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Revealed: The silent tycoons behind troubled cereals firm

Some of Proctor & Allan shareholders. From left: NCBA Bank chairman Isaac Awuondo, flamboyant investment banker John Ngumi, Charles Nyachae, the son of Moi-era powerful minister, and Former Nairobi Governor Evans Kidero.
 

Photo credit: File | Nation Media Group

By  Dominic Omondi

Business Reporter

Nation Media Group

Embattled breakfast cereals maker Proctor & Allan is backed by 18 shareholders, most of whom could easily qualify into Kenya’s exclusive club of billionaires.

The company has for decades been associated with three entrepreneurs and close allies of former President Mwai Kibaki-- Ngugi Kiuna, Edward Njoroge (former KenGen CEO) and Zephaniah Mbugua.

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