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Kenyan multimillionaire banker James Mwangi, who is the managing director and CEO of Equity Group, has seen the market value of his stake in Equity Group increase by over $1 million, thanks to the recent upswing in the lender’s shares on the Nairobi Securities Exchange.
According to data tracked by Billionaires.Africa, the market value of Mwangi’s stake in Equity Group has increased by Ksh185.32 million ($1.24 million) over the past 18 days, as investors increase their stake on the local bourse.
This comes on the heels of a previous setback of $1.4 million between Sept. 6 and Oct. 5, when the market value of his stake in Equity Group declined from Ksh2.90 billion ($19.53 million) to Ksh2.7 billion ($18.17 million).
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. Mwangi’s strategic vision has expanded the lender’s operations into multiple countries, including Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.
In recent times, the share price of Equity Group on the Nairobi Securities Exchange has experienced an increase, rising by 4.08 percent. The lender’s share price has surged from Ksh35.55 ($0.238) on Sept. 29 to Ksh37.00 ($0.248) at the time of reporting.
This surge in the group’s share price has propelled the market value of Mwangi’s stake in Equity Group up by Ksh185.32 million ($1.24 million) over the past 18 days, from Ksh4.54 billion ($30.4 million) on Sept. 29 to Ksh4.73 billion ($31.63 million) at the time of reporting.
This recent increase in Mwangi’s stake solidifies his position not only as one of the richest investors on the Nairobi Securities Exchange, but also as one of the country’s wealthiest individuals.
