Billionaire businessman Peter Munga has made a return to Equity Group Holdings by acquiring an additional 3.64 million shares worth approximately Sh 166.2 million in the first quarter of 2025. This buyout increased Munga’s stake from 0.25% to 0.35%, elevating his total shareholding in Equity bank to 13.21 million shares, now valued at roughly Sh 603 million.
This is the first time in seven years that Munga has increased his stake in Equity Group, reversing a trend that began in 2018 when he began offloading shares, gradually dropping from 15.42 million shares to 9.57 million by the end of 2024.
The acquisition positions Munga alongside Equity bank’s major shareholders, including Arise BV (12.76%), CEO James Mwangi (3.38%), the Employee Stock Ownership Plan (ESOP) (3.206%), and other institutional investors like Old Mutual Investment Group and Fortress Highlands Ltd.
Read: Equity Bank Secures ISO Certification for Information Security and Service Excellence
Peter Kahara Munga is the visionary who founded Equity Bank in 1984 as Equity Building Society (EBS) in Kangema, Murang’a. Munga laid the groundwork for what would become one of Africa’s most innovative and inclusive financial institutions, starting with a mission to bring banking services to rural and underserved populations.
By 1993, EBS was struggling under the weight of non-performing loans and regulatory pressure, facing near-certain liquidation. Munga brought in a then 31-year-old James Mwangi, who was tasked with winding down operations. Instead, Mwangi executed a turnaround that saw Equity become a licensed commercial bank in 2004, and list on the Nairobi Securities Exchange (NSE) in 2006 with a market value of Sh6.3 billion.
Under Munga’s leadership as chairman, until his retirement in 2018, Equity grew into a regional powerhouse, operating in six East African countries. His vision introduced game-changing services like zero-balance accounts, transforming the lives of millions and setting new benchmarks in financial inclusion.
Upon retirement, Munga received a Sh 50 million gratuity, the largest publicly disclosed exit package for an NSE-listed chairman. Yet, his post-retirement years have not been without controversy, ranging from debt-related disputes to a 2016 Britam share deal with Mauritius that reportedly led to a Sh 3.9 billion loss for the island nation.
Read: Equity Group FY24 Profits Rise to Sh 48.8 Billion, Declares Sh 4.25 Dividend Per Share
Today, Equity Group Holdings is one of the most valuable and trusted banking institutions in East Africa, appealing to a wide base of both local and global investors. The bank’s ability to generate strong returns has attracted global giants like BlackRock Frontiers Investment Trust Plc, and made billionaires out of long-term shareholders like the late Nelson Muguku’s family, Simon Thuo, and Franklin Ndii.
From its humble beginnings, Equity has grown exponentially, with its market capitalization rising from Sh 6.3 billion in 2006 to Sh 172.3 billion in 2025. This growth is largely credited to its focus on retail banking, digital innovation, and expansion across the region.
Interestingly, while other early investors, including co-founder John Kagema and even CEO James Mwangi, have trimmed their holdings over the years, Munga’s re-entry breaks this trend. Mwangi’s own stake has decreased from 5.37% in 2008 to 3.38%, partly due to regulatory thresholds.
The timing of this acquisition coincides with a court ruling in April 2025 that authorized the auction of his 75 million Britam Holdings shares to recover a Sh 433.76 million debt owed to ABC Bank by his company, Equatorial Nut Processors.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.