New billionaire Malawi Congress party (MCP) Secretary General and cabinet minister Eisenhower Mkaka is in the process of opening his own commercial bank, we can reveal.
Mkaka has accumulated so much wealth in the last 12 months after being appointed Foreign Affairs Minister that he now can afford US$10 million (approx. K8 billion) in cash, a Reserve Bank of Malawi (RBM) requirement for one to establish a commercial bank.
Insiders said Mkaka is working with some top RBM officials for the process of establishing the bank.
A cabinet minister’s salary is less than K1.2 million a month meaning Mkaka has managed to earn K14.4 million in one year and miraculously increase the money to K8 billion to open a commercial bank.
“The process of establishing a commercial bank for Hon Mkaka has started and some top guys here are working hard to establish this bank soonest,” said our impeccable source from RBM.
Atop Capital Hill official who did not want to be named, said Mkaka might have some backers to establish the bank ‘but on his own, he has a lot of money’.
“Remember Mkaka is involved in the oil deals at National Oil Company (Nocma) with the Deputy Chief Executive there Hellen Buluma. He has too much money, some of which is out of the country,” said the official.
President Lazarus Chakwera publicly ordered for the removal of Buluma from Nocma but she stayed put with Mkaka exerting his powerful influence over the Head of State not to remove Buluma.
Mkaka, married, is said to have ‘personal liaisons’ with Buluma, divorced.
We will be following the paper trail of this operation and updating you every step of the way.