Kenyan multimillionaire and former chairman of the country’s Capital Markets Authority James Ndegwa has witnessed a remarkable increase in the market value of his stake in NCBA Group driven by a recent surge in the shares of the Nairobi-based financial services conglomerate.
According to data tracked by Billionaires.Africa, the market value of Ndegwa’s stake in NCBA has surged by Ksh335 million ($2.13 million) over the past 48 days, as local investors on the Nairobi Securities Exchange continue to increase their positions in the financial services giant.
NCBA shares rise by 12.7 percent, market cap soars above $410 million
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 Tanzania, Rwanda, Uganda, and Cote d’Ivoire.
The surge in NCBA’s shares, which climbed from Ksh35.00 ($0.223) to Ksh39.45 ($0.251) since Nov. 10, represents a 12.7-percent increase on the Nairobi Securities Exchange. This has propelled the bank’s market cap above $410 million, securing its position as the sixth most valuable entity on the exchange.
Ndegwa’s stake in NCBA soars above $15 million
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.
As a result of the recent increase in the lender’s shares, the market value of Ndegwa’s 4.57-percent stake has surged from Ksh2.63 billion ($16.78 million) on Nov. 10 to Ksh2.97 billion ($18.91 million) at the time of writing — marking an impressive gain of Ksh335 million ($2.13 million) for the renowned businessman.
This surge reaffirms Ndegwa’s standing among Kenya’s wealthiest investors, solidifying his place among the country’s elite businessmen, and underlining his continued influence in the financial services sector.