Home » Kenyan businessman Andrew Ndegwa loses nearly $2.4 million in two months from stake in NCBA

Kenyan businessman Andrew Ndegwa loses nearly $2.4 million in two months from stake in NCBA

by Feyisayo Ajayi
Andrew Ndegwa

Kenyan businessman Andrew Ndegwa’s stake in NCBA Group has declined in the past 59 days due to the depreciation of the Kenyan shilling and selling pressures on the Nairobi Securities Exchange, which have impacted the valuation of the Nairobi-based financial services provider.

According to data tracked by Billionaires.Africa, the Kenyan businessman’s stake in NCBA has lost Ksh219.82 million ($2.39 million) in market value since the beginning of the year, owing to renewed selling pressure on the local bourse.

NCBA Group, a Nairobi-based financial services conglomerate led by the wealthy Kenyatta, Merali, and Ndegwa families, operates as a non-operating holding company through its vast network of subsidiaries in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.

The Kenyan banking firm, which has 109 branches in Kenya, Uganda, Tanzania, Rwanda, and the Ivory Coast, was formed in 2019 by the merger of NIC Bank Group and Commercial Bank of Africa Group.

Andrew Ndegwa, a Kenyan businessman and executive director of First Chartered Securities Limited, owns 4.3 percent of NCBA Group, making him one of the bank’s most significant shareholders.

The bank’s share price has dropped 7.8 percent since the start of the year, from Ksh39.8 ($0.322) on Jan. 1 to Ksh36.7 ($0.288) on Feb. 28, pushing its market capitalization below Ksh60 billion.

Ndegwa’s stake in NCBA has dropped by Ksh219.82 million ($2.39 million) as a result of the recent decline in the bank’s share price, from Ksh2.82 billion ($22.85 million) at the start of the year to Ksh2.6 billion ($20.46 million) at the time of writing this report.

Analysts expect the company’s shares to recover in the medium to long term, as the leading financial services group prepares to launch operations in Ghana, Ethiopia, and the Democratic Republic of the Congo through partnerships led by its mobile phone banking service, M-Shwari.

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