Kenyan multimillionaire banker James Mwangi, the managing director and CEO of Equity Group Holdings Plc, has witnessed a downturn in the market value of his shares in the leading lender due to a drop in its stock price on the Nairobi Securities Exchange (NSE).
According to data tracked by Billionaires.Africa, Mwangi’s stake in Equity Group has dipped by Ksh319.52 million ($2.43 million) over the past twenty-two days, aligning with the significant drop in the conglomerate’s share price listed on the NSE.
This recent downturn follows a substantial decline of $3.3 million between Apr. 2 and 17. During this period, the market value of Mwangi’s stake plummeted from Ksh6.13 billion ($46.33 million) to Ksh5.69 billion ($43.04 million).
Equity Group’s market cap falls 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 declined by 5.63 percent, dropping from Ksh44.4 ($0.3377) on Apr. 18 to Ksh41.9 ($0.3187) at the time of this update. This decrease has pushed its market capitalization below $1.3 billion, resulting in losses for stakeholders like James Mwangi, who also serves as Equity Group’s CEO.
Market slide shaves $2.43 million off James Mwangi’s fortune
James Mwangi, Kenya’s richest banker, holds a 3.38-percent stake in Equity Group. This equates to 127,809,180 ordinary shares.
Due to the decrease in Equity Group’s share price, Mwangi’s stake has seen the market value of his stake in the lender decline by Ksh 319.52 million ($2.43 million) from Ksh5.68 billion ($43.17 million) to Ksh 5.36 billion ($40.74 million) at the time of this report.
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.
