Businessman and brother to former President Uhuru Kenyatta, Muhoho Kenyatta has emerged as the largest individual shareholder in NCBA Group after disclosures revealed he owns 227.3 million shares in the lender currently valued at approximately Sh20 billion on the Nairobi Securities Exchange (NSE).
The revelation marks the first time the full extent of Muhoho’s stake in the bank has been publicly disclosed, cementing his position among Kenya’s wealthiest investors with one of the largest known personal fortunes tied to the stock market.
Shares Held Directly and Through Investment Vehicles
According to a shareholder circular issued by NCBA on May 4, Muhoho holds shares both directly and indirectly through several investment vehicles linked to the wider Kenyatta family business empire.
The investment structures reportedly date back to the days of Commercial Bank of Africa (CBA) and NIC Group, the two banking institutions that merged in September 2019 to form NCBA Group.
The disclosure has also fueled speculation that the broader Kenyatta family could control an even larger interest in the bank through multiple entities and long-standing investment holdings.
Board Appointment Triggered Disclosure
Muhoho’s beneficial ownership became public following his appointment as a non-executive director of NCBA on December 1, 2025.
As part of regulatory requirements, directors are required to disclose their shareholding interests in listed companies.
The announcement came amid ongoing talks involving South Africa’s Nedbank Group, which is seeking to acquire a controlling 66 percent stake in the Kenyan banking giant.
Before this latest disclosure, Muhoho had previously been linked to a much smaller holding of about 12.7 million shares.
NCBA was formed following the merger between Commercial Bank of Africa and NIC Group in 2019, creating one of Kenya’s largest financial institutions.
The bank has since expanded its footprint across the region while attracting growing interest from international investors and strategic partners.
The disclosure of Muhoho’s shareholding now places fresh attention on the ownership structure of the lender and the continued influence of Kenya’s prominent business families within the banking sector.
About the Author
