James Mwangi gains $5.8 million as Equity Group shares soar

Key Points

• James Mwangi’s Equity Group stake gained $5.78 million in 37 days, reversing earlier losses from a market dip.
• Equity shares jumped 13.75%, lifting the lender’s market value above $1.4 billion and boosting Mwangi’s net worth.
• Equity Group reported a $377.3 million profit in 2024, backed by regional expansion and strong shareholder payouts.

James Mwangi, Kenya’s richest banker and long-serving CEO of Equity Group, has seen the value of his stake in the company recover sharply following a rally on the Nairobi Securities Exchange (NSE).

Equity CEO recoups millions after market rebound

Mwangi holds a 3.39-percent stake in Equity Group, equal to 127.8 million shares. Over the past 37 days, the value of his holdings has risen by Ksh747.68 million ($5.78 million), signaling renewed investor confidence in one of the region’s largest financial institutions.

This rebound follows a difficult start to the year. Between Jan. 22 and Feb. 22, the value of Mwangi’s shares dropped by about $3 million, from Ksh8.89 billion ($68.5 million) to Ksh8.5 billion ($65.53 million), as the market experienced a broader dip.

Equity’s growth anchored in regional expansion and solid returns

Equity Group, one of East and Central Africa’s biggest lenders, has continued to expand its footprint in countries like Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo. Under Mwangi’s leadership, the bank has grown into a major player across the region.

For the year ending Dec. 31, 2024, Equity reported a 12 percent rise in net profit to Ksh48.82 billion ($377.3 million), driven by higher revenues and tight cost controls. It also rewarded shareholders with a dividend of Ksh4.25 ($0.0329) per share, translating into a total payout of Ksh16 billion ($124.64 million).

Rising share price boosts James Mwangi’s net worth

Equity’s performance has helped lift its share price by 13.75 percent over the last 37 days—from Ksh42.55 ($0.3291) on April 9 to Ksh48.40 ($0.3743). This rally pushed the company’s market value past $1.4 billion, delivering solid returns for shareholders.

Mwangi’s stake has grown in value from Ksh5.44 billion ($42.06 million) to Ksh6.19 billion ($47.84 million), further cementing his status as the wealthiest banker in Kenya and one of the country’s most influential business leaders.

Small gains, big picture

Despite the recent rally, Equity Group’s stock is up just 0.21 percent for the year. A $100,000 investment at the start of 2025 would now be worth $99,790—a modest paper loss of $210. Still, the bank remains the second most valuable company listed on the NSE, and investor sentiment appears to be turning a corner.