Andrew Ndegwa, a Kenyan businessman and corporate executive, has recorded a significant increase in the market value of his stake in NCBA Group in the past 26 days, as shares in the Nairobi-based financial services conglomerate rebound strongly on the Nairobi Securities Exchange.
According to data compiled by Billionaires.Africa, the Kenyan businessman’s stake has increased in value by more than $3 million in the past 26 days, owing to a double-digit increase in NCBA’s share price on the Nairobi Securities Exchange.
NCBA is a Nairobi-based financial services conglomerate that operates as a non-operating holding through its vast network of subsidiaries in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.
The Kenyan banking firm has 109 branches in five countries including Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast.
Andrew Ndegwa, the executive director of First Chartered Securities Limited, owns 4.3 percent of NCBA Group, making him one of the company’s largest shareholders.
The bank’s share price on the Nairobi Securities Exchange has risen by 18.2 percent in the past 26 days, rising from N32.1 ($0.073) on March 23 to N37.95 ($0.281) at the time of writing this report, thanks to renewed buying interest among investors, which has pushed its market capitalization above $460 million, making it the eighth most valuable company on the Nairobi Securities Exchange.
The double-digit bump in the bank’s shares has resulted in a significant rise in Ndegwa’s net worth, further cementing his status as one of the country’s multimillionaire businessmen.
So far this year, the Kenyan businessman has seen his stake in NCBA Group rise by Ksh414.82 million ($3.07 million), from Ksh2.27 billion ($16.86 million) on March 23 to Ksh2.69 billion ($19.93 million) at the time of drafting this report.
This solidifies Andrew Ndegwa’s position as one of the wealthiest investors in the country.
Get South Africa’s latest entrepreneurial or business success stories delivered right to your inbox — Sign up to Entrepreneur Hub SA’s newsletter today