Kenya’s third Central Bank of Kenya governor Philip Ndegwa died on January 7, 1996, leaving behind multi-billion wealth he had accumulated for over 30 years
The former PS who served in the Ministries of Agriculture, Finance and Planning co-founded First Chartered Securities alongside other 20 civil servants in 1974
The Ndegwa family owns an 80% stake in insurer ICEA Lion Group and 11.7% in local lender NCBA Bank Group
Philip Ndegwa served as Kenya’s third Central Bank of Kenya governor. Andrew Ndegwa is a non-executive director at NCBA Group. Photo: NCBA Group. Source: UGC Ndegwa died on January 7, 1996, leaving behind multi-billion wealth he had accumulated for over 30 years.
Ndegwa was reportedly the first Kenyan to ‘bank a billion’ attracting the attention of Forbes magazine.
He first worked as an advisor on planning and economic issues when he joined the civil service in 1965 during the late Mzee Jomo Kenyatta’s administration.
The economist who studied at Harvard and Makerere universities was later named Permanent Secretary in the Ministries of Agriculture, Finance and Economic Planning.
In December 1982, the late retired president Daniel arap Moi appointed him as CBK governor. He held the position until 1988. Ndegwa’s wealth
First Chartered Securities
The former PS co-founded First Chartered Securities alongside other 20 civil servants in 1974. ICEAL Lion Group
The company acquired the First Chartered Securities (ICEA) which merged with Lion of Kenya Insurance to form the ICEA Lion Group.The Ndegwa family owns an 80% stake in the insurer.The group posted a net profit of KSh 2.08 billion for the financial year ended December 2020.In April 2021, it announced it had crossed the Sh100 billion mark in asset base according to its integrated report . NCBA Bank The family owns an 11.7% stake in NCBABank alongside the Kenyattas and other shareholders.Ndegwa’s children James Ndegwa and his brother Andrew Ndegwa own a 4.16% stake each in the lender worth KSh 1.6 billion apiece.The duo are non-executive directors of the financial institution, a product of the merger between NIC Bank and CBA Group.The bank made a profit of KSh 10.2 billion in the year ended December 2021. It also doubled its dividend per share to KSh 3.As a result, the former CBK governor’s family pocketed KSh 580.8 million in dividends , TUKO.co.ke reported. AMbank House The Ndegwa family also invested in the lucrative real estate sector through AMbank House in Nairobi city.Ndegwa […]
