Kenyan Mogul Andrew Ndegwa Earns $3.5M from Investment in NCBA Group

Andrew Ndegwa, a Kenyan businessman and senior banking executive, has seen the market value of his NCBA Group stake rise significantly. This is related to the recent increase in the share price of the Nairobi-based financial services company.

Ndegwa’s holding has increased by Ksh477.1 million ($3.56 million) in the last month, aided by a surge in investor interest that drove the East African financial services behemoth’s shares surging by double figures.

NCBA Group, an East African financial services conglomerate headquartered in Nairobi, Kenya, is expanding its influence throughout the area. In addition to Kenya, the business has activities in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.

The bank’s share price on the Nairobi Securities Exchange has risen 17.22 percent in the last month, from Ksh36.30 ($0.271) on February 16 to Ksh42.55 ($0.317), bringing its market value above $510 million at the time of writing.

Andrew Ndegwa, a director on the board of NCBA Group, owns a dominating 4.63 percent interest in the biggest lender, which translates to 76,336,855 ordinary shares. This substantial holding cements his status as one of Kenya’s wealthiest individuals.

Ndegwa’s shareholding has increased dramatically as a result of the recent share price spike at NCBA Group. It increased from Ksh2.77 billion ($20.67 million) on February 16 to Ksh3.25 billion ($24.23 million), representing a gain of Ksh477.10 million ($3.56 million).

 

 

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