Madinga leaves K8.4mil salary job at First Merchant Bank

Renowned banker Phillip Madinga has left listed First Merchant Bank (FMB )just a year and half after joining as Group General Manager, Corporate and Commercial banking.

Madinga: Sunbird chairman

An in-house circular no. FMB/HR/NK/13/17 dated 7th June 2017 and signed by Group Managing Director Dheeraj Dikshit notifies Group general Managers, Heads of Departments and line mangers of Madinga’s exit.

“It is with sadness and gratitude that the Board of Directors and Executive Management announce Phillip Madinga’s departure as Group General Manager, Corporate and Commercial Banking, effective 7th June 2017.”

“Phillip joined FMB Group at the beginning of 2016 and worked dedicatedly giving his best in his field of work. We want to thank him for his dedicated service which involved many significant accomplishments,” reads the circular in part.

Madinga confirmed in a brief interview with Nyasa Times of his departure but could not be drawn to comment further.

Madinga is leaving just months after a leaked document which revealed salaries of employees at FMB which revealed that some bank employees were receiving as little as K40,000 a month and Madinga himself was one of the highest paid at K8.7 million per month.

FMB has just announced that it has acquired controlling stake in Barclays Bank Zimbabwe to extend its footprint in the region on top of Zambia, Botswana and Mozambique.

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24 thoughts on “Madinga leaves K8.4mil salary job at First Merchant Bank”

  1. joy says:

    Its not all about money guys but job satisfaction, peace of mind.

  2. Bongololo says:

    MK8.7M is roughly R174,000 here in SA and some get that in some fields like accounting, computer science, etc depending on which company they are working for and years of experience, etc. Mzotheka ndithu.

  3. Keen Observer says:

    Why do you want to show that you’re knowledgeable by trying to bring in US $ Does Malawi use Dollars? The answer is a big NO. Every country does things depending on the size of its economy. In a Malawian standard you can’t say that K8.7 million is peanuts. How many people with Masters Degrees or PhDs are getting close to that amount of money????????? Is it justifiable? The answer is yes cos he didn’t steal the money but the company agreed to pay him that much BUT that’s the problem with Amwene. They’re not good people at all, they think of only profit not the well fare of their employees. How can you justify paying someone such a hefty salary yet on the lower based you give someone K40 000? Even if he has a Degree from Harvard or Cambridge or Oxford it doesn’t matter.

    1. Twalib says:

      Akulu Keen Observer mwakwiya kwambiri. But remember everyone gets what they deserve. This guy was an employee like everyone else..his education and experience justifies his salary. Just wait someone will pick him up at an even higher salary. Those of us who know know that he was getting peanuts at K8.7 kaya ndi K8.4 million. Because inuyo you can’t even earn half meter doesn’t mean everyone else can’t so chill!

  4. Chechangamile says:

    Should you believe you have good papers you can apply for that job. Everyone wants a good perk that’s life. Stop comparing top managers with kapunjunju’s…

  5. Mzika says:

    Koma ma comments a anthu ena amaonesa umbuli omwe amalawi ambili tili nawo. Phillip madinga ndi Phillip palibe siku limodzi anapangapo za inu muaiye ntchito mumagwilisa ndinu kapena tinene kuti salary yake ndiyanunso manyazi bwanji njala yomwe angamve nanu imakupolani yakula ndi nsanje moti muzinena za gap ya the poor and the rich mulimbama ndi munthu oti anaphunzira yekha kuti azipeza chuma chake ndipo mumafuna azakufunse kuti ndisiye ntchito aaaaaah tazilabadani Tina salary tanuto.

  6. Mika Kumbire says:

    This is only US$11,974 per month a lot of ordinary people are getting more than this minus benefits even in NGOs and international organizations. And Remember this is before taxi. I know of people who were getting MK3.5 Million in the tobacco companies more than 7 years ago. How much are those folks getting now? I guess the only main argument could the gap between the highest and lowest paid. But to say the truth US$11,000 for a senior executive is not an alarming amount.

  7. The Mechanic says:

    You are too much Phillip. What is it that you want???????

  8. Mateyu says:

    Koma kalipokalipo kusiya salary ya K8.7m muona nbs bank yolira ija itamutola

  9. Selfish characters,kodi iyeyo kupezeka akulandira ndalama zonsezo chimachitika ndi chan?how special is he?Ali nd degree ya zaka 20?maphunziro make ngozama chotani kut nkumalandira ndalama chonchi?kuba basi

    1. Twalib says:

      Pleasant qisho:You are ignorant. Go to school then you will see that he was getting peanuts compared to other bosses in town.

  10. KB says:


  11. chapathako says:

    I think the man must have found a much more greener pasture that why he opted for to.You know anthufe ndife osakhutitsidwa.Or he has to be scrutinised …I’m smelling a rat.

  12. Kaka Chex says:

    Let people make their choices

  13. Nyopex says:

    I struggle the whole to get this much. Eeee! Koma dzikoli!

  14. Alhomwe Alhomwe says:

    He surely must have found greener pasture!

  15. Generation of Vipers says:

    Ngati ali wa Mulakho ndekuti amupezera chochita

  16. N'galube says:

    Ziphwisizi zisandikhudze.

  17. Nzododo says:

    He made so many enemies kumeneko, well he has wherever he has been. He facilitated the firing of innocent senior managers to pave way for his friends. He promised to increase salaries for local staff but he only negotiated for himself. He thought amwenye were his friends. Shame on this man.

  18. D kapalamula says:

    OK that’s a great decision kusiya 8.7 metre? may be wapeza msipu some where which is greener than was pa FDH.

  19. Bilidala says:


  20. gertude says:

    kodi ndi zotheka kulipindwa K8.7 million pamwedzi???????????????

    1. observer says:

      most experts their salaries are pegged at a Dollar- he was not getting enough- lets stop comparing a cleaner- a clerk – aground labour salary to experts- lowly paid jobs are pegged at a minimum wage as set out by the government- and companies- follow same trend to pay employees as Government employees- if an accountant in Government is Getting P100,000.00- then the private sector will just 30% on top of that to its employees- This is not a Golden rule – its just my thought- Recently -there is a company that is constructing a road from Mzuzu to Nkhata-Bay- it opted to recruit Malawians in Malawi to pay them what Malawians deemed its adequate- in real sense they could be getting the least- $4000.00 a month- and that will give you- aminmum of K2,600,000.00 a month-

  21. Emmanuel kaonga says:

    He has a choice to give up which means he find same problems there but him has make good channel leave 8.7million is not ajoke guys

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