In a move that underscores the deepening regional entanglement of East Africa’s elite, Ugandan lawyer and businessman William Byaruhanga has snapped up a 14.63% stake in Kenya’s Sidian Bank a deal worth roughly $8 million. This strategic acquisition instantly propels him to the position of fourth-largest shareholder in the fast-rising mid-tier lender.
Byaruhanga, Uganda’s former Attorney General (2016–2021), acquired the stake from Centum Investments, which has been steadily offloading its position after a failed exit attempt in 2022. The transaction, valued at Ksh1.03 billion, not only signals a personal investment decision but also a potential cross-border financial ambition by one of Uganda’s most influential legal minds.
Far from being just a former public servant, Byaruhanga is Senior Counsel and principal partner at Kasirye, Byaruhanga and Company Advocates, a law firm that has long stood at the intersection of government policy, international capital, and private sector influence. His entry into Kenya’s banking sector suggests more than just portfolio diversification; it hints at strategic positioning within the region’s financial architecture.
With this deal, Byaruhanga overtakes Centum, which now holds 12.64% of Sidian Bank through its fully owned vehicle, Bakki Holdco Limited. The current shareholder hierarchy now reads like a list of power brokers: Wizpro Enterprises Limited (24.95%), Afram Limited (24.36%), Pioneer General Insurance Limited (16.89%), and now, Byaruhanga at 14.63%.
Centum’s retreat has been gradual but consistent. After a high-profile bid to sell its 83.4% stake to Nigeria’s Access Bank collapsed in 2022 due to unmet conditions, the Nairobi-listed firm began quietly trimming its position. A recent rights issue further diluted its ownership, leaving it with less than a 13% stake, a far cry from its once-dominant role.
Meanwhile, Sidian Bank, with assets estimated between Ksh50 billion ($387 million) and Ksh150 billion ($1.16 billion), is angling to elevate its stature in Kenya’s fiercely competitive banking landscape. The bank is now flush with capital and hungry for market share and with players like Byaruhanga on board, its next chapter may involve more than just expansion. It could signal a deeper shift in regional influence.
As Centum pivots toward real estate, private equity, and marketable securities, it appears content to exit the high-stakes battleground of banking. But for Byaruhanga, the game may just be beginning.
