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.