President Uhuru Kenyatta's family had the best year in their businesses mainly anchored in banking.
The Kenyatta family is a major shareholder in newly merged NCBA, a bank which has since gained recognition at Nairobi Stock Exchange (NSE).
NCBA was formed following the merger of NIC Bank and CBA. The latter was almost entirely owned by the Kenyatta family.
The Kenyatta family, which owns 13.2 per cent of the merged bank, has seen its paper wealth in the lender increase by Sh1.45 billion since October 16 to hit Sh7.2 billion
Kenyan bank shares have rallied following the removal on November 7 of the legal cap on commercial interest rates that curbed lenders’ profits.
“The third and fourth quarters of the year saw significant rallies at the NSE especially on bank stocks that had a positive risk sentiment following the repeal of the rate cap.” said Churchill Ogutu, a senior analyst at city-based investment bank Genghis Capital.
Investors have rushed to buy the lenders’ stocks at the Nairobi bourse in anticipation of increased gains in coming days as others eye long-term gains in the form of dividends.
NCBA is one of the leading institutions currently at NSE since getting access to ranking in October 2019.
Besides the banking sector, the president's family has invested in real estate and Agriculture. Brookside company is linked to the family as well.