BUSINESS MARKETS

The 20 Richest Kenyan Investors On The NSE

BT CorrespondentAug 30, 20214.4k

Many of Kenya’s richest people store significant portions of their fortunes through equity stakes in their own and other companies.

The Nairobi Securities Exchange (NSE) is the most vibrant bourse in the East African region. The exchange currently has 66 listed companies, two of which are cross-listed from Rwanda and Uganda. Its market capitalization currently stands at 2.85 trillion shillings ($25.9 billion).

Many of Kenya’s richest people store significant portions of their fortunes through equity stakes in their own and other companies, which they typically hold via both direct and indirect investments.

Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the twenty richest people who own stocks listed on the Nairobi Stock Exchange. The value of their shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates.

James Mwangi

Net worth on the NSE: $65.2 million

Holdings: Equity Group Holdings, Britam Holdings

James Mwangi is the group managing director and CEO of Equity Group Holdings, one of Kenya’s largest financial services companies. He owns a 3.38-percent stake in Equity Group Holdings worth $59.54 million, and also owns 2.97 percent of Britam Holdings.

Zarin Merali and family

Net worth on the NSE: $57.8 million

Holdings: Sasini Tea, NCBA, Sameer Africa, Eveready East Africa

Zarin Merali, the widow of the late Kenyan businessman Naushad Merali who passed in July, now controls one of the most valuable portfolios on the Nairobi Stock Exchange. Through private investment vehicles Legend Investments Limited, Yana Towers Limited and East Africa Batteries Limited, she owns a 65.46-percent stake in Sasini Tea worth $27.2 million. She also owns a 5.9-percent stake in commercial bank NCBA through Yana Investments – a stake valued at $23.7 million. Other assets include 74.06 percent of tyre distributor Sameer Africa worth $6.2 million and a 35-percent stake in battery company Eveready East Africa, worth $657,849.

Jane Wangui Njuguna

Net worth on the NSE: $31.08 million

Holdings: Equity Group Holdings

Jane Wangui Njuguna, the wife of Equity Group CEO James Mwangi, owns a 1.71-percent stake in the bank worth $31.08 million.

Suresh Bhagwanji R. Shah, MBS

Net worth on the NSE: $34.9 million

Holdings: I&M Holdings

Suresh Bhagwanji R. Shah is the founder and chairman of I&M Bank, the precursor to I&M Holdings, one of Kenya’s leading banking groups, with additional operations in Tanzania, Rwanda and Mauritius. He founded the bank in 1974 and over a period of 4.5 decades oversaw the growth of I&M to a tier-1 lender from tier 3. He retired in April this year, but still owns 10.8 percent of the financial services group through holding companies and trusts. His stake is worth $34,992,050.

Baloobhai and Amarjeet Patel

Net worth on the NSE: $31.06 million

The Kenyan couple is one of the most prolific investors on the Nairobi Stock Exchange. They jointly own 0.78 percent of the commercial bank Absa Kenya – a stake worth $3.8 million, and a 1.45-percent stake in Bamburi Cement worth $2.45 million. They also own 40.38 percent of Carbacid Investments, which is worth $11.73 million, and 0.54 percent of Co-operative Bank worth $3,955,426. Other assets include 56.11 percent of Sanlam Kenya worth $8,532,160 and a 2.86-percent stake in Williamson Tea Kenya worth $599,084.

Holdings: Absa Kenya, Bamburi Cement, Carbacid Investments, Co-operative Bank,

John Kibunga Kimani

Net worth on the NSE: $33.4 million

Holdings: Kakuzi, Centum, Nation Media Group

Kenyan investor John Kibunga Kimani owns a 32.30-percent stake in Kakuzi, an agricultural company, worth $23,816,832. Other assets include 16.2 million shares in telecom company Safaricom worth $7.1million; 1.21 percent of the investment company Centum worth $1.14 million and a 2.99-percent stake in Nation Media Group worth $1.418 million

Andrew S.M Ndegwa

Net worth on the NSE: $16.4 million

Holdings: NCBA

Andrew Ndegwa, an Oxford graduate, is an executive director of First Chartered Securities Limited, an investment company founded by his father Philip Ndegwa, who was the former governor of the Central Bank of Kenya. Ndegwa is a non-executive director of NCBA, a leading financial services group, and owns 4.30 percent of the company. His shares have a current value of $16.4 million.

