The family is considered to be the family with well spread out assets. The Family has invested in Agriculture, Industry, Transport, Banking, Insurance, Air Transport and Real Estate. The family is worth Ksh. 118 billion plus and it’s the 6th richest family in Kenya.
Philip Ndegwa was one of Kenya's foremost economists and financial managers. Mr. Ndegwa studied at Alliance High School, Makerere University College, and Harvard University. He joined the Civil Service in 1965 and become a government advisor on economic issues and planning. He served as a Permanent Secretary in the Ministries of Finance, Agriculture, and Economic Planning. In November 1987 Mr. Ndegwa was appointed executive chairman of the Kenya Commercial Bank, and, in December 1982 Mr. Ndegwa became the Governor of the Central Bank of Kenya. He also served as the chairman for the National Bank of Kenya, the Agricultural Finance Corporation, and the Kenyan Pipeline Company.
In 1987 the UN Secretary General appointed Mr. Ndegwa to a panel of international economic experts charged with analyzing Africa's debt crisis and proposing policies to address it. Mr. Ndegwa also worked with the UN Environmental Programme and rose to become its assistant director.
Mr. Ndegwa wrote a number of books on economics and politics in Kenya and Africa. His last book, coauthored with Mr. Reginald Herbold Green and published in 1994, is Africa to 2000: Imperative Political and Economic Agenda. This book calls for depoliticizing the allocation of development resources in Kenya, eliminating high level corruption, and allowing greater freedom for the media. He was a research fellow and lecturer in economics at Makerere University and authored leading works on economic trends in Africa.
In addition to assuming the role of Chairman of Kenyan Airways in April 1991, Mr. Ndegwa served as Chairman of the Kenyan Revenue Authority, First Chartered Securities Limited, The Society for International Development, Kenya Chapter, the Insurance Company of East Africa (ICEA) and the African Mercantile Bank.
Philip Ndegwa died on 7 January, 1996. President Moi expressed his sorrow and shock, and sent condolences to Ndegwa's family. Finance Minister Musalia Mudavadi noted, "The late Ndegwa leaves behind an impeccable record of public service and particularly in the economic management of our nation." Mr. Ndegwa played a crucial role in the restructuring and privatization of Kenya Airways. He lived just long enough to see Kenya Airways successfully attract a strategic investor, a key step in his plan to rebuild Kenya Airways as a viable, commercial enterprise.
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