Home » Wealthy Kenyan tycoon Andrew Ndegwa faces $1.3-million loss in 16 days

Wealthy Kenyan tycoon Andrew Ndegwa faces $1.3-million loss in 16 days

by Mfonobong Nsehe
Andrew Ndegwa

Kenyan businessman and senior banking executive Andrew Ndegwa has seen the market value of his stake in NCBA Group slump by over a million dollars in recent times due to a slump in the shares of the Nairobi-based financial services conglomerate.

The market value of Ndegwa’s stake in NCBA has dropped by Ksh202.29 million ($1.34 million) in the past 16 days as local investors on the Nairobi Securities Exchange continue to reduce their positions in the financial services giant.

This downward trend follows a loss of $2.3 million experienced by Ndegwa between Aug. 4 and Sept. 22, when the market value of his stake in NCBA Group decreased from Ksh3.18 billion ($21.58 million) to Ksh2.84 billion ($19.28 million).

NCBA Group, a prominent player in the financial services sector, maintains a strong presence in Kenya, Tanzania, Rwanda, Uganda, and Cote d’Ivoire.

As a director on the board of the financial services giant, Ndegwa holds a significant 4.63-percent stake in NCBA Group, translating to 76,336,855 ordinary shares, cementing his position as one of Kenya’s wealthiest individuals.

Since Oct. 19, the share price of the bank has experienced a 6.66-percent slump, dropping from Ksh39.80 ($0.2634) to Ksh37.15 ($0.2459) at the time of writing. This decline has pushed the bank’s market capitalization below $410 million, ranking it the sixth most valuable company on the Nairobi Securities Exchange.

According to the data tracked by Billonaires.Africa, the market value of Ndegwa’s 4.63-percent stake in NCBA Group has declined from Ksh3.04 billion ($20.11 million) on Oct. 19 to Ksh2.84 billion  ($18.77 million) at the time of writing, resulting in a loss of Ksh202.29 million ($1.34 million).

Despite this financial setback, Ndegwa remains one of Kenya’s wealthiest investors and stands as one of the country’s most prominent businessmen.

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.