President Uhuru Kenyatta at a past function [Source/ State House/Twitter]
The family of President Uhuru Kenyatta is Sh2 billion richer after a surge in bank share prices. According to Business Daily Africa, the other beneficiaries are the family of former Central Bank governor Philip Ndegwa and Equity Group chief executive James Mwangi. The trio gained the same amount as a result of the push for the removal of the cap on the commercial lending rates.
The gain has been fueled by President Uhuru Kenyatta rejecting the Finance Bill 2019. Mwangi’s five percent stake he has invested in Equity bank rose by Sh1.6 billion since October 18. He now has a stake totaling to Sh8.7 billion. The Kenyatta family stake increased by Sh1.08 billion as per October 22. The wealth of the family has now increased to Sh7.7 billion.
The Kenyatta family has a stake of 13.2 percent in NCBA group. The group comprises of a merge between CBA group and NIC Bank.The Ndegwa family has 12 percent of the stake in the merged financial institution. The family’s stake increased from Sh5.8 billion to Sh. 6.8 billion following the declaration. On Tuesday, National Assembly’s Finance Committee approved the removal of the caps after Uhuru’s decision to reject the Bill.
Six banks listed on the Nairobi Securities Exchange (NSE) have recorded gains in their profits.
Source: Hivisasa