Kenyan business mogul, James Mwangi, has added $7.28 million to his net worth from his stake in Equity Group Holdings, a leading finance house in the capital, Nairobi; which also has footprints in Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.
The Kenyan multimillionaire and leading banking executive recorded the gains over the past 18 days, according to Billionaires Africa. The platform reports that Mwangi’s stake in the Nairobi-based financial services made gains as a result of the sustained growth of the company’s share price on the Nairobi Securities Exchange.
He has been in charge of the company since 2014, reportedly owns a 3.38-percent stake, and has played different roles in the expansion and growth of the company. Today, the firm is one of the largest, not only in Kenya but in Eastern and Middle Africa.
“Since March 23, the company’s share price has risen by 20.05 percent from $0.284 to $0.341 at the time of drafting this report,” Billionaires Africa reported. “The surge has propelled the bank’s market capitalization closer to the $1.3-billion mark.”
With a 3.38 percent stake in Equity Group Holdings, Mwangi has seen the market value of his shares rise to $7.28 million from March 23 to April 10, climbing from $36.3 million to $43.59 million.
It has been projected that the Kenyan businessman is set to earn an additional $3.87 million in dividends from Equity Group Holdings.
In 2021, the company was named the fifth-strongest banking brand in the world as a result of its diverse operations through subsidiaries in Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.
Aside from Equity Group Holdings, Mwangi was the Founding Chairman of the Kenya Vision 2030 Delivery Board from 2007-2019, charged with ensuring Kenya becomes a middle-income country with high living standards by 2030.
In 2009, he was named among The Financial Times’ list of the top 50 thought leaders of emerging markets and the top 20 most influential people in Africa. What is more, he is the current Chancellor of Meru University College of Science and Technology.
Prior to Equity Group Holdings, he had worked at prestigious firms like PricewaterhouseCoopers and Ernst and Young.