The Kenyatta family loses Sh. 1.5 billion in 30 days

Kenyatta Family: Over the last 30 days that stocks have been falling in the local market, prominent local investors have been the most hurt. Their paper losses have gone from a few thousand shillings to billions of shillings. Among the most notable loss makers at the Nairobi Securities Exchange is he first family.

The Kenyatta family has lost Sh. 1.5 billion over the past one month. The Kenyatta family holds a 13.2 percent stake in NCBA Group. This means that their holding in the group has been reduced to Sh. 5.5 billion.

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The Ndegwa family, which owns is a co-partner in the NCBA Bank with the Kenyattas has lost Sh. 1.3 billion. The family holds a 12 per cent stake. Their holding has now been cut to Sh. 5 billion.

According to a report that appeared in a local daily, Co-op Bank CEO Gideon Muriuki, investment banker Jimnah Mbaru, Britam chief executive Benson Wairegi and WPP Scangroup boss Bharat Thakrar are the other billionaire investors who have lost billions in the market downfall.

“The billionaire investors had stock holdings valued at a total of Sh. 27.5 billion on February 18, with the market sell-off cutting their wealth to Sh. 21.6 billion as of Wednesday. The companies they have invested in are, however, set to pay them dividends of at least Sh. 1 billion combined in the next few months, offsetting some of the wealth erosion,” the report says.

Equity Bank chief executive officer is another Kenyan billionaire who has lost significant amount from the stock erosion at the NSE. “His holdings over the one-month period in Equity dropped to Sh. 7.3 billion from Sh. 9.4 billion, a decline of 22 percent. But Dr. Mwangi’s share price erosion at the NSE is larger when his investments in firms like Britam are reflected,” said the report.