The Kenyatta family, one of Kenya’s most influential political and business dynasties and the country’s largest private landowners, has seen the value of its holdings in NCBA Group fall sharply following a recent decline in the bank’s share price on the Nairobi Securities Exchange.
Through the estate of the late President Jomo Kenyatta, the family owns 217.5 million NCBA shares, representing 13.2 percent of the bank. Over the past five weeks, this stake has dropped in value by Ksh2.61 billion ($20.12 million), falling from Ksh20.93 billion ($161.35 million) to Ksh18.32 billion ($141.24 million).
The slide mirrors NCBA’s broader stock performance, which has fallen 12.47 percent over the same period, with shares declining from Ksh96.25 ($0.7419) on October 22 to Ksh84.25 ($0.6494) in the latest session. The decline has reduced the bank’s market capitalization closer to the $1 billion mark, trimming recent gains for major shareholders including the Kenyatta estate.
NCBA, headquartered in Nairobi, operates across Kenya, Tanzania, Rwanda, Uganda, and Côte d’Ivoire. Formed in 2019 from the merger of NIC Bank Group and Commercial Bank of Africa, NCBA has positioned itself as one of East Africa’s most diversified financial institutions, serving retail, corporate, and digital banking clients.
Despite the recent downturn, NCBA has delivered strong returns this year, with shares rising nearly 75 percent year-to-date. A $100,000 investment at the start of 2025 would now be worth roughly $174,790. For the Kenyatta family, however, the recent loss highlights the volatility that can affect even established, long-term equity holdings.
The family remains one of NCBA’s largest individual shareholders, and their stake continues to play a key role in the bank’s shareholder structure as the institution navigates both domestic and regional markets.
