The Kenyatta family, the family of former Central Bank governor Philip Ndegwa and Equity Group chief executive James Mwangi have each gained more than Sh1 billion over the past two weeks after a surge in bank share prices on news of a push to remove the cap on commercial lending rates.
Mr Mwangi leads the pack after his five percent stake in Equity Bank gained Sh1.6 billion since October 18 when news leaked that President Uhuru Kenyatta had asked that lawmakers remove the cap on lending rates. His stake in the bank is worth Sh8.7 billion, underlining his position as one of Kenya’s wealthiest entrepreneurs.
