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Kenyan multimillionaire banker James Mwangi, the managing director and CEO of Equity Group Holdings Plc, has seen the market value of his stake in the lender decline after a recent drop in its share price on the Nairobi Securities Exchange (NSE).
According to data tracked by Billionaires.Africa, Mwangi’s stake in Equity Group has declined by Ksh434.55 million ($3.28 million) over the past 14 days, mirroring a sharp drop in the share price of the NSE-listed conglomerate.
The current downturn follows a notable surge of Ksh511.24 million ($3.89 million) recorded between March 19 and April 2. During that period, the market value of Mwangi’s stake climbed from Ksh5.5 billion ($41.87 million) to Ksh6.01 billion ($45.76 million).
Equity Group’s market cap slumps below $1.3 billion
Equity Group has emerged as a dominant force in East and Central Africa under the leadership of James Mwangi, the group’s Managing Director and CEO. 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.
The group’s share price on the NSE has tumbled 7.09 percent since April 3, falling from Ksh47.95 ($0.363) to Ksh44.55 ($0.337). This decline has pushed its market capitalization below$1.3 billion, resulting in losses for stakeholders like James Mwangi, who serves as Equity Group’s CEO.
Equity Group’s stake declines by $3.28 million
James Mwangi, Kenya’s richest banker, holds a 3.38-percent stake in Equity Group. This equates to 127,809,180 ordinary shares.
Amid the decline in Equity Group’s share price, the market value of Mwangi’s stake has declined by Ksh434.55 million ($3.28 million). As of April 2, his holding was valued at Ksh6.13 billion ($46.33 million). At the time of writing, it stands at Ksh5.69 billion ($43.04 million), reflecting a decrease of Ksh434.55 million ($3.28 million).
Despite the decline, Mwangi remains a prominent figure among the wealthiest investors on the Nairobi Securities Exchange and one of Kenya’s most affluent individuals.
