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Kenyan multimillionaire banker James Mwangi, the managing director and CEO of Equity Group, saw the market value of his stake in the Nairobi-based financial services group slump by nearly $20 million in 2023.
According to data tracked by Billionaires.Africa, Mwangi — who ranks as one of the wealthiest individuals in East Africa’s largest economy — saw his stake in Equity Group decline by Ksh1.46 billion ($19.2 million), due to a combination of factors, including the devaluation of Kenyan Shillings and a significant decline in the shares of the leading financial services conglomerate.
This follows the financial setback he experienced in 2022 when Equity Group shares declined significantly with Mwangi’s stake in the lender declining by $13 million — from Ksh6.77 billion ($59.87 million) to Ksh5.75 billion ($46 million).
Equity stake fell by 41.16 percent, inflicting shareholders with losses
Under Mwangi’s leadership, Equity Group has emerged as a dominant force in East and Central Africa. At the helm, he has played a key role in the group’s expansion into multiple countries, including Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.
Throughout 2023, Equity Group shares slumped by 41.16 percent on the Nairobi Securities Exchange, dropping from Ksh45.05 ($0.365) on Jan. 1 to Ksh33.65 ($0.215) on Dec. 31 — this led to substantial losses for the group’s shareholders.
Mwangi stake slumped below $30 million in 2023 due to currency devaluation & share price slump
Mwangi, recognized as the richest banker in Kenya, owns a 3.38-percent stake in Equity Group, equivalent to 127,809,180 ordinary shares in the prominent financial services conglomerate.
As a result of the combined impact of a double-digit percent slump in the group’s share price and the impact of currency devaluation, the market value of Mwangi’s stake slumped by Ksh1.46 billion ($19.20 million) in 2023 — from Ksh5.76 billion ($46.66 million) to Ksh4.30 billion ($27.46 million).
Despite the recent decline in Mwangi’s stake in Equity Group, the Kenyan tycoon remains one of the richest investors on the Nairobi Securities Exchange, he also ranks as one of the country’s richest individuals even amid share price declines and currency devaluation.
