Kenyan tycoon and former Capital Markets Authority Chairman James Ndegwa’s fortune has seen a recent setback as his stake in Nairobi-based financial services group NCBA Group has declined by over $3 million in the past 16 days.
According to data tracked by Billionaires.Africa, the market value of Ndegwa’s stake in NCBA has declined by Ksh425.17 million ($3.17 million) within the last 16 days. The decline coincides with a 12.56-percent drop in NCBA’s share price on the Nairobi Securities Exchange.
This comes after a period of growth for Ndegwa’s stake in NCBA. Between Feb. 21 and March 27, his stake increased by $3.4 million, rising from Ksh2.81 billion ($21.27 million) to Ksh3.26 billion ($24.69 million).
NCBA Group’s market cap falls below $500 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 caused NCBA Group’s share price to fall by 12.56 percent, dropping from Ksh45.00 ($0.3355) on April 18 to Ksh39.35 ($0.2934) at the time of writing. This has pushed the company’s market capitalization below $500 million, leading to significant losses for shareholders like Ndegwa.
Ndegwa’s wealth dips amid stock fall
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 decline in the lender’s share price, Ndegwa’s stake in the Nairobi-based lender has decreased from Ksh3.39 billion ($25.25 million) on April 18 to Ksh2.96 billion ($22.08 million) at the time of drafting this report.
Consequently, this drop has resulted in a loss of Ksh425.17 million ($3.17 million) for the prominent businessman. Despite this setback, Ndegwa remains one of Kenya’s wealthiest investors and continues to hold a significant position among the country’s richest individuals.
