Mr Kagema has left behind a rich business empire which includes the five-star Enashipai Spa & Resort in Naivasha.
Billionaire businessman John Kagema Mwangi, the founding chief executive officer of Equity Bank, died at a Nairobi hospital Wednesday following a long illness.
Mr Kagema has left behind a rich business empire which includes the five-star Enashipai Spa & Resort in Naivasha which he built partly using proceeds from his investment in Kenya’s most valued bank.
He was among a host of then anchor shareholders at Equity who sold off part of their stake from 2008 upon expiry of a two-year-lock-in period following the bank’s listing on the Nairobi Securities Exchange in 2006.
Mr Kagema, who was the fourth largest shareholder with a 6.29 per cent stake in Equity, gradually cut his stake down following expiry of the golden handcuffs period in 2008, gaining in the upwards of Sh1 billion from share sales.
He joined the then Equity Building Society in 1986 which, together with current chief executive James Mwangi who joined as finance director in 1993, transformed into a commercial bank.
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