Friday, February 23, 2024

Meet Maybin Mudenda, Zambia’s multimillionaire


Meet Maybin Mudenda, Zambia’s multimillionaire
Meet Maybin Mudenda, Zambia’s multimillionaire

When Maybin Madiba Mudenda was 15 years old, he sold CDs and blank cassette tapes across the back of threadbare seats on the train on his way to school from Livingstone to Lusaka.  It is a heck of a long train ride to where Mudenda sits and sells now, in a leather backed chair with a polished table in his offices at African Grey Insurance, in the heart of Lusaka. In his pocket he has over $9.5 million, enough to buy a pile of CDs that could derail a train or match his mountain of ambition.

“Give me five years and I’ll be on the cover of FORBES AFRICA magazine, there with Adrian Gore and Patrice Motsepe,” he says with a smile.

It may take longer. On the FORBES AFRICA 50 Richest List, Motsepe is ranked 11th with $2.7 billion and Gore 45th with $460 million.

It’s not a worry for Mudenda, who makes his money carrying risk. He is of a new generation of confident, cool and savvy Zambians. He started out in logistics for Oxfam and the United Nations High Commission for Refugees (UNHCR) in the drought ridden bush around Nangweshi, in the Western Province of Zambia. The contracts dried up, so did Mudenda’s job. Out of the blue stepped the appropriately named Saviour Konie, known as the father of Zambian insurance. Konie gave him a chance as a salesperson for ZIGI Insurance in 2000.

Money proved the spur. Mudenda’s first commission was $2,000.

“Now that’s when life started to get interesting,” says Mudenda.

A year later, he was confident enough to make a bold move to sell in Zambia’s Copperbelt, the lifeblood of the Zambian economy. The mines needed insurance badly, but few took the trouble to sell it. Mudenda didn’t need an invitation and made $50,000 in his first year.

No sooner had the dust settled on the copper mines, along came another piece of luck. Sandra Valenzo, an Italian working in Zambia and owner of VS Cargos, wanted to move large amounts of copper. Again Mudenda stepped in and oversaw the movement of 10,000 tons of copper from the Democratic Republic of Congo to South Africa in a deal worth $250,000 that earned him 20% commission.

Twelve years later, Mudenda is a multimillionaire. He’s never looked back. He holds 50% of African Grey Insurance which is valued at $6 million and 20% of Genesis Finance Limited which is valued at $3 million. He also owns the $1-million Insizwe Consult , a $2-million 2,000-hectare farm, Muccabella Farms, in Chisamba as well as the Kabanana House and Halen Kaunda House, in Lusaka, valued at $650,000 each.

Through a string of canny deals, Mudenda has also garnered shares with H&F Hydraulics, a company based in South Africa worth $125,000, and 25% stakes in Burton Karya Resources and Kurema Resources.

“The new generation now wants to come out. The older generation still lives in the fear that if you talk about your wealth, the politicians will still come and haunt you. You will find guys that will call you and say ‘no you mustn’t tell people about your wealth. People will put some sort of juju on you. You are attracting commissions to you’. I have got nothing to hide,” says Mudenda.

Among his assets are cars that are the envy of most people he passes in the street. A Mercedes Benz SL500, ML500, E300, the new S Class and a Land Cruiser are parked in his garage. It is a long drive from the tiny apartment he shared 15 years ago.

“We used to have nothing. We used to live in a little two bedroom flat in Northmead, Buchi Road. My mom gave us a Toyota Camry 1998/99 model. We were comfortable, but we didn’t have all these luxuries,” he says.

Mudenda says Zambians must not be afraid to start their own businesses.

“The next generation must go for what you think is right for you. Most young Zambians believe in being workers. They are so scared of being entrepreneurs. But you need to go out and fight to get the business. I’ve got files of people who I’ve been to school with that could do it. You know what I’ve started doing now? I’ve started employing them as agents. That’s what Konie did for me,” says Mudenda.

Mudenda might not be on the cover of FORBES AFRICA anytime soon, but with more deals on the way he could put himself in the fast lane. At the very least he plans on shaking hands with the men he looked up to when he had nothing.



    • Let him take over upnd as president. He has he clean track record than the Hateman. He is Tonga bull after all.

    • Maybin Madiba Mudenda! Madiba is South African name as in Madiba Mandela but do not deport him like you did Mumba Yatchi or whatever the guy is called. This guy is valuable to Zambia, he can teach Edgar how tio make his own money and not steal from people. Eddie there is a lesson mate! Well done Madiba.

    • Be careful badala:

      Lusaka slay-queens will throw themselves at you until you are tempted beyond your maximum resistance strength & surrender to the pleasures of the loin whilst they milk your wealth & destroy your marriage.

    • Well done young man but from the read i can see its the type of business accustomed to Zambia, Knowing an insider or someone you know giving you a heads on. Its not like the guy has worked hard, He just had good connections and corruption to get those deals.

    • That is Chivas Regal he is drinking???
      I bought that 2 weeks ago = $38.99 I think.
      We are in same league.

    • – GBM used to sell dry beans at Soweto Market
      – Maybin Mudenda used to sell ama cassettes and CDs
      – HH got rich from selling stocks etc, no one can explain, he is simply too smart.

