Kenyan investor Baloobhai Patel’s Absa Bank shares rise to $15.9 million

Kenyan investor Baloobhai Patel's shares in Absa Bank Kenya are now worth $15.9 million, making him one of the richest individual investors on the Nairobi Securities Exchange (NSE) and one of East Africa's richest private shareholders.

At the start of 2025, Patel held 65.03 million shares, representing a 1.2 percent stake in Absa Bank Kenya as of December 31, 2024. That stake was valued at roughly Ksh1.22 billion ($9.5 million). But as the bank’s stock gained more than 20 percent this year and Patel expanded his holdings, the value of his position rose sharply.

Patel raises Absa Kenya stake to 1.72 percent

Earlier this month, Billionaires.Africa reported that Patel bought additional shares worth about $4.8 million, increasing his stake to 93.43 million shares, or 1.72 percent, as of Aug. 30, 2025. The additional investment deepened his influence in the lender and reaffirmed his strategy of backing companies with solid earnings and long-term value.

Absa Bank Kenya shares opened trading Wednesday at Ksh21.95 ($0.17), giving the lender a market capitalization of about Ksh119 billion ($929 million). At that price, Patel’s holdings are now valued at Ksh2.05 billion ($15.9 million), making him the bank’s largest individual shareholder. He ranks behind only Absa Group’s 68.5 percent stake and Standard Chartered Kenya Nominees Ltd, which holds 2.04 percent.

At 87, Patel redefines business longevity

Patel’s interests extend well beyond banking. The 87-year-old investor is the managing director of Transworld Safaris Ltd., one of Kenya’s oldest tour companies, and also holds stakes in Bamburi Cement, Carbacid Investments, Safaricom, Sanlam Kenya, and CIC Insurance Group.

In addition to his stock market holdings, Patel is expanding in real estate and hospitality. His firm, Aksaya Estates Limited, has partnered with Marriott International to develop a Marriott-branded hotel at Jomo Kenyatta International Airport in Nairobi.

Aksaya begins work on second Marriott

Construction is underway on the property, which will feature about 180 rooms and suites, two restaurants and bars, a rooftop fitness center, and an 18-meter swimming pool. The hotel, expected to open in 2027, will include indoor and outdoor event spaces designed for travelers and business guests.

The new project will be Aksaya’s second Marriott property in Kenya, following Sankara Nairobi, Autograph Collection, located in the city’s Westlands district. The move is another step in Patel's steady approach to long-term investing, which is based on patience, fundamentals, and faith in Kenya's growth story.