The Kenyatta and Ndegwa families, two of Kenya’s most prominent business families, are set to see a significant reduction in their ownership of NCBA Group following South Africa’s Nedbank Group’s planned acquisition of a controlling stake in the Kenyan financial institution. The development marks a major shift in the ownership structure of one of Kenya’s largest banks and could significantly change the influence that the two families have exercised over NCBA for many years.

It is important to clarify that the families are not losing all their NCBA shares. Rather, they have committed to sell a substantial portion of their holdings to Nedbank as part of the South African bank’s acquisition of approximately 66 percent of NCBA Group. In return, the families will receive a combination of cash and Nedbank shares. The transaction is valued at approximately KSh109.6 billion. 

The major NCBA ownership change

NCBA Group has been one of the most important privately backed listed financial institutions in Kenya. Its ownership has historically included prominent Kenyan investors and families, among them the Kenyatta and Ndegwa families.

According to NCBA's 2025 integrated report, First Chartered Securities Limited, associated with the Ndegwa family, held 246.15 million NCBA shares, equivalent to 14.94 percent of the company. Enke Investments Limited, associated with the Kenyatta family, held 217.50 million shares, representing 13.20 percent. Muhoho Kenyatta also appeared as a major individual shareholder, holding 227.4 million shares, or 13.80 percent, according to the year-end shareholder information. 

The figures demonstrate just how significant the two families have been in NCBA's ownership structure.

The proposed Nedbank transaction, however, is changing this arrangement. Nedbank is seeking approximately 66 percent of NCBA's issued ordinary shares, giving it controlling ownership of the financial group.

The Central Bank of Kenya approved Nedbank's acquisition of up to 66 percent of NCBA in late August 2026, clearing a major regulatory hurdle for the transaction. As of early September 2026, the deal was therefore much closer to completion, although the final completion remains subject to the remaining transaction conditions and regulatory processes. 

 *How much are the Kenyatta and Ndegwa families selling?* 

The two families have agreed to participate in the Nedbank offer. Under the transaction structure, approximately 80 percent of the consideration is provided in Nedbank shares, while approximately 20 percent is paid in cash.

The combined value of what the Kenyatta and Ndegwa families are expected to receive has been estimated at approximately KSh21.9 billion, consisting of roughly KSh20.6 billion in Nedbank shares and about KSh1.32 billion in cash. 

This means that the families are not simply walking away from their investment. Instead, they are exchanging a large part of their ownership in a Kenyan-listed financial institution for an investment in Nedbank, a major South African banking group.

This distinction is important because headlines saying that the families have "lost" their shares can be misleading. They are effectively selling or exchanging a substantial part of their NCBA holdings, rather than having the shares taken away from them without compensation.

The Kenyatta family's position

The Kenyatta family has maintained a significant interest in NCBA through investment vehicles and direct holdings.

One of the most prominent individual shareholders is businessman Muhoho Kenyatta, brother of former President Uhuru Kenyatta. NCBA's 2025 annual report listed Muhoho Kenyatta with more than 227 million shares, making him one of the largest disclosed individual shareholders on the Nairobi Securities Exchange. 

The family's broader interest has also been associated with Enke Investments Limited.

Under the Nedbank transaction, the Kenyatta family has committed a substantial portion of its NCBA holdings to the offer. Reports based on the offer documentation indicate that the family will receive billions of shillings worth of Nedbank shares alongside a cash component. 

The transaction therefore represents a significant change in the family's relationship with NCBA. Instead of being among the major owners of a Kenyan bank, the family will have exposure to the South African banking group through shares received as consideration.

This could give the family an indirect economic interest in the future growth of Nedbank while reducing its direct influence over NCBA.

The Ndegwa family's position

The Ndegwa family has an even larger disclosed institutional holding in NCBA through First Chartered Securities Limited.

According to NCBA's 2025 annual report, First Chartered Securities held approximately 246.15 million NCBA shares, equivalent to 14.94 percent of the group. 

The family is associated with the legacy of former Central Bank of Kenya governor Philip Ndegwa, whose family became an important force in Kenya's banking and investment sector.

The transaction documents indicate that the Ndegwas committed to sell approximately 129.97 million NCBA shares to Nedbank. In return, the family is expected to receive approximately 5.24 million Nedbank shares, valued at about KSh10.65 billion based on the transaction valuation, plus a cash payment of roughly KSh682.34 million. 

The family will therefore continue to have an interest in NCBA after the transaction, but its direct stake will be significantly reduced.

 *Why are the families selling?* 

The decision should not necessarily be interpreted as a sign that the families believe NCBA is performing badly.

In fact, NCBA's financial performance has remained strong. For the year ended December 2025, the group reported profit after tax of approximately KSh23.4 billion, compared with KSh21.9 billion in 2024. The bank also increased its total dividend to KSh7.10 per share. 

