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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.
Controlling stake in NIC Bank (whose 20 percent stake the family bought from Barclays in the 1990s) and Ambank, three tea estates and tea processing factories including the world renowned Karirana Estates bought in 1986 after acquisition of MacKenzie Kenya Ltd, milling and beverage manufacturing, the Riverside Park in Westlands where its managed by Knight Frank Kenya with First Chartered Securities as partners.
The property portfolio was worth $100 million (Sh9 billion by 1999) — through its insurance arm, alone! Before selling its interests in Inchcape Shipping (including a ‘garage’ for ships), the Ndegwas operated Africa’s largest dry shipping dock between Cairo and Cape Town!
The alumnus of Alliance High, Makerere (economics) and Harvard was government advisor on economics and planning on his way to being the second governor of the Central Bank in 1982. The chair of KCB and the National Bank of Kenya, KQ (whose privatization he steered), KRA, Society for International Development Kenya Chapter was also an international economic expert with the UN and assistant director of UNEP. The father of James and Andrew Ndegwa died in January 7, 1996. He was buried in a private ceremony.
James P.M. Ndegwa: This insurer owns 6.5 percent representing 42 million shares of NIC Bank or Sh1.1 billion according to the latest regulatory shareholder filings by the listed lender. His pie is 10, 795 shares more than his brother Andrew Ndegwa who, like his brother, also sits on the NIC board. The alumnus of Oxford University (BA, MA) is chair of First Chartered Securities and one-time MD of Lion of Kenya Insurance besides several directorships.
Andrew S.M. Ndegwa: The chairman of NIC Bank is alumnus of Oxford (MA, philosophy, politics and economics) and the Executive Director of First Chartered Securities. His 6.5 percent stake at NIC is worth Sh1.1 billion. This is just a small piece of First Chartered Securities, mind you...
