Kenyan banker Gideon Muriuki gains $1 million in 12 days

Yusuf Abdulfatai -

Gideon Muriuki, a renowned banking magnate and the CEO of Co-operative Bank Group (Co-op Bank Group), has experienced a significant surge in the market value of his stake in the Nairobi-based financial services group in recent times.

Over the past 12 days, data tracked by Billionaires.Africa reveals that Muriuki’s stake in the leading Kenyan lender has increased by Ksh164.46 million ($1.08 million), as investors increased their positions in the financial services conglomerate.

Co-op. Bank’s 13.7% share surge yields profitable outcomes for shareholders

Co-operative Bank Group is one of the largest financial institutions in East Africa. Its subsidiaries include Kingdom Securities Limited, Co-optrust Investment Services Limited, Co-operative Consultancy & Insurance Agency Limited, Kingdom Bank Limited, and Co-operative Bank of South Sudan.

The leading financial services group has implemented the cooperative model to revolutionize the banking experience in East Africa, leveraging innovative financial solutions to drive social and economic transformation across a broad range of operations.

Since Nov. 9, Co-op Bank Group’s shares on the Nairobi Securities Exchange have surged by 13.73 percent in recent times, rising from Ksh10.2 ($0.067) on Nov. 9 to Ksh11.60 ($0.076) at the time of writing, thus leading to financial gains culminating to millions of dollars for its shareholders, including Muriuki.

Gideon Muriuki’s Co-op Bank’s stake nears $9 million

Muriuki, who sits at the helm of Co-op Bank and ranks as one of Kenya’s leading investors, holds a significant stake of two percent in the leading financial services group. This translates to 117,471,300 ordinary shares in the Nairobi-based lender.

As a result of the double-digit percent surge in Co-op Bank Group’s share price, Muriuki’s stake in Co-op Bank Group has increased by Ksh164.46 million ($1.08 million) in just 12 days, climbing from R1.19 billion ($7.86 million) on Nov. 9 to R1.36 billion ($8.94 million) at the time of writing.