Kenya's competition regulator clears Ndegwa family's KSh 8.5 billion buy-back of 24.1% of ICEA Lion

The Competition Authority of Kenya (CAK) has approved the purchase by First Chartered Securities, the Ndegwa family's investment company, of a 24.1 per cent stake in insurer ICEA Lion Insurance Holdings from LeapFrog Investments for KSh 8.5 billion, Business Daily reported on 5 October 2026.

Khusoko, also on 5 October, said the approval is in CAK Gazette Notice No. 15918, signed by Director-General David Kemei on 21 August 2026 under Section 46(6) of the Competition Act. Khusoko and TechTrendsKE, which reported the approval the same day, said the notice authorises First Chartered Securities Capital Limited to acquire sole control of ICEA Lion Insurance Holdings Limited. Khusoko said the notice does not confirm that the sale has closed.

First Chartered already holds 75.9 per cent of ICEA Lion, according to Business Daily, and will own the whole company once the deal is completed. Business Daily said the same stake was sold to LeapFrog for KSh 2.4 billion in an earlier deal. Billionaires.africa, on 5 October, put the KSh 8.5 billion price at about US$66 million.

Khusoko reported that First Chartered Securities is controlled by the family of Philip Ndegwa, a former governor of the Central Bank of Kenya. Business Daily said James Ndegwa is chairman of the ICEA board and his brother Andrew Ndegwa also sits on it.

LeapFrog holds the stake through LeapFrog Strategic Africa Investments (LSAI), a partnership with Prudential Financial, and the shares are held by Eastern Africa Holdings Limited, a UK company owned by LSAI, Khusoko said. Prudential agreed in January 2026 to sell its 24 per cent interest, with completion subject to regulatory approvals and customary closing conditions, according to Khusoko and TechTrendsKE.

Business Daily said Prudential Financial told investors on an earnings call that the exit is part of a push to redeploy capital into higher-return opportunities. It said private equity funds usually stay in a business for five to seven years, an average of about 6.5 years.

ICEA Lion's subsidiaries sell life and general insurance and run asset management in Kenya, Uganda and Tanzania, according to Khusoko. Business Daily said the group made a net profit of KSh 1.16 billion in the year to December 2025. It said ICEA Lion Life Assurance held 13.9 per cent of long-term insurance business, the second largest share, and ICEA Lion General held 3.98 per cent of short-term business, ninth largest.