The sale of NCBA Group Plc shares to South Africa’s Nedbank Group Limited on a day which President William Ruto met Uhuru Kenyatta’s brother Muhoho has raised eyebrows in the financial sector.
NCBA, associated with Kenyatta and Ndegwa families, announced it had received a Strategic Investment Proposal and a Notice of Intention (NOI) from Nedbank Group Limited to acquire approximately 66 per cent of its ordinary shares through a Tender Offer.
NCBA Bank Kenya PLC chairman Isaac Awuondo with group managing director John Gachora during the unveiling of NCBA group new logo in 2019. [Photo/ Courtesy]
If completed, the transaction will see Nedbank acquire a controlling stake in NCBA, with the Kenyan lender becoming a subsidiary of Nedbank. The remaining 34 per cent of NCBA’s issued shares will continue to be listed on the Nairobi Securities Exchange (NSE).
Muhoho, who is a Non-Executive Director of NCBA Group PLC, was appointed two months ago to oversee the then proposed merger with Standard Bank Group’s Kenyan unit, Stanbic Holdings Plc.
Muhoho Kenyatta [Photo/ Courtesy]
The increasingly powerful Muhoho was among the guests present at state house during the Presidential Gold Awards Presentation event, which Ruto presided over.
He attended the event in his capacity as a representative of the International Council of the Duke of Edinburgh Award.
Surprisingly, in his remarks, Ruto paused to acknowledge Muhoho’s presence, drawing attention from other guests.
“I am happy my friend, the representative, is in our midst, Muhoho Kenyatta,” he said with a smile.
The brief recognition sparked interest among observers, given the complicated political history between the President and the former First Family.
Then, the sale of NCBA Group PLC shares comes…
The boardroom cue by the Nedbank has shocked the financial sector coming at a time when NCBA was riding high in the banking sector.
It ranks among the top four commercial bank in Kenya in assets and balance sheet.
The bank was in the news when the merger between the Commercial Bank of Africa (CBA) and NIC Bank was exempted from paying taxes by the then National Treasury Acting Cabinet Secretary Ukur Yattani under controversial circumstances.
On August 1, 2025, President Ruto and former president Uhuru Kenyatta met at State House during a casual but loaded political encounter that may have surpassed political discussions.
Two months later, President Ruto has met up again with Uhuru at his Gatundu home.
According to former president Uhuru Kenyatta, the two discussed matters of national interest.
