Table of Contents
Key Points
- James Mwangi’s stake in Equity Group has surged to nearly $50 million, boosted by a 12.64% rise in share price on the Nairobi Securities Exchange.
- Mwangi, holding a 3.39% stake, has gained $5.53 million in market value over the past 46 days as investor confidence grows.
- Equity Group’s stock has surged 45.91% in 2024, with foreign investors seeing a 76.54% return, fueled by a strengthening Kenyan shilling.
James Mwangi, the Managing Director and CEO of Equity Group, has solidified his position as Kenya’s richest banker, with his stake in the East African financial giant now valued at nearly $50 million.
This is a direct result of a significant rally on the Nairobi Securities Exchange (NSE), which has buoyed the value of his holdings over the past month and a half.
Mwangi’s 3.39 percent stake in Equity Group, comprising 127,809,180 shares, has increased by Ksh715.73 million ($5.53 million) over the last 46 days.
This is linked to a 12.64 percent jump in the lender’s share price, which rose from Ksh44.3 ($0.342) on Oct. 1 to Ksh49.90 ($0.386) as of Nov. 15.
As a result, the value of Mwangi's stake has climbed from Ksh5.67 billion ($43.74 million) to Ksh6.38 billion ($49.27 million), cementing his place among Africa’s wealthiest financial executives.
Recent rally elevates James Mwangi’s fortune
Mwangi’s personal wealth gain is also a testament to his visionary leadership at Equity Group.
Under his leadership, the once-struggling microfinance institution has transformed into one of East Africa’s largest and most successful financial institutions.
The lender now operates in six African countries, with over 16 million clients and assets exceeding $14 billion as of December 2023.
Mwangi’s leadership has driven Equity Group to a market capitalization nearing $1.5 billion, positioning it as Kenya’s second-most valuable company.
This growth not only highlights the strength of Equity Group’s financial position but also reflects Mwangi’s influence on the broader economic landscape, driving inclusive prosperity in the region.
Equity Group stock delivers record gains for investors
Since the beginning of 2024, Equity Group’s stock price has surged by 45.91 percent, with foreign investors reaping even greater rewards.
Year-to-date gains for international investors have reached 76.54 percent, buoyed by a strengthening Kenyan shilling and heightened investor optimism.
A $100,000 investment made in Equity Group stock at the start of the year would now be worth $176,714, delivering a profit of $76,714.
