Muhoho Kenyatta’s comeback at NCBA Bank amid buyout talks
Kenyan businessman Muhoho Kenyatta has made an timely comeback to the family’s banking interests after being appointed a non-executive director at NCBA Group Plc, the Nairobi-based lender linked to the Kenyatta family.
His appointment, announced this week on Wednesday, November 26, 2027 by Group Managing Director John Gachora effective December 1, 2025 marking one of the most visible changes at the bank as speculation grows over ongoing buyout talks with Standard Bank Group, Africa’s largest lender.
NCBA did not say whether Kenyatta’s entry would alter the current board structure, which has ten sitting directors.
The bank simply noted that it “welcomes him to the NCBA board,” describing him as a seasoned executive with a long record in regional business leadership. Kenyatta brings more than three decades of experience across East Africa’s corporate sector, including roles in manufacturing, insurance, healthcare and banking.
“The Board of Directors of NCBA Group PLC is pleased to announce the appointment of Muhoho Kenyatta as a Non-Executive Director, effective 1st December, 2025,” part of the notice reads.
NCBA Group is primarily owned by the family of former Central Bank of Kenya (CBK) Governor Philip Ndegwa, which, as of December 2024, had overtaken the Kenyatta family to become the largest shareholder.
Through First Chartered Securities Limited, the Ndegwa family held a 14.94 per cent stake as of December 31, 2024.
The Kenyatta family holds a 13.20 per cent stake in NCBA through Enke Investments Limited, followed by D&M Management Services LLP, which owns 11.54 per cent and completes the Group’s top three shareholders.
NCBA Bank’s origins trace back to the merger of National Industrial Credit (NIC) and the Commercial Bank of Africa (CBA).
In 2018, the two institutions-initiated merger discussions with the goal of forming a stronger, unified banking group.
The merger was recommended, approved by shareholders in April 2019, and finalized with regulatory clearance effective October 1, 2019. The combined entity, NCBA Group Plc, emerged as Kenya’s third-largest bank by assets, bringing together more than a century of collective banking experience.
In October 2025, NCBA Group saw its share price surge following reports by Bloomberg of a possible acquisition by Standard Bank Group, the parent company of Stanbic Bank Kenya.
