James Mwangi, a prominent businessman in Kenya, has increased his net worth by $7.28 million thanks to his ownership of Equity Group Holdings, a major financial institution with operations in South Sudan, Uganda, Tanzania, Rwanda, and the Democratic Republic of the Congo.
According to Billionaires Africa, the Kenyan multimillionaire and top banking executive recorded the gains over the past 18 days. According to the platform, Mwangi’s investment in the financial services company with headquarters in Nairobi saw advantages as a result of the steady increase in the stock price of the business on the Nairobi Securities Exchange.
He has been in control of the business since 2014, apparently owns a 3.38 percent interest, and has contributed in a variety of ways to its development and growth. The company is currently one of the biggest in Kenya as well as 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.”
Mwangi owns 3.38 percent of Equity Group Holdings, and from March 23 to April 10 his shares’ market value increased from $36.3 million to $43.59 million, increasing to $7.28 million.
The Kenyan businessman is expected to get further dividends from Equity Group Holdings worth $3.87 million.
The business’s broad operations through subsidiaries in Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo led to its ranking as the fifth-strongest banking brand in the world in 2021.
In addition to Equity Group Holdings, Mwangi served as the Kenya Vision 2030 Delivery Board’s Founding Chairman from 2007 to 2019 with the responsibility of ensuring that Kenya achieves middle-income status with excellent living conditions by that year.
He was ranked among the top 20 most important individuals in Africa and the top 50 thinking leaders of emerging markets by The Financial Times in 2009. In addition, he currently serves as the college’s chancellor at Meru University.
He had previously held positions at esteemed companies including PricewaterhouseCoopers and Ernst & Young before joining Equity Group Holdings.