Gideon Maina Muriuki

Net worth on the NSE: $16.3 million

Holdings: Co-operative Bank of Kenya ; CIC Insurance

Gideon Maina Muriuki is the long-serving CEO of the Co-operative Bank of Kenya and owns a 1.75-percent stake in the bank worth $12.8 million. He also has a 4.7-percent shareholding in CIC Insurance worth $3.55 million.

James Ndegwa

Net worth on the NSE: $15.5 million

Holdings: NCBA

James Ndegwa, also a son of former Governor of the Central Bank of Kenya Philip Ndegwa, is a prominent business tycoon and the chairman of First Chartered Securities — a family-owned holding company with assets spanning real estate, banking, milling and insurance. James Ndegwa owns a 4.10-percent stake in NCBA worth $15.5 million.

Jimnah Mbaru

Net worth on the NSE: $14.7 million

Holdings: Britam Holdings

Kenyan investment banker Jimnah Mbaru, who is the founder of Dyer & Blair, owns a 7.72-percent stake in Britam Holdings worth $14.7 million.

Jane Wanjiru Michuki

Net worth on the NSE: $13.3 million

Holdings: Britam Holdings

Kenyan lawyer Jane Wanjiru Michuki owns a 7.1-percent stake in Britam Holdings worth $13.3 million. She is the founder of Kimani & Michuki Advocates, a corporate law firm based in Nairobi whose client list includes Equity Group Holdings Limited.

Benson Wairegi

Net worth on the NSE: $7.71 million

Holdings: Britam Holdings

Benson Wairegi, Britam’s long-serving CEO, joined the company in 1981 as a chief accountant. He rose through the ranks to become CEO in 1995, a position he held for 26 years until his retirement this year. Wairegi is credited with building Britam from a small home insurance provider into its current position as a regional leader in the insurance and financial services sector. He owns a 4.02-percent stake in Britam Holdings worth $7.71 million

Sarit S. Raja-Shah

Net worth on the NSE: $7.05 million

Holdings: I&M Holdings

Sarit S. Raja-Shah, a Kenyan national, is an executive director at I&M Holdings, a leading financial services group. He owns a 2.05-percent stake in I&M worth $7.05 million.

Sachit S. Raja-Shah

Net worth on the NSE: $6.98 million

Holdings: I&M Holdings

Sachit Shah is a son of Suresh Bhagwanji R. Shah, the founder of I & M Holdings, a $350-million (market capitalization) Kenyan banking group. Sachit Shah, an executive director of GA Insurance Limited, joined the company’s board in July 2015. He owns 2.03 percent of I&M.

Sandip Kana Sinh Babla & Alka Sandip Babla

Net worth on the NSE: $11.9 million

Holdings: KCB Group

Serial investors Sandip Kana Sinh Babla & Alka Sandip Babla own a combined 0.9-percent stake in KCB Group worth $11.9 million.

Peter Munga

Net worth on the NSE: $5.7 million

Holdings: Britam Holdings

Peter Munga, a prominent Kenyan businessman, is the founder of Equity Building Society, the microfinance bank that eventually became Equity Bank, one of East Africa’s largest financial institutions. Munga is also one of the largest shareholders in the East African insurer Britam Holdings where he owns a 2.97-percent stake worth $5.7 million.

Gulamali Ismail

Net worth on the NSE: $3.6 million

Holdings: Sasini Tea

Gulamali Ismail owns 7.92 percent of Sasini Tea worth $3.2 million and also owns a 2.68-percent stake in the media company Standard Group worth $401,222

Desterio Oyatsi

Net worth on the NSE: $2.4 million

Holdings: NCBA

Desterio Oyatsi is a lawyer to Kenyan President Uhuru Kenyatta and the extended Kenyatta family. He personally owns a 0.65-percent stake in the financial services group NCBA. His stake is worth $2,473,286. The Kenyatta family is the largest shareholder in NCBA through their holding company, Enke Investments.

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