James Mwangi, the managing director and CEO of Equity Group and a multimillionaire Kenyan banker, witnessed an almost $20 million decline in the market value of his equity group interest in the Nairobi-based financial services company in 2023.
One of the wealthiest people in the largest economy in East Africa, Mwangi saw his stake in Equity Group decline by Ksh1.46 billion ($19.2 million) due to a number of factors, including the devaluation of Kenyan Shillings and a notable decline in the shares of the leading financial services conglomerate, according to data tracked by Billionaires.Africa.
This comes after a financial loss he suffered in 2022 when Equity Group shares dropped sharply, resulting in a $13 million fall in Mwangi’s ownership of the lender, from Ksh6.77 billion ($59.87 million) to Ksh5.75 billion ($46 million).
Equity Group has become a powerful force in East and Central Africa under Mwangi’s direction. With him in charge, the gang has expanded into several nations, including Tanzania, South Sudan, Rwanda, Uganda, and the Democratic Republic of the Congo.
Equity Group’s shares fell sharply on the Nairobi Securities Exchange in 2023, plunging from Ksh45.05 ($0.365) on January 1 to Ksh33.65 ($0.215) on December 31. As a result, the group’s shareholders suffered significant losses.
As the wealthiest banker in Kenya, Mwangi possesses 127,809,180 common shares, or 3.38 percent, of Equity Group, a well-known financial services company.
Mwangi’s stake’s market value fell by Ksh1.46 billion ($19.20 million) in 2023 as a result of the combined effects of currency depreciation and a double-digit percent decline in the group’s share price, from Ksh5.76 billion ($46.66 million) to Ksh4.30 billion ($27.46 million).
The Kenyan billionaire, Mwangi, continues to be one of the wealthiest investors on the Nairobi Securities Exchange and one of the richest people in the nation despite the recent fall in his shareholding in Equity Group. This is true even in the face of declining share prices and depreciating currency.