Two of Kenya's wealthiest and most influential business families are poised to receive a combined payout worth approximately $170 million as part of a landmark transaction that will hand South Africa's Nedbank Group a controlling stake in Kenyan lender NCBA Group.
The families of Kenya's founding president, Jomo Kenyatta, and former Central Bank Governor Philip Ndegwa stand to receive a mix of cash and shares under the proposed acquisition, making them among the biggest beneficiaries of one of the largest banking deals seen in East Africa in recent years.
Under the terms of the transaction, the two families are expected to receive about Sh21.9 billion ($170 million), comprising a direct cash payment and millions of shares in Nedbank Group.
Rather than fully exiting the banking sector, the arrangement allows the families to exchange part of their ownership in NCBA for a stake in one of Africa's largest financial institutions.
The Kenyatta family's interests in NCBA are primarily held through Enke Investments, while the Ndegwa family's stake is controlled through First Chartered Securities.
