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The family of Jomo Kenyatta, Kenya’s first prime minister and president who served from 1963 to 1978, has gained more than $3.1 million in value since the close of trading on Wed., May 4, as NCBA Group shares recover from their lowest price levels in more than two months.
According to data obtained by Billionaires.Africa, the family’s stake in NCBA Group has increased in value by Ksh358.9 million ($3.1 million) in the last six days due to a rebound in the group’s share price.
In recent times, shares in NCBA Group, a Nairobi-based financial services holding, have soared in value after their price was marked down nearly two weeks ago to account for the payment of the holding’s 2021 dividends to shareholders.
The Kenyatta family said to be Kenya’s largest landowners, owns a 12.8-percent stake in NCBA Group, one of Kenya’s largest financial services groups, and has been at the forefront of the group’s operation for several years.
Ngina Kenyatta, Muhoho Kenyatta and Uhuru Kenyatta are members of the Kenyatta family. Uhuru Kenyatta is a Kenyan politician who has served as the country’s president since 2013.
Shares in the leading financial services group have risen from Ksh23.85 ($0.206) on May 4 to Ksh25.5 ($0.220) at the time of writing, representing a 6.9-percent return for shareholders and a $3.1-million gain for the multimillionaire family.
During the review period, the market value of the family’s stake increased from Ksh5.19 billion ($44.71 million) to Ksh5.55 billion ($47.81 million) due to the increase in stock price.
Aside from the unrealized gains from the recent increase in NCBA Group shares, the Kenyatta family received a dividend of Ksh489.4 million ($4.27 million) from their stake in the leading lender on May 5.
The dividend was paid from the group’s retained earnings of more than Ksh44.2 billion ($385.3 million) since the merger of NIC Bank Group, led by the Ndegwa family, and Commercial Bank of Africa Group, led by the wealthy Kenyatta family, nearly three years ago.
