This archive report was first published on 1 November 2019.
As the Nairobi Securities Exchange (NSE) continues to experience a bull run, several high-profile individuals and families have seen their wealth soar thanks to the rallying price rise of banking shares.
According to a report published on November 1, 2019, in the Business Daily, the Kenyatta family has gained more than Sh.1 billion over the past two weeks. This is not the only notable gain, as Equity Group CEO James Mwangi has also seen his five percent stake in Equity Bank increase by Sh.1.6 billion since October 18.
President Uhuru Kenyatta's request to lawmakers to remove the cap on lending rates on October 18 marked a significant turning point for the banking sector. Since then, Equity Bank's shares have risen by 23.6 percent, with Mwangi's stake now worth Sh.8.7 billion.
The Kenyatta family's 13.2 percent stake in NCBA Group has also seen a significant increase, rising by Sh.1.08 billion since the shares were listed on the Nairobi bourse on October 22. This has pushed their wealth in the bank to Sh.7.7 billion.
Other notable gains include KCB Group, which rose by 21.5 percent, and Co-operative Bank, which surged by 16.9 percent. The 1.7 percent stake held by Co-operative Bank CEO Gideon Muriuki rose by Sh.209 million, pushing his worth in the lender to Sh.1.4 billion.