The transaction is instead part of a much larger strategic change.

Nedbank wants to establish a stronger presence in East Africa. The acquisition will give the South African banking group access to NCBA's operations in Kenya and its regional businesses, including operations in Uganda, Tanzania and Rwanda. Reuters reported that Nedbank sees opportunities in corporate and investment banking, infrastructure finance, wealth management and digital financial services through the NCBA platform. 

For existing shareholders, the offer provides an opportunity to monetize part of their investment while receiving shares in the acquiring institution.

The KSh109.6 billion deal

The entire transaction is one of the most significant banking ownership changes in Kenya in recent years.

Nedbank's offer values the acquisition of approximately 66 percent of NCBA at around KSh109.6 billion. 

The deal involves the acquisition of approximately 1.087 billion NCBA shares.

The offer was particularly attractive to shareholders because it was structured as a combination of cash and shares. Rather than paying entirely in cash, Nedbank offered shareholders an opportunity to receive Nedbank shares listed on the Johannesburg Stock Exchange.

For every 100 NCBA shares accepted under the relevant consideration structure, shareholders receive approximately 4.02994 Nedbank shares, while the cash component is based on approximately KSh21 per NCBA share. 

This structure means that participating Kenyan shareholders will become investors in a major South African banking group.

The offer attracted more shares than Nedbank wanted

Another interesting aspect of the transaction is that shareholders offered more NCBA shares to Nedbank than the South African bank needed to acquire its targeted 66 percent.

When the offer closed in July 2026, shareholders had tendered approximately 1.316 billion shares, equivalent to about 79.90 percent of NCBA's issued share capital, despite Nedbank targeting approximately 66 percent. 

This oversubscription meant that the shares accepted had to be scaled down to meet Nedbank's 66 percent target.

The development demonstrated strong shareholder interest in the transaction. It also means that the final number of shares each investor transfers can depend on the applicable scaling mechanism and the terms of the offer.

 *What happens to NCBA after Nedbank takes control?* 

NCBA is expected to remain listed on the Nairobi Securities Exchange, even after Nedbank becomes the controlling shareholder.

This is important because the transaction does not necessarily mean that NCBA will immediately disappear as a publicly traded Kenyan company.

Nedbank's objective is to gain control while NCBA continues operating as a major financial institution in East Africa. The remaining approximately 34 percent of NCBA will continue to be held by other shareholders, subject to the final transaction structure and completion. 

Nedbank has also indicated that it sees NCBA as a platform for expanding its business across East Africa rather than simply as an institution to be absorbed and eliminated.

 *What does this mean for the Kenyatta and Ndegwa families?* 

The most important consequence is a loss of direct ownership influence.

For many years, the families have been among NCBA's most influential shareholders. Their large stakes gave them significant economic exposure to the bank and placed them among its most important private investors.

After the Nedbank transaction, their direct NCBA ownership will be substantially smaller.

However, they will not simply lose their wealth.

Instead, a large portion of the value represented by their NCBA shares will be transformed into Nedbank shares and cash.

This means the families could continue to benefit financially if Nedbank performs well and its share price rises. Their investment will simply be linked more closely to the South African financial group rather than solely to NCBA.

Muhoho Kenyatta's dividend before the takeover

The transition comes at a time when NCBA shareholders are still benefiting from the bank's strong earnings.

In August 2026, NCBA announced an interim dividend of KSh3.75 per share, an increase from KSh2.50 the previous year. The total payout was approximately KSh6.18 billion. Based on his disclosed 227.3 million shares, Muhoho Kenyatta was expected to receive approximately KSh852 million from the interim dividend. 

This illustrates that the Kenyatta family's investment remained financially valuable even as the ownership transition moved closer.

Why the development matters to Kenya

The transaction has implications beyond the two families.

NCBA is one of Kenya's major banking groups, and the transfer of control to a South African institution represents another example of increasing regional integration within Africa's financial sector.

Nedbank's entry could bring additional capital, technology, regional networks and new financial products to NCBA.

At the same time, some Kenyans may question what the change means for local ownership of strategic financial institutions.

The Kenyatta and Ndegwa families' reduced stakes therefore symbolize a broader shift from a bank heavily associated with prominent Kenyan investors toward a more multinational ownership structure.

Current position as of September 2026

As of September 2, 2026, the transaction had moved significantly closer to completion.

The Central Bank of Kenya has approved Nedbank's acquisition of up to 66 percent of NCBA, removing a major regulatory obstacle. 

However, it is important not to describe the transaction as though every share has already been transferred and the entire process is finished. Nedbank's own transaction timetable lists completion as targeted for the third quarter of 2026, subject to the satisfaction or waiver of outstanding conditions. 

Therefore, the most accurate description is that the Kenyatta and Ndegwa families have committed to sell a substantial portion of their NCBA holdings as part of the Nedbank takeover, rather than saying they have simply lost all their shares.