Andrew Ndegwa, a Kenyan businessman and senior banking executive, has lost approximately $1 million in the last 87 days as his stock in NCBA Group has declined.
The $1.17 million decrease in the market value of Ndegwa’s shareholding can be linked to a single-digit percent loss in NCBA Group’s shares as wary investors decreased their positions in the Nairobi-based financial services conglomerate.
NCBA Group, a major financial services provider, with a considerable presence in Kenya, Tanzania, Rwanda, Uganda, and Côte d’Ivoire.
Andrew Ndegwa, a director on the board of the financial services behemoth, owns a huge 4.3 percent stake in NCBA Group, confirming his status as one of the Nairobi Securities Exchange’s wealthiest investors and one of Kenya’s wealthiest individuals.
Since April 27, the bank’s share price has dropped 5.75 percent, from Ksh40.9 ($0.287) to Ksh38.55 ($0.272), bringing the bank’s market value below $450 million and putting it eighth on the Nairobi Exchange.
The market value of Ndegwa’s 4.3-percent interest in NCBA Group has declined from Ksh2.9 billion ($20.42 million) on April 27 to Ksh2.73 billion ($19.25 million) on July 23, representing a loss of Ksh166.64 million ($1.17 million).
Despite this financial loss, Ndegwa remains one of Kenya’s wealthiest investors as well as one of the country’s richest businessmen.
Similarly, his brother James Ndegwa, the former chairman of Kenya’s capital markets authority, has had his NCBA Group investment fall by $1.12 million during the same time period. The occurrence highlights the recent issues faced by investors in top financial services organizations.