the family holds a stake in NCBA.

It is expected to receive about KSh 1.23 billion in cash and Nedbank shares valued at approximately KSh 6.6 billion.

The final value of the shares may change depending on Nedbank’s market price.

Nedbank’s takeover gives the South African lender a stronger presence in East Africa without having to build a banking network from the beginning.

Despite the change in ownership, NCBA will retain its name, Nairobi headquarters and local management. The bank will also remain listed on the Nairobi Securities Exchange, with the remaining 34% of shares held by other investors.

The takeover is a major business development for Kenya’s banking sector and its shareholders. While the three families stand to receive billions in cash and shares, Nedbank gains control of an established financial institution with a strong regional presence.

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