Kenyan multimillionaire and former Capital Markets Authority Chairman James Ndegwa has witnessed a significant decline in the market value of his stake in NCBA Group due to a slump in the shares of the Nairobi-based financial services conglomerate.
Data tracked by Billionaires.Africa revealed that the market value of Ndegwa’s stake in NCBA has dropped by Ksh361.35 million ($2.4 million) over the past 22 days as local investors on the Nairobi Securities Exchange continue to reduce their positions in the financial services giant.
NCBA Group is an East African financial services conglomerate headquartered in Nairobi, Kenya. Aside from its operations in Kenya, the group has an operational footprint in Kenya, Tanzania, Rwanda, Uganda, and Cote D’Ivoire.
Ndegwa, the former chairman of the Capital Markets Authority and son of the late Kenyan economist Philip Ndegwa is a top figure in the Kenyan business scene. The multimillionaire businessman owns a 4.57-percent stake in the financial services group, which amounts to 75,282,277 issued ordinary shares.
Since Oct. 19, the bank’s share price has experienced a notable 12.06-percent slump, falling from Ksh39.8 ($0.2623) to Ksh335 ($0.2307) at the time of writing. This decline has led to the bank’s market capitalization dipping below the $390-million mark, positioning it as the sixth most valuable entity on the Nairobi Securities Exchange.
Consequently, Ndegwa’s 4.57-percent stake, valued at Ksh2.99 billion ($19.75 million) on Oct. 19, has declined to Ksh2.63 billion ($17.37 million) at the time of reporting.
This represents a staggering loss of Ksh361.35 million ($2.4 million) for the prominent businessman.
Despite this setback, Ndegwa remains one of Kenya’s wealthiest investors and continues to hold a prominent position among the country’s richest businessmen.
