Kenya's richest banker James Mwangi, the managing director and CEO of Equity Group, has witnessed a significant decline in the market value of his stake in the leading lender in recent times due to a recent drop in its share price on the Nairobi Securities Exchange (NSE).
According to Billionaires.Africa , Mwangi's stake in Equity Group has plummeted by Ksh709.34 million ($5.50 million) over the past 29 days. This follows a significant decline of $3.38 million between May 22 and June 18 . During this period, the market value of Mwangi's holdings fell from Ksh6.01 billion ($46.73 million) to Ksh5.58 billion ($43.35 million).
Equity Group's market cap falls below $1.2 billionEquity 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 tumbled 12.63 percent since July 9, falling from Ksh43.95 ($0.34) to Ksh38.4 ($0.3). This decline has pushed its market capitalization below $1.2 billion, resulting in losses for stakeholders like James Mwangi.
