Kenyan multimillionaire James Ndegwa, the former chairman of the Capital Markets Authority, has seen his holdings in NCBA Group rise by $3.42 million in recent weeks, buoyed by a strong rally in the Nairobi-based financial group’s share price.
According to data tracked by Billionaires.Africa, Ndegwa’s stake has increased in value by Ksh451.5 million ($3.42 million) over the past 35 days, solidifying his position among the wealthiest investors on the Nairobi Securities Exchange.
NCBA’s stock surges 16 percent, market capitalization surpasses $540 million
East African financial services conglomerate NCBA Group Plc, headquartered in Nairobi, Kenya, has seen its share price surge in recent times. The stock jumped 16.09 percent to Ksh43.30 ($0.3306) at the time of drafting this report, from Ksh37.3 ($0.2847) on Feb. 21.
This strong performance has pushed NCBA Group’s market capitalization above $540 million, generating significant returns for shareholders. Aside from its operations in Kenya, the group has an operational footprint in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.
James Ndegwa’s investment in NCBA skyrockets to nearly $25 million
James Ndegwa’s investment in the group has soared in value, jumping from Ksh2.81 billion ($21.27 million) to Ksh3.26 billion ($24.69 million) due to a strong surge in the group’s share price on the local stock exchange.
This remarkable increase highlights Ndegwa’s standing among Kenya’s top investors, solidifying his position among the nation’s leading businessmen and reaffirming his significant influence in the financial services sector.
