Kenyan businessman and corporate executive, Andrew Ndegwa, has experienced a significant increase in the market value of his stake in NCBA Group over the past 26 days. This increase in value is due to a strong rebound in shares of the Nairobi-based financial services conglomerate on the Nairobi Securities Exchange.
Billionaires.Africa reports that Ndegwa’s stake has increased in value by more than $3 million, thanks to a double-digit increase in NCBA’s share price. NCBA operates as a non-operating holding through its network of subsidiaries in Tanzania, Rwanda, Uganda, and Cote d’Ivoire, with 109 branches in Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast.
As the executive director of First Chartered Securities Limited, Ndegwa is one of the largest shareholders in NCBA Group, owning 4.3 percent of the company. The bank’s share price has risen by 18.2 percent on the Nairobi Securities Exchange in the past 26 days, making it the eighth most valuable company on the exchange with a market capitalization above $460 million.
Ndegwa’s net worth has increased significantly as a result of this double-digit increase, making him one of the country’s multimillionaire businessmen. As of the time of drafting this report, his stake in NCBA Group has risen by Ksh414.82 million ($3.07 million) from Ksh2.27 billion ($16.86 million) on March 23 to Ksh2.69 billion ($19.93 million). This solidifies Ndegwa’s position as one of the wealthiest investors in Kenya.