      Yes anything is possible.
      I never to UNZA, but look what am doing.
      God is to be praised.
      Zambia shall be saved.

  1. I have never heard of Maybin before, but a breath of fresh air. We need more of such stories. No all is lost in Zambia, even with failed political leadership, it’s stories of people like Maybin that can give hope to us and the young boys and girls out there. My advice to Maybin: Remain focused and DON’T venture into politics.

    • Not really at this odd stage, his businesses need him most than political dungeons, if this story is true as is written, my thumbs up and we need more of the kind; NOT ILL GOTTEN WEALTH LIKE THE ‘HH’ and ‘GBM’ WAY.

      I am convinced like most guys at the apex of leadership of our great country cannot simply explain their purported wealth.

      You see citizens, this guy isn’t afraid nor naive to say what he owns, nor is he into women. Stolen CASH goes with either WOMANIZING, ARROGANCE, ENVY FOR POLITICAL POWER, LIES, HATE SPEECH, TRIBALISM, SATANISM, DRUNKENNESS, ETC, NAME ALL THE SIN + VICES

  2. On word – Inspirational! we should all strive to work hard and move our own country forward by creating jobs. Its a matter of being honest, clean BUT SMART to take advantage of opportunities!Am glad he looks out to his friends to help..

  3. Mudenda, my advice is that go and hide that money in Paradise. Have you heard of paradise papers? The beauty about this option is that you find the money when you die in paradise!!!

    For your weekend Mudenda. Congratulations.

  4. Congratulations even if I hate the way insurance companies milk their clients. But he is wise in investing and starting other companies. Well done.

  5. Zambian entreprenuer!! This a breath of fresh air from the usual political mudslinging. This guy makes you feel proud to be Zambian…we need more Maybins, May God bless him with more success!!

  6. Kudos to Mudenda but today the number one challenge that scares many young entreprenuers these days in Zambia is the regulations that are in place. Number one being ZRA, the days when Mudenda started institutions like Napsa, Workman’s Compensation etc were in their infancy and were not on the necks of small business owners as they are today. It is impossible to pay all your bills as a small and medium enterprise today in Zambia, to pay ZRA, Napsa, Workmans, Council Levy, plus additional costs will leave you completely broke and in the negative with your business closing. As a result we have SMEs that operate on a negative balance sheet mainly due to what they are owing the State by way of tax, Napsa etc this is scaring many from going into entrepreneurship and costing the nation…

  7. Ctn..costing the nation thousands of jobs.

    Less regulation for a struggling economy is key, only when we reach the advanced stages can we then start putting so much regulatory measures in. We are not an advanced economy, we have hospitals with no medicines, schools with no medicine etc

    We need more businesses to grow and this can only be possible if the state cuts down on its regulatory measures that just kill Zambian businesses.

    • Those are valid points, 20. Although, a well regulated business sector is what makes economies grow. Be it USA, Europe, China, Brazil, these taxes and levies are unavoidable. I know for one NAPSA is dependant on the salary you are giving your employees. While a medium to large enterprise will pay K200 for an emplyee, NAPSA last year apprached me and I pay K50 per employee per month for my small enterprise. Fair I might say. On thepart of councils, it is their inefficiencies and failure to provide services that doesn’t justify their high levies.

  8. Dont start opening insurance companies just because he has made it in that field. You should do what inspires you and the key word is that you have to be meticulous. Believe in yourself and the sky is no longer the limit. Congrats Maybin Mudenda. You are an inspiration to many. Stay blessed.

  9. Very inspiring. …..
    If many of us follows suit the economy of Zambia will be back in the hands of Zambians.
    The majority of Zambians want to be employees not employer’s. That is why the economy is it the hands of foreigners as there are the majority employers.

  10. If you are millionaire then you deserve a finer (and more expensive) whiskey than the one you are showing off there… a fine whiskey after all that hard work will be OK, leave the cheap ones for us.

    • Uja evee Nipatali HH Awe na Maybin Aziba that tells even the way you hate him.Good on you Maybin we celebrate u.

  11. I’m surprised no one has mentioned that Genesis Finance was placed under liquidation by BoZ and had its license revoked in 2016. What was the outcome of that?

    Otherwise well done Sir.

  12. Nice challenge to us youths. Honestly am hearing of you for the first and you have greatly inspired me to take up the challenge. Stay blessed Mr mudenda

  13. Keep pushing Maybin. You have always been an impressive guy. Even when you were a breakdancer at primary school under name ‘Bozo’.

    Well done.

  14. I personally appreciate people who explain their wealth because therein lies the inspiration. I salute this money. Thanks

  15. A big lesson to UPND zealots who think formal employment and that created only by Government is employment, guys, the world has evolved and at a very fast pace. In fact, all known billionaires (in USD currency) have never been in formal employment for a long period. Its chaps like Jerabos, who are laughed at by UPND chaps that make it big in life.
    Most of us who went to school, a house, two cars, a line of children, is all we die with and very few venture in other areas that present hidden treasures like farming!!!

    • Malinso(Koswe) . Do you know that UPND zealots are also Zambians and alot of them have decent businesses even better than Mr Mudenda? Surely, you are even idolizing Jerabos……….shame! We need to create decent and legitimate businessmen to stimulate our economy not cadres taking advantage of