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Nearly a month after watching his stake in FDH Bank Plc climb past $1.1 billion, Malawian billionaire banker and entrepreneur Thom Mpinganjira has seen a sharp pullback. In just 24 days, the market value of his shares in the lender dropped by $113 million.
Malawi’s first billionaire sees stake dip
Mpinganjira, a central figure in Malawi’s financial sector, owns 40.73 percent of FDH Bank through his investment firm, M Development Ltd. Market data shows the value of his holding slipped by MWK196.92 billion ($113.37 million) following a 10.19-percent fall in FDH Bank’s share price on the Malawi Stock Exchange.
The reversal comes after Mpinganjira added nearly $900 million to his wealth between January and August. During that period, the market value of his stake in FDH Bank rose from MWK416.6 billion ($240.5 million) to MWK1.94 trillion ($1.12 billion), making him Malawi’s first billionaire.
FDH Bank’s market performance
FDH Bank, a leading financial services provider founded by Mpinganjira, is one of the country’s leading lenders. As of 2020, it boasted a network of 53 branches and 91 automated teller machines strategically positioned across all 27 districts of the country.
In recent weeks, the bank’s stock has taken a hit. Since mid-August, shares have dropped 10.16 percent, sliding from MWK689.97 ($0.3972) to MWK619.9 ($0.3569). The decline has pushed the bank’s market capitalization below $2.5 billion.
As a result, Mpinganjira’s stake has declined from MWK1.94 trillion ($1.12 billion) on August 15 to MWK1.74 trillion ($1 billion), wiping out $113 million.
Still a market standout in 2025
Despite the recent selloff that highlights the swings common in fast-rising African financial stocks, FDH Bank has remained one of the strongest performers on the Malawi Stock Exchange this year. Its share price is still up 318.2 percent in 2025, meaning a $100,000 investment at the start of the year would now be worth $418,200.
