Kenyan multimillionaire and former Capital Markets Authority Chairman James Ndegwa has witnessed a significant loss of more than $1 million in the past 11 days from his ownership stake in the Kenya-based financial services conglomerate, NCBA Group.
According to data tracked by Billionaires.Africa, the market value of Ndegwa’s stake in NCBA has dropped by Ksh169.39 million ($1.17 million) over the past 11 days as local investors on the Nairobi Securities Exchange continue to reduce their positions in the financial services giant.
NCBA Group shares dip by 5.8 percent, market cap falls below $420 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 Kenya, Tanzania, Rwanda, Uganda, and Cote d’Ivoire.
Recent market fluctuations have seen the share price of NCBA Group decline by 5.84 percent, sliding from Ksh38.55 ($0.266) on Feb. 7 to Ksh36.30 ($0.250) at the time of drafting this report, thus pushing the leading lender’s market capitalization below $420 million.
Kenyan tycoon James Ndegwa faces $1.17-million setback as NCBA stake shrinks amid market turbulence
James 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 NCBA.
Due to a recent drop in the lender’s shares, Ndegwa’s stake in the group has fallen from Ksh2.9 billion ($20 million) on Feb. 7 to Ksh2.73 billion ($18.83 million). This decline has led to a loss of Ksh169.39 million ($1.17 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.