The family of the late Kenyan President Daniel arap Moi will pocket Ksh 41 million ($380,000) in dividends from their stake in Standard Chartered Bank of Kenya this week.
Earlier in March, the tier-1 bank released its financial results for the period ending December 2020. It reported a 34.1-percent drop in profit, with earnings plunging to Ksh 5.4 billion ($49.8 million) from Ksh 8.2 billion ($75.7 million) in 2019. The profit decline came on the back of higher provisioning for loan defaults.
The board of the bank proposed a Ksh 10.50 dividend payout – a 16-percent decrease from the Ksh 12.50 that was paid out last year. Shawmut Limited, the private investment firm of the Moi family, owns roughly 1.03 percent (or 3,891,974 ordinary shares) in the bank. The family’s stake is worth Ksh 511.8 million ($4.7 million). Shawmut Limited stands to pocket more than Ksh 40.8 million – approximately $375,000, using the current exchange rate of $1 = Ksh 108.2. Standard Chartered will pay the dividend on May 27.
The value of Shawmut’s stake in Standard Chartered represents only a tiny fraction of the assets Kenya’s former first family control. Unofficial accounts in Kenyan media have estimated the Moi family’s wealth at more than $3 billion.
During the 24 years that he was president of Kenya between 1978 to 2002, Moi built and acquired businesses in agriculture, media, security, construction, real estate, transport, education, the hotel industry, aviation and manufacturing.
The Moi family is reputed to be the second-largest landowners in Kenya after the Kenyatta family, with more than 300,000 acres of prime land in its portfolio. The family owns the most significant stake in Standard Media Group, which owns the popular television station Kenya Television Network, newspapers, and radio stations. The family is also a substantial shareholder in Siginon Group, East Africa’s largest integrated logistics services provider. The family co-owns Sian roses, one of Kenya’s most successful leading fresh roses exporter, and Kiptagich Tea Estate.
Gideon Moi, the former president’s youngest son and a senator in Kenya, controls the family’s wealth.
