NCBA Group, the Nairobi-based lender backed by some of Kenyas wealthiest families, including the Kenyattas, the Ndegwas and the Meralis, has suffered a major setback in its effort to preserve a stamp duty waiver tied to the 2019 merger of NIC Bank and Commercial Bank of Africa.
The latest ruling clears the way for the Kenya Revenue Authority to demand payment and raises new questions about how previous stamp duty exemptions were issued.
A merger, a waiver, and a constitutional challenge