The Nairobi Securities Exchange (NSE) closed 2025 with gains across its main indices, supported by a recovery in large stocks and a banking-led rally that drew local investors back into equities.
By the end of the year, both the NSE 20 Share Index and the All Share Index had risen strongly. The rebound restored paper wealth for long-term shareholders who dominate company share registers, as market capitalisation increased with price recoveries across several sectors.
This ranking, according to the Billionaires Index, estimates the value of publicly disclosed shareholdings in NSE-listed firms using official closing prices from the last week of January 2026. The values are converted at an exchange rate of Ksh.129 to one US dollar ($) and reflect only listed shares, excluding private businesses, property and other unlisted assets.
1) Philip Ndegwa family
Portfolio value: $180.80 million
Holdings: 14.94% of NCBA Group
The family of the late former Central Bank Governor Philip Ndegwa controls the largest single block of shares in NCBA.
2) Mama Ngina Kenyatta & family
Portfolio value: $159.75 million
Holdings: 13.2% of NCBA Group
This represents the Kenyatta family’s major listed stake in the banking sector.
3) Zarin Merali & family
Portfolio value: $89.97 million
Holdings: 5.41% of NCBA Group; 74% of Sameer Africa
The Merali family’s listed interests span banking and a controlling industrial stake.
4) James Mwangi
Portfolio value: $67.62 million
Holdings: 3.39% of Equity Group Holdings
The Equity Group CEO remains a significant shareholder in the bank he helped build into a regional leader.
Dr. Peter Kahara Munga is the primary founder of Equity Bank (formerly Equity Building Society), which he established in 1984 in Kenya with a starting capital of KShs 5,000 to provide mortgage services to low-income earners. He served as the long-serving chairman before retiring.
As of the latest shareholder filings from 2025 and early 2026, Dr. Peter Munga directly holds 13.21 million shares in Equity Group Holdings, representing 0.35% ownership stake in the company.
5) Baloobhai Patel
Portfolio value: $66.87 million
Holdings: 49.9% of Carbacid Kenya; stakes in Co-operative Bank, Absa Bank Kenya and CIC Insurance
Known for his control of Carbacid and quiet accumulation of shares in key financial stocks.
6) Suresh Bhagwanji R. Shah
Portfolio value: $61.03 million
Holdings: 10.58% of I&M Group
Founder of I&M Bank and a long-standing shareholder in the group’s regional operations.
7) Andrew S. M. Ndegwa
Portfolio value: $57.01 million
Holdings: 4.71% of NCBA Group
A director at NCBA and member of the Ndegwa family with substantial shareholding.
8) James P. M. Ndegwa
Portfolio value: $56.25 million
Holdings: 4.65% of NCBA Group
NCBA Group chairman and another key family shareholder.
9) Gideon Maina Muriuki
Portfolio value: $35.2 million
Holdings: 2.3% of Co-operative Bank; 6% of CIC Insurance Group
Long-serving CEO credited with transforming Co-operative Bank into a major financial group.
Also Read: Kenya’s Wealthy Near 7k as Africa’s Millionaires Expected to Hit 65%
10) John Kibunga Kimani
Portfolio value: $27.5 million
Holdings: 33.35% of Kakuzi; 10.43% of Centum; 0.52% of Nation Media Group
A quiet but large long-term investor in several blue-chip firms.
12 & 13) Mary-Ann Musangi and Robert Kirubi
Portfolio value: $21.63 million
Holdings: 30.94% of Centum Investment
They manage part of the late Chris Kirubi’s listed investment legacy.
14 & 15) Sandip Kana Sinh Babla and Alka Sandip Babla
Portfolio value: $16.02 million
Holdings: 0.9631% of KCB Group
A low-profile investing couple with positions in leading banking stocks.
16) Desterio A. Oyatsi
Portfolio value: $15.94 million
Holdings: 1.32% of NCBA Group
A senior lawyer and NCBA deputy chairman with a notable stake in the bank.
17) Sarit S. Raja Shah
Portfolio value: $13.11 million
Holdings: 2.274% of I&M Group
Part of the Shah family’s ownership and leadership at I&M.
18) Sachit S. Raja Shah
Portfolio value: $12.96 million
Holdings: 2.247% of I&M Group
Another Shah family shareholder in the group.
19) Daniel Arap Moi family
Portfolio value: $11.04 million
Holdings: 1.03% of Standard Chartered Bank Kenya; 12.5% of Kapchorua Tea Kenya
The family’s listed investments are held through Shawmut Holding.
20) Jimnah M. Mbaru
Portfolio value: $9.09 million
Holdings: 5.15% of Britam
A veteran investment banker and long-time figure in Kenya’s capital markets.
