A bitter courtroom drama has gripped Kenya’s business community as Peter Munga, founder of Equity Bank Group, faces a $5 million legal challenge from his wife, Rose Njambi Munga, over disputed shares in Britam Holdings Plc. The case, now before the High Court in Nairobi, has raised questions about asset ownership, family wealth, and the fragility of credit relationships in the country’s tightening financial environment.
At the heart of the dispute are 75 million Britam shares currently pledged as collateral to ABC Bank. Njambi contends that the shares, acquired during their long marriage, qualify as matrimonial property and should not have been used to secure a loan without her consent. Munga, however, maintains he acted within the law, with courts previously affirming his right to pledge the assets.
Loan dispute deepens family rift
Court documents show that Munga’s firm, Equatorial Nut Processors, borrowed Ksh882 million ($6.83 million) from ABC Bank between 2022 and 2024 to fulfil supply contracts with the Education Ministry, the World Food Programme, and KEMSA–Global Fund. With more than Ksh433 million ($3.36 million) still unpaid, ABC Bank moved to seize the Britam shares, valued at about Ksh510 million ($3.95 million).
Njambi has since sought a court injunction to block the sale, arguing her ownership rights under Kenya’s Matrimonial Property Act of 2013. She has offered to deposit Ksh100 million ($774,000) in court as security pending a ruling.
From banking pioneer to boardroom battles
Munga, born in 1943 in Murang’a County, is widely credited with reshaping Kenya’s banking landscape. His vision of financial inclusion for low-income earners led to the creation of Equity Building Society in 1984, which grew into Equity Bank Group—now one of Africa’s biggest lenders with over 21 million customers.
After stepping down as chairman in 2018, Munga turned his attention to his agribusiness venture, Equatorial Nut Processors, and his holdings in Britam. But recent years have tested his legacy, as loan defaults, commercial disputes, and property battles have begun to pile up. Just last year, ABC Bank attempted to auction the same Britam shares, and earlier this year Munga was drawn into a separate case involving Pioneer International School and land leased from Del Monte Kenya Ltd.
