Kenyan tycoon Andrew Ndegwa gains $3.5 million from stake in NCBA Group

Kenyan businessman and senior banking executive, Andrew Ndegwa, has seen a notable increase in the market value of his stake in NCBA Group. This is linked to the recent bump in the share price of the Nairobi-based financial services conglomerate.

According to market data tracked by Billionaires.Africa, Ndegwa’s stake has grown by Ksh477.1 million ($3.56 million) in the past month, buoyed by a surge in investor interest that sent the East African financial services giant’s shares soaring by double digits.

NCBA Group shares skyrocket by over 17 percent, market cap surpasses $510 million

NCBA Group, an East African financial services conglomerate headquartered in Nairobi, Kenya, has a growing presence across the region. Beyond its Kenyan operations, the group also has a footprint in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.

The recent surge in the bank’s share price on the Nairobi Securities Exchange reflects a 17.22-percent increase over the past month, climbing from Ksh36.30 ($0.271) on Feb. 16 to Ksh42.55 ($0.317), pushing its market capitalization above $510 million at the time of drafting this report.

Andrew Ndegwa’s investment in NCBA Group surpasses $24 million as the lender’s shares soar

Andrew Ndegwa, a director on the board of NCBA Group, holds a commanding 4.63-percent stake in the leading lender, translating to 76,336,855 ordinary shares. This significant holding solidifies his position as one of Kenya’s wealthiest individuals.

Buoyed by NCBA Group’s recent share price surge, Ndegwa’s stake has jumped significantly. It rose from Ksh2.77 billion ($20.67 million) on Feb. 16 to Ksh3.25 billion ($24.23 million), translating to a gain of Ksh477.10 million ($3.56 million).