Philip Ndegwa, The First Man to Bank a Billion in Kenya

The late Philip Ndegwa, a distinguished alumnus of Alliance High School, began his career in public service as an advisor on economics and planning. Over time, he ascended to prominent positions, ultimately becoming the Governor of the Central Bank of Kenya (CBK) in 1982, succeeding Duncan Ndegwa. Notably, he held numerous chairmanships in Kenyan banks prior to assuming this pivotal role.

Philip Ndegwa’s legacy is marked by his historic achievement as the first individual to amass a billion-shilling fortune in Kenya. Even following his passing, his family continues to be recognized as one of Kenya’s wealthiest. At the time of his demise in 1996, Ndegwa had accumulated substantial assets and wealth estimated at approximately Shs 9 billion.

To this day, the Ndegwa family remains prosperous, deriving income from various enterprises such as the ICEA Lion Group, NCBA Bank (as shareholders), AMbank House, Inchcape Shipping Services, and more.

Turning our attention to Philip Ndegwa’s family composition, he was married to Alison Mary Ndegwa, with whom he had three children who stand as principal heirs to his substantial estate.

Among their offspring are Andrew Ndegwa Stewart and James Ndegwa. Andrew holds the position of Chairman at NIC Bank and serves as the Executive Director of First Chartered Securities. His ownership stake in NIC Bank, valued at Sh1.1 billion, accounts for 6.5 percent of the company.

Similarly, James Ndegwa, also a significant shareholder in NIC Bank with an equivalent stake of 6.5 percent (valued at Shs 1.1 billion), occupies various directorial roles and chairs First Chartered Securities.

While information regarding Philip Ndegwa’s daughter, Leslie Ruth Wakini Ndegwa, is relatively scarce, her prominence within the family structure is acknowledged.