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Kenya’s richest banker James Mwangi, the managing director and CEO of Equity Group, has recorded a significant increase in his net worth over the past two weeks, thanks to the recent surge in the market value of his stake in the Nairobi-based financial services group.
According to data tracked by Billionaire.Africa, the market value of Mwangi’s stake in Equity Group has risen by Ksh511.24 million ($3.89 million) over the past 14 days as investors sustained their buying interest in the top lender.
Equity’s market cap surpasses $1.3 billion
Equity Group has emerged as a dominant force in East and Central Africa under the leadership of Managing Director and CEO James Mwangi. Mwangi’s strategic vision has fueled the lender’s expansion across the region, with operations now spanning Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo.
Its share price on the Nairobi Securities Exchange (NSE) has gained 9.3 percent since March 19, climbing from Ksh43 ($0.3273) to Ksh47 ($0.3576). This recent surge has pushed the lender’s market capitalization above $1.3 billion, delivering significant value to shareholders.
The uptick in share price and market cap follows Equity’s announcement of a record dividend payout of Ksh15.1 billion ($114.4 million) to shareholders, underscoring the company’s commitment to shareholder returns.
James Mwangi’s Equity stake tops $45 million
James Mwangi, the group managing director and CEO of Equity Group, holds a 3.38-percent stake in the Nairobi-based financial services company. This translates to 127,809,180 ordinary shares in the leading lender.
Mwangi’s holding has gained Ksh511.24 million ($3.89 million) in value over the past two weeks, buoyed by a recent surge in Equity Group’s share price. His stake surged to Ksh6.01 billion ($45.76 million) at the close of business today, up from Ksh 5.5 billion ($41.87 million) on March 19.
The recent gain not only reinforces Mwangi’s standing as one of the top investors on the NSE but also strengthens his position as Kenya’s wealthiest banker, highlighting the success of Equity Group under his leadership.
