Andrew Ndegwa: How Kenyan Billionaire Made Ksh244.64 Million in One Month

Despite what appears like a slow economic recovery, NCBA Group is one of the companies listed on the Nairobi Stock Exchange (NSE) that posted impressive returns.

In a span of 36 days between March 2 and April 6, Billionaire Andrew Ndegwa’s valuation rose by $2.1 million. In 2021 NCBA exceeded analysts’ expectations and has since maintained buying interest from investors.

According to reports, Ndegwa owns 4.3 per cent of NCBA Group or 70,909,968 ordinary shares.

The rise in Ndegwa’s worth can be attributed to a 15 per cent increase in NCBA’s share price on the NSE, from Ksh23 ($0.1995) per share at the start of the stock market on March 2 to Ksh26.45 ($0.2294) as at the opening bell on April 7.

As of April 7, the market value of Ndegwa’s 4.3 per cent stake in NCBA increased by Ksh244.64 million ($2.12 million) as a result of the share price movement, from Ksh1.63 billion ($14.14 million) on March 2 to Ksh1.88 billion ($16.27 million) on April 7.

Ndegwa who is the business leader and executive director of First Chartered Securities Limited is among the wealthiest investors at the NSE.

Also Read: Philip Ndegwa: The First Kenyan To Bank A Billion And His Super Wealthy Sons

According to Billionaires.Africa the surge in NCBA shares can be attributed to the financial entity’s strong performance in 2021.

NCBA’s full-year net profit more than doubled from Ksh4.6 billion ($40.1 million) in 2020 to Ksh10.2 billion ($88.9 million) at the end of 2021, thanks to strong performance from its banking, unit trust, and investment banking operations.

As a result, the board paid out a final dividend of Ksh2.25 ($0.0196) per share, which, when combined with the interim dividend of Ksh0.75 ($0.0065) per share paid on October 12, 2021, brings the total dividend to Ksh3 ($0.0261) per share.