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The Philip Ndegwa family’s multi-billion shilling business empire in Kenya is about to expand once again. NCBA Group and ICEA Lion Group are set to combine control of their separate insurance and property firms, making the asset base of the Group higher and more spread out
The Philip Ndegwa family’s multi-billion shilling business empire in Kenya is about to expand once again. NCBA Group and ICEA Lion Group are set to combine control of their separate insurance and property firms, making the asset base of the Group higher and more spread out.
The Ndegwas owns the majority of NCBA Group with a 14.94% stake at its command.it has announced purchasing an additional 66.67% of AIG Kenya Insurance Company Limited. The family also owns a majority of ICEA Lion Asset Management Limited. The said company is in the process of purchasing retail investors from the real estate investment trust ILAM Fahari I-Reit in a deal of Sh402.4 million.
The Philip family has interests in the fields of manufacturing, real estate, logistics, insurance, and banking. The family has been engaged in the sale of underperforming businesses while acquiring stakes in industries with strong growth prospects. The AIG Kenya contract involves American Insurance Group (AIG) receiving at least Sh2 billion for giving NCBA 100% of the insurer’s issued shares.
The Ndegwas, one of Kenya’s wealthiest families, recently engaged in some of Kenya’s largest acquisitions, with values in the billions of shillings. The transactions include the purchase of further shares in NCBA Group, which was formed in 2019 by the merging of the old NIC Group with the previous CBA Group, in which they controlled a quarter of the shares.
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In early 2015, the Group sold its agriculture and hospitality equipment firm G-North & Son Limited for an unspecified price to businessman Paul Wanderi Ndung’u. Next in the block was the Jomo Kenyatta University of Agriculture and Technology building., which was sold for Sh1.8 billion.
