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Billionaire Philip Ndegwa family expands its empire with new deals
James Ndegwa. The Ndegwas have seen firms in which they hold a significant stake take part in some of corporate Kenya’s biggest deals. FILE PHOTO | NMG
The move by NCBA Group and ICEA Lion Group to consolidate the ownership of their insurance and property businesses respectively has signalled a new round of expansion of the Philip Ndegwa family’s multi-billion shilling business empire.
NCBA Group, in which the Ndegwas hold the leading stake at 14.94 percent, last week announced plans to buy an additional 66.67 percent in AIG Kenya Insurance Company Limited from an American multinational.
