Kenya’s richest banker James Mwangi’s stake in Equity Group soars past $45 million

Mfonobong Nsehe -

Key Points:

  • James Mwangi’s stake in Equity Group climbed $3.7 million in just eight days, solidifying his position as a top investor.
  • The financial giant’s stock price is up nearly 9% this month, pushing its market cap above $1.3 billion.
  • Equity Group’s share performance (up 62% YTD) showcases the potential returns in African markets, especially for those following regional leaders like Mwangi.

Kenya’s richest banker James Mwangi, the managing director and CEO of Equity Group — East and Central Africa’s leading financial services provider — has seen his wealth surge over the past eight days as the value of his stake in the Nairobi-based lender climbed above $45 million.

According to data tracked by Billionaires.Africa, Mwangi’s stake has risen by Ksh485.68 million ($3.7 million) over the past eight days. This adds to earlier gains recorded between Feb. 8 and March 19 when the market value of his stake in Equity Bank surged by Ksh766.86 million ($5.77 million), climbing from Ksh4.75 billion ($35.77 million) to Ksh5.52 billion ($41.54 million).

Equity Group’s market cap surpasses $1.3 billion

In recent years, Equity Group has become a dominant force in East and Central Africa under the leadership of James Mwangi, its managing director and CEO. Mwangi’s strategic vision has expanded the lender’s operations into multiple countries, including Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.

Equity Group shares on the Nairobi Securities Exchange (NSE) have risen from Ksh43.25 ($0.329) on May 13 to Ksh47.05 ($0.354), marking an 8.79-percent gain for shareholders. This increase has pushed the group’s market capitalization above $1.3 billion.

James Mwangi’s stake in Equity Group

James Mwangi, renowned as Kenya’s richest banker, owns a 3.38-percent stake in Equity Group, equivalent to 127,809,180 shares in the financial services conglomerate. His stake in Equity Group has grown in value by Ksh485.67 million ($3.7 million) over the past eight days.

The rise in Equity Group’s share price has pushed the market value of Mwangi’s holding to Ksh6.01 billion ($45.75 million) from Ksh5.53 billion ($42.05 million) as of today’s close.

This surge cements Mwangi’s position as a top investor on the NSE and underscores his status as one of Kenya’s wealthiest individuals. It also highlights the success of Equity Group under his leadership.

Your Money and Your Life: Equity Group delivers strong returns

Equity shares have been a standout performer for individual investors in 2024, delivering strong returns year-to-date (YTD). Investors who mirrored wealth-creation strategies by investing in financial institutions like Equity Group have seen significant gains — buoyed by the recent appreciation of the Kenyan shilling.

Equity Group’s share price on the NSE has surged over 36 percent YTD in local currency terms. Factoring in the recent appreciation of the Kenyan shilling against the U.S. dollar, shareholders have seen a total increase of 61.85 percent in their holdings YTD. A $100,000 investment in Equity at the start of the year would now be worth $161,850, reflecting a profit of $61,850.