Peter Munga
Peter Kahara Munga is a businessman and entrepreneur in Kenya, the largest economy in the East African Community. He is the immediate past group chair of the Equity Bank Group,[1] the largest bank holding company on the African continent, by customer numbers, with over 9.2 million customers as of 31 June 2014.[2] He is reported to be one of the wealthiest individuals in Kenya, with a personal net worth exceeding US$100 million as of February 2014.[3]
Peter Munga | |
|---|---|
| Born | Peter Munga 1943 (age 79–80) Nyagatugu, Kenya |
| Nationality | Kenyan |
| Education | Certified Public Secretary |
| Occupation(s) | Businessman and entrepreneur |
| Years active | 1963–present |
| Title | Immediate past group chair Equity Bank Group |
Background and education
Munga was born in Kangema in Kenya's Central Province in 1943. He went to Gaichanjiru high school. He received an honorary Doctor of Philosophy degree from University of Nairobi.[4]
Career
In 1984, Munga founded Equity Building Society (EBS) in his hometown of Kangema, in Kenya's central highlands. With about KSh5,000 (about US$100 at that time) as starting capital, he convinced the Kenya government to issue him a license.
In 1993, Munga, as chairman, working in collaboration with the chief executive officer of EBS, hired James Mwangi, age 31, to wind up the insolvent organization. EBS was losing KSh5 million (approximately US$60,000 then) annually and had accumulated total losses of KSh33 million (approximately US$380,000 then). Mwangi, as director of finance at EBS, began to institute changes, resulting in the slow, but steady turn-around of the society. Also in 1993, Munga resigned as an assistant secretary in Kenya's Ministry of Water.
On 31 August 2004, EBS became Equity Bank Group and two years later was listed on the Nairobi Stock Exchange (NSE). On 18 June 2009, the bank's stock cross-listed on the Uganda Securities Exchange and started trading that day, under the symbol EBL. As of November 2014, the bank group has subsidiaries in Kenya, Uganda, Tanzania, Rwanda, and South Sudan.[5]
Investment portfolio
Munga owned shares of stock in the publicly traded companies listed below, as of November 2014.
| Rank | Investment | Percentage Shareholding | Estimated Value (US$) |
|---|---|---|---|
| 1 | 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] |
References
- Okoth, Edwin (6 June 2018). "Peter Munga retires as Equity chair after serving for 35 years". Business Daily Africa. Nairobi. Retrieved 6 June 2018.
- Flood, Zoe (3 July 2014). "Kenya's Mobile Innovation Brings Digital Money Closer". BBC News. Retrieved 30 November 2014.
- Ngigi, George (20 February 2014). "Meet Kenya's Richest 25". Africa Review (Nairobi). Retrieved 30 November 2014.
- "The rise and rise and Equity Bank's founder Peter Munga". SDE.
- "Equity Bank Founder Peter Munga's Long Journey To Billionaires Club". JamboNewsPot.Com. 9 December 2013. Retrieved 30 November 2014.
- Juma, Victor; Situma, Evelyn (13 November 2014). "NSE's Female Billionaires Gain KSh2 Billion in Six Months". Business Daily Africa (Nairobi). Retrieved 30 November 2014.
- "Britam Shareholders Circular of 24 January 2014, Pages 26 & 27" (PDF). British-American Investments Company (Britam). 24 January 2014. Archived from the original (PDF) on 14 May 2014. Retrieved 30 November 2014.
- "Britam Shareholders Circular of 24 January 2014, Pages 26 & 27" (PDF). British-American Investments Company (Britam). 24 January 2014. Archived from the original (PDF) on 14 May 2014. Retrieved 30 November 2014.
- "Kenya's Top Richest CEOs, Chairmen And Executives in the Banking Sector: Peter Munga, Chairman of Equity Bank". Naibuzz.Com. 23 May 2014. Retrieved 30 November 2014.