Kenyan multimillionaire banker James Mwangi, who is the managing director and CEO of Equity Group, has experienced a significant decline in the market value of his stake in Equity Group following a recent decline in the group’s share price on the Nairobi Securities Exchange.
According to data tracked by Billionaires.Africa, the market value of Mwangi’s stake in Equity has declined by Ksh202.5 million ($1.4 million) over the past 29 days. This comes on the heels of a previous setback of $5.9 million between July 25 and Sept. 6.Â
Between July 25 and Sept. 6, the market value of James Mwangi’s stake in Equity Group slumped from Ksh5.74 billion ($39.29 million) on July 25 to Ksh4.88 billion ($33.43 million) on September 6.
In recent years, Equity Group has become a dominant force in East and Central Africa under the leadership of Mwangi, its managing director and CEO, who owns 3.38 percent of the group. His strategic vision has expanded the lender’s operations into multiple countries, including Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.
However, since Sept. 6, the share price of Equity Group on the Nairobi Securities Exchange has encountered a substantial decline, sliding by 6.98 percent. The lender’s share price has declined from Ksh38.70 ($0.260) to Ksh36.00 ($0.242) at the time of reporting.
As a result of the single-digit percent slump in the group’s share price, the market value of Mwangi’s stake in Equity Group has declined by Ksh202.5 million ($1.4 million) over the past 29 days, declining from Ksh2.90 billion ($19.53 million) on Sept. 6 to Ksh2.7 billion ($18.17 million) at the time of reporting.
Despite the recent decline in Mwangi’s stake in Equity Group, the Kenyan tycoon remains one of the richest investors on the Nairobi Securities Exchange, he also ranks as one of the country’s richest individuals.
