Ugandan lawyer William Byaruhanga buys $8 million stake in Kenya’s Sidian Bank

Ugandan lawyer and businessman William Byaruhanga has become the fourth-largest shareholder in Sidian Bank after acquiring a 14.63 percent stake worth about $8 million. The investment makes him a key player in one of Kenya’s fastest-growing mid-sized lenders.

Byaruhanga, who served as Uganda’s attorney general between 2016 and 2021, purchased the shares from Centum Investments in a deal valued at Ksh1.03 billion ($8 million). The transaction marks another shift in the ownership of Sidian Bank, which has seen its shareholder base change significantly over the past three years.

Stake puts Byaruhanga ahead of Centum

Beyond his public service, Byaruhanga is a senior counsel and the principal partner at Kasirye, Byaruhanga and Company Advocates, a Kampala-based law firm. Under his leadership, the firm has advised the Ugandan government as well as both local and international investors, cementing his reputation as one of the country’s most respected legal practitioners.

With the stake purchase, Byaruhanga now ranks ahead of Centum, which has reduced its holding in Sidian to 12.64 percent through its wholly owned unit, Bakki Holdco Limited. Other major shareholders include Wizpro Enterprises Limited with 24.95 percent, Afram Limited with 24.36 percent, and Pioneer General Insurance Limited with 16.89 percent.

Centum refocuses beyond Sidian Bank

Centum has been steadily paring down its position in Sidian. In 2022, the Nairobi-listed investment firm struck a deal to sell its entire 83.4 percent stake to Nigeria’s Access Bank, but the transaction lapsed after the conditions were not met. Since then, Centum has trimmed its shareholding to less than 13 percent, with a rights issue further diluting its ownership.

Sidian Bank, whose assets are estimated at between Ksh50 billion ($387 million) and Ksh150 billion ($1.16 billion), is looking to strengthen its position in Kenya’s competitive banking sector. The fresh capital has allowed the lender to expand its services while Centum redirects its focus toward real estate, private equity, and marketable securities.