The Ndegwas are bloody billionaires

Philip Ndegwa and his sons , James and Andrew Ndegwa,

The Ndegwa sons, James and Andrew Ndegwa, split half of their family’s 25 percent stake in NIC Bank —where they’re the majority shareholders —  worth Sh5 billion. Their father, Philip Ndegwa (who has been featured here before) created one of Kenya’s single largest business empires of which the over Sh2 billion the sons split is one reason they will croon their eternal financial Hosannas.

Philip Ndegwa: He minted one of Kenya’s most secured fortunes via First Chartered Securities, an indigenous investment outfit founded in 1974 with some 20 civil servants and business moguls as shareholders. Ndegwa’s acquisition vehicle bagged the Insurance Company of East Africa (now ICEA Lion with a 100 percent shareholding to date), before forays in re-insurance, banking, agriculture, logistics, and real estate.