Uhuru and family own 8.5 billion stake at top banks merger

President Uhuru Kenyatta; his brother Muhoho and former First Lady Mama Ngina Kenyatta will together directly hold stakes worth a combined Sh8.5 billion in a new merger of banks; NIC and CBA.

The merger counts among its top owners some of Kenya’s most renowned billionaire investors and political figures including the Kenyattas, the Phillip Ndegwa family and billionaire businessman Naushad Merali.

The Kenyattas currently hold a 24.92 percent stake in CBA. They will in the merged entity end up controlling about 13.2 percent of the bank.

NIC Bank founder family, the Ndegwas will take a level that nearly matched the Kenyattas, at 13.25 percent.

Mr Merali will on the other hand end up with a 2.9 percent equity based on his present direct ownership of a 5.6 percent stake in CBA.

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