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HomeWealthEquity Bank Founder Peter Munga Net Worth

Equity Bank Founder Peter Munga Net Worth

The name Peter Munga doesn’t resonate with many young Kenyans who are accustomed to trendy billionaires like Chris Kirubi. And, except for the rare interviews-and occasional mention on Business related publications-billionaire businessman Peter Munga is largely a private person. This is probably why only a few Kenyans know who is the brains behind Africa largest bank by customer base. Mr Munga hanged his boots as the Founder Chairman of Equity on 06 June 2018 after being on the steering wheel from 1984. This is the inspiration behind this article.

Equity Building Society (EBS)
Mr Munga had an entrepreneurial spirit informed by his surroundings and to escape the wanton poverty he experienced firsthand growing up. With only US$100 (approximately kes5,000 at the time) and goodwill from residents of his rural home of Kangema, Munga started EBS on October 1984. Then EBS provided mortgage financing to its customers who were mostly low income earners. EBS was in financial doldrums losing Kes5 million (about US$60,000 at the time) and a further kes33 million (US$380,000) in losses. James Mwangi, then only 31 years old, was appointed in 1993 to wind up the insolvent EBS. Mr Mwangi’s midas touch as director of finance at EBS turned around the institution to the behemoth it is today. It was not until 2004 that EBS morphed into a fully fledged commercial bank under Equity Bank Limited (EBL). Equity was listed in the Nairobi Securities Exchanges two years later and has since become the largest bank by market capitalization. The bank went on to be listed on Uganda Securities Exchange on 18 June 2009. The bank has grown ever since to have subsidiaries in Kenya, Tanzania, Rwanda and South Sudan.

Shares held by Peter Munga

Britam
He is a shrewd entrepreneur who ranks among the wealthiest individuals in Kenya. Mr Munga’s stake at Britam was 40.3 percent in 2016. His stake has dropped to 26.8 percent after he sold Kes1.3 billion worth of shares. This is per Britam’s latest annual report showing the businessman sold 104 million shares in the year ended December 2017. He is set to offload more of the company shares by 2018.



Equity Bank
The businessman stake at Equity Bank is estimated at 0.5 percent.
His shares as of Nov 2014
Courtesy of Wikipedia

 


British-American Investments Company
* Held through Equity Holdings Limited
11.9 65 million.[6]
2 British-American Investments Company* Held directly 3.86 21 million[7]
3 British-American Investments Company* Held through Filimbi Limited 1.66 9 million[8]
4 Equity Bank Group* 0.42 3.0[9]

 

The 75 year old Munga holds a number of positions. His retirement from the chairmanship of board was least expected. Here are the current positions he holds.

Courtesy of 4 Traders

Name Title Since
 Britam Holdings Ltd
(Corporate Financial Services)
Non-Executive Director
 HF Group Plc
(Banks)
Independent Non-Executive Director
Equatorial Nut Processors Ltd. Chairman
Micro Enterprises Support Programme Trust Chairman
Kenya Animal Genetic Resource Centre Chairman
Freshco International Ltd. Chairman
British American Insurance Co. ( Kenya) Ltd. Non-Executive Director

 

Founded Wings To Fly

Together with Equity CEO James Mwangi, Mr Munga started Wings to Fly’ programme that has offered over 10,000 scholarships to needy Kenyans to study locally and abroad. By 2017, the programme had given out scholarship estimated at over kes8 billion.

Peter Munga Businesses

Pioneer Group of Schools

The institutions founded by the billionaire offers 8-4-4 system of education with emphasis on entrepreneurial skills. Interestingly, the fee is affordable unlike in similar institutions. He said when opening the doors of Pioneer Girls:  “The idea is to produce students who after the four years of learning can activate the same ideas and pursue the entrepreneurial path that has the potential  to create new economies and generate employments to other people.”

Pioneer International University

Pioneer Girls Thika

Pioneer High School

St. Paul’s Thomas Academy

Equatorial Nut Processors Limited.

Controversy

The billionaire has been accused of defaulting to settle his debts. In one instance, Galaxy Auctioneers placed Munga’s kes400 million five four bedroom marionettes in Kasarani ‘s Stone Groove Estate for failing to repay kes 25 million he owed Jamii Bora Bank. Munga had guaranteed his friend the money.

Munga was taken to court by Peter Muturi Kamau for failing to pay kes150 million for three million TransCentury shares he bought from him.

  1. PETER MUNGA’S AWARDS
MR. PETER MUNGA’S AWARDS
AWARD GRANTING ORGANIZATION MOTIVATION YEAR SCOPE COUNTRY PRESENTED
Chairman of the Year Capital Markets Authority Equity Bank Group Chairman Peter Munga was named Chairman of the Year during the 4th edition of the annual Capital Markets Awards. Munga was celebrated for laying the vision that became Equity Bank and promoting inclusivity in the financial sector. 2013 National Recognition Kenya
Chief of the Order of The Burning Spear (CBS) Head of State Commendation – Republic of Kenya The highest order for private citizens in Kenya, for contribution towards the country’s economic development 2011 National Recognition Kenya
Yara Prize Yara Foundation Transforming the lives & fortunes of thousands of small scale farmers in Africa & empowering them to be creators & generators of employment 2009 Global Award Oslo, Norway
Elder of The Burning Spear (EBS) State Commendation – Republic of Kenya Awarded in recognition of outstanding or distinguished services rendered to the Kenyan nation 2006 National Recognition Kenya

 

Quick Facts About Peter Munga

Schools

Tuuthu Primary School in Muranga-Standard Four

Kiangunyi Intermediate School

Gaichanjuri High School in Kangema-Sat for his Cambridge School Certificate in 1963

Worked as a provincial administration

Has five boys and two girls

Peter Munga’s Net Worth

Peter Munga net worth as of 2014 was estimated at over US$100 million (approximately kes10 billion).