Kenyan Tycoon John Kagema Mwangi Dies

The headquarters of Equity Group Holdings Ltd. stand in Nairobi, Kenya

According to a report by Kenya’s Business Daily, Mwangi, who was 73, passed away on Wednesday in a Nairobi hospital following a prolonged illness.

Mwangi was one of the largest individual shareholders in Equity Bank, Kenya’s largest commercial bank, before his passing. He was among the earliest employees of Equity Building Society, the microfinance institution that eventually became Equity Bank, and had served as the CEO in the past. He was also among the bank’s largest individual shareholders, owning as much as 6.29% of the bank at a point. He gradually cut his stake down over the years through a series of share sales, earning tens of millions of dollars in the process, and invested extensively in property and other ventures in Kenya. He was also the owner of Enashipai Resort & Spa, a 5-Star hotel in Naivasha, Kenya.