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Business magnate Thom Mpinganjira trashes speculation over APM, DPP leadership succession

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Business magnate Dr Thom Mpinganjira, CEO of FDH Financial Holdings Limited (FDHFHL), which owns FDH Bank, on Tuesday trashed speculation that he is being positioned to succeed President Professor Arthur Peter Mutharika and the Democratic Progressive Party (DPP) leadership for2024, saying the speculation was “unfounded” and linking him and the Bank to politics was putting his life at risk and jeorpadising business.

Dr. T. Mpinganjira: God gifted me to do business and not politics. Dr. T. Mpinganjira: God gifted me to do business and not politics.
16
July

“I have never discussed with President Mutharika on matters to do with succeeding him. I have never been involved in politics and I hold no ambitions to participate in politics,” said Mpinganjira, the first Malawian to set up and part own a financial institution.


Mpinganjira, a Fellow chartered accountant, also distanced the bank from rumours that it bankrolls the ruling DPP, adding that people from both the ruling and opposition political parties have approached him to join politics but he turned them down.

 

“There are those that believe I can run this country better because I run this bank. They have even approached me to lure me into politics, but I have always told them that God gifted me to do business and not politics,” he said.

 

The distinguished entrepreneur also seized the moment to dispute allegations that his FDH Bank was monopolising government business in the country.

 

“FDH Bank does not have monopoly of Government business. Infact, out of the top five banks in the country, FDH is the least holder of Government accounts. This fact can be verified with the office of Accountant General,” he said.

FDHFHL, which runs four subsidiaries including the flagship FDH Bank, acquired the then Government-owned Malawi Savings Bank (MSB) in July 2015 and merged it with FDH Bank.

 

FDH bank today has the biggest bank footprint in Malawi, with over 90 ATMs and scores of service centres across the country.

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