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Kenyan multimillionaire banker James Mwangi, the managing director and CEO of Equity Group, has experienced a significant decline in the market value of his stake in Equity Group following a recent decline in the group’s share price on the Nairobi Securities Exchange.
According to data tracked by Billionaires.Africa, Mwangi — who ranks as one of the wealthiest individuals in East Africa’s largest economy — has seen the market value of his stake in Equity Group decline by Ksh332.30 million ($2.16 million) within the past 22 days.
This recent loss comes on the heels of a previous gain of $1.24 million between Sept. 29 and Oct. 17, when the market value of his stake in the leading financial services group surged from Ksh4.54 billion ($30.4 million) to Ksh4.73 billion ($31.63 million).
Equity Group shares dive 6.79 percent amid stock market turbulence
Mwangi, recognized as the richest banker in Kenya, owns a 3.38-percent stake in Equity Group, equivalent to 127,809,180 ordinary shares in the prominent financial services conglomerate.
Under his leadership, Equity Group has emerged as a dominant force in East and Central Africa. His strategic initiatives played a key role in the group’s expansion into multiple countries, including Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.
However, since Nov. 24, the shares of Equity Group on the Nairobi Securities Exchange have experienced a significant decline of 6.79 percent, falling from Ksh38.30 ($0.249) to Ksh35.70 ($0.232) at the time of writing.
James Mwangi’s equity stake dips $2.1 million in 22 days
As a result of the single-digit percent slump, the market value of Mwangi’s stake in Equity Group has declined by Ksh332.30 million ($2.16 million) over the past 22 days, declining from Ksh4.89 billion ($31.86 million) on Nov.24 to Ksh4.56 billion ($29.70 million).
Despite the recent decrease in the market value of Mwangi’s stake in Equity Group, he maintains a top spot among the richest investors on the Nairobi Securities Exchange — he also remains one of Kenya’s wealthiest individuals.
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