Kenyan banker James Mwangi's Equity Group stake declines by $3.4 million

Timilehin Adejumobi -

Key Points:

  • James Mwangi’s stake in Equity Group Holdings drops by $3.4 million in the last 27 days due to share price decline.
  • Equity Group shares fall over 7% in 27 days, cutting its market capitalization below $1.3 billion.
  • Despite recent dip, Equity Group’s share price has surged 29.7% year-to-date, offering a 57.8% total return including currency gains.

Kenyan multimillionaire banker James Mwangi, the managing director and CEO of Equity Group Holdings Plc, has suffered a significant decline in the market value of his stake in the lender following 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 fallen by Ksh434.55 million ($3.38 million) over the past 27 days. This follows a $3.77 million gain recorded between May 13 and 21, when his stake rose from Ksh5.53 billion ($42.05 million) to Ksh6.01 billion ($45.75 million).

Equity Group’s shares slump by over 7 percent in 27 days

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.

Over the last 27 days, Equity Group shares have declined by 7.23 percent, falling from Ksh47.05 ($0.36) on May 22 to Ksh43.65 ($0.34). This downturn has driven its market capitalization below $1.3 billion, resulting in notable losses for shareholders, including Mwangi.

James Mwangi’s stake in Equity Group slides by $3.4 million

James Mwangi, Kenya’s richest banker, holds a 3.38-percent stake in Equity Group. This equates to 127,809,180 ordinary shares.

However, the recent decline in Equity Group shares has seen the market value of his stake in the leading lender decline by Ksh434.55 million ($3.38 million) in the past 27 days, from Ksh6.01 billion ($46.73 million) on May 22 to R5.58 billion ($43.35 million) at the time of writing.

Despite the recent decline, Mwangi remains a prominent figure among the wealthiest investors on the Nairobi Securities Exchange and one of Kenya’s most affluent individuals.

Your Money and Your Life

Equity Group remains a bright spot for investors in 2024, despite the recent dip. The Kenyan financial giant has seen its share price surge by 29.72% year-to-date in local currency terms. 

This positive performance is even more impressive when considering the recent appreciation of the Kenyan shilling against the U.S. dollar. After factoring in the currency gains, Equity Group shareholders have enjoyed a total return of 57.8% on their investments so far this year.

For context, a $100,000 investment in Equity Group at the beginning of 2024 would now be worth approximately $157,880, reflecting a profit of $57,880.