Multi-million ex-CS Samuel Nyachae begins distribution of his assets.
Trustees of former cabinet minister Simeon Nyachae’s assets have begun a formal process of distributing his assets to the beneficiaries named in his will.
The late Nyachae, who died in February after a long illness, was one of the richest Kenyans, with cross-cutting interests in the local economy. He also owned property abroad.
In a Kenyan newspaper report published last Friday, his three children – Charles, Angela and Eric – informed the public of their intention to distribute the property, asking those who they believe have a right to share it with them.
“Those who believe they have a right must submit their claim or interest before the end of the two-month calendar from the date on which this notice appears in the Kenyan Gazette,” the three said in a notice published on September 10, 2021.
After the notice ended, the family said Mr Nyachae’s property would be divided among those who were entitled to it.
Send a complaint
The notice asks anyone who thinks he has a claim or intention to present it through lawyers Daly and Inamdar who have offices at the ABC Center along Waiyaki Way in Westlands, Nairobi.
The former minister, who was part of a group of local billionaire investors with large shares in listed companies, controlled the vast empire of trade and interests in mass manufacturing, transportation and agriculture.
But he seemed to have a lot of money in the bank and grinding flour.
My Nyachae owned 3.1 million shares in CBA Bank, which allowed him to become one of the main owners of the new NCBA group after merging with NIC Bank.
At one point, the Financial Alleviation Authority listed a former cabinet minister among those whose shares of allegiance to KCB, Safaricom and the Cooperative Bank had passed to the agency.
Mr Nyachae was a shareholder in Swan Millers and Sansora Limited, a grinding company that supported its 1954 operations from Sansora Bakery to Nyantunango Market.
At the NCBA, Mr Nyachae held a stake with Naushad Merali and the families of Kenya’s founding president, Mzee Jomo Kenyatta, and former Central Bank of Kenya Governor Philip Ndegwa.
At Transnational Bank, he was close to former President Moi, along with Joshua Kulei and former Vice President George Saitoti.
He also set up the business in the family, with his wife Grace Nyachae serving on the boards of Credit Bank, Sotik Tea Company Limited and Sansora Group.
Grace was Elder Kenyatta’s secretary at the White House in 1969