This rise in compensation is attributed to the group’s strong financial results for 2023, with profit after tax climbing from Ksh 13.78 billion in 2022 to Ksh 21.46 billion.

Gachora’s remuneration package includes a basic salary of Ksh 93.48 million, along with a performance-based short-term incentive of Ksh 60 million, which is a result of the bank’s outstanding performance during the fiscal year ending December 2023.

Additionally, he was awarded a long-term incentive of Ksh 21.28 million, contributing to his total earnings.

Gachora has been at the helm of NCBA Group, a financial services conglomerate with operations in Kenya, Tanzania, Uganda, and Rwanda, since 2019, following a six-year tenure as Group Managing Director and CEO of NIC Bank Group.

In 2013, he was recruited by NIC Bank Group from Barclays Africa, where he oversaw the multinational’s corporate and investment banking operations based in South Africa.

For the financial year ending December 2019, Gachora received a total compensation of Ksh 94.9 million, a decrease from the Ksh 98 million he earned in the previous financial year as CEO of NIC Bank.

His prior experience includes serving as the chief executive officer at Absa Africa and as managing principal and Head of Africa at Absa Capital.

Additionally, Gachora held the position of managing director and head of group at Bank of America Investment Banking in Charlotte, North Carolina, and served as Vice President and Structuring Head at Credit Suisse First Boston in New York.

He takes pride in being the first indigenous Kenyan to attain the role of managing director on Wall Street, a prominent center of finance in the United States.

Gachora holds a Master’s Degree in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology and an MBA from The Wharton School at the University of Pennsylvania.

NCBA’s share increased from Ksh 25.2 on January 1 to Ksh31.7 on November 11, a 25 percent jump bringing the market capitalization above Ksh52 billion, billionaires.com reports. 

The value of the Kenyatta family’s stake at NCBA increased from Ksh 5.48 billion to Ksh 6.48 billion in the same period. 

The rise has been attributed to investors’ positive reaction to NCBA’s strong financial performance in the first half of its 2022 fiscal year.

The Kenyatta family, which includes Ngina Kenyatta, Muhoho Kenyatta and Uhuru Kenyatta, owns a 13.2 percent stake or 217,497,023 ordinary shares in NCBA Group.

In May, the Ndegwa Family closed in on the Kenyattas’ as the top NCBA Group shareholders after transferring an additional KSh1.7 billion worth of shares.

According to the bank’s annual report, 70.9 million shares that was previously held in an account by asset manager ICEA Lion was moved to the family’s investment at NCBA.

The shares were moved to the family’s First Chartered Securities in the year ended December.

The transaction saw the family’s ownership increase by 12.7 million shares translating to a 12.52 percent stake currently worth Ksh5.1 billion.

The transactions saw the family close in on the Kenyatta family, the top shareholder at NCBA with a 13.2 percent stake worth KSh5.4 billion.

NCBA Bank was established following a merger between Commercial Bank of Africa Limited and NIC Group effective September 30, 2019.

Following the merger, effective October 1, 2019, all subsidiaries operated under a Non-Operating Holding Company, NCBA Group PLC.

In a statement, CBK Governor Patrick Njoroge said the merged institutions will operate as NCBA Bank Kenya PLC.

Njoroge said all account holders, depositors, employees, creditors and other stakeholders of the existing institutions should deal with NCBA Bank Kenya PLC and NCBA Group PLC.

This follows CBK’s approval on August 27, 2019 under Section 13(4) of the Banking Act, and approval by the Cabinet Secretary, National Treasury on September 20, 2019, for the merger under Section 9 of the Banking Act.

The transaction involved a share swap where CBA shareholders will exchange their shares for 53 per cent of the new shares in NIC.

The Ndegwa family owns a 12.52-percent stake in the financial services conglomerate through its investment vehicle, First Chartered Securities.

Following a stellar performance in 2021, shares in NCBA Group rose in value by more than seven percent in the past 33 days.

As a result, the Ndegwa family’s stake has increased from KSh 4.92 billion on May 4 to KSh 5.28 billion at the time of publishing, amounting to a KSh 37.01 million gain.

This also increased the bank’s shares from KSh 23.85 to KSh 25.6 in the same period.

As earlier reported on WoK, the Ndegwa Family closed in on the Kenyatta Family as the top NCBA Group shareholders after transferring an additional KSh 1.7 billion worth of shares.

Also Read: Ndegwas Close In On The Kenyatta Family As Top NCBA Shareholders

According to the bank’s annual report, 70.9 million shares that was previously held in an account by asset manager ICEA Lion was moved to the family’s investment at NCBA.

The shares were moved to the family’s First Chartered Securities in the year ended December.

The transaction saw the family’s ownership increase by 12.7 million shares to a 12.52 percent stake currently worth KSh5.1 billion.

The family’s stake in the financial services holding company increased in value by KSh 358.9 million since the close of trading on Wednesday, May 4.

The increase in value of the family’s stake in the last six days was due to a rebound in the group’s share price.

Shares in NCBA rose in value after the price was lowered to account for the payment of the company’s 2021 dividends to shareholders.

Shares have risen from KSh 23.85 on May 4 to KSh 25.5.

This represents a 6.9-percent return for shareholders and thus the KSh 358.9 million for the Kenyatta Family.

Also Read: The Green Experience: Inside The Multi-Million Restaurant Owned By Uhuru’s Daughter Ngina Kenyatta

Following the CBA Group and NIC Group merger in 2019, the Kenyatta Family was the biggest shareholder and controlled 13.2% of the then newly formed NCBA Group.

The Kenyatta Family comprises of President Uhuru, his brother Muhoho and Mama Ngina Kenyatta.

As earlier reported, The Kenyatta family is set to receive a dividend of KSh 489.4 million from their stakes in NCBA Group.

The dividend will be paid from the financial services group’s retained earnings of more than KSh44.2 billion accrued since its formation in 2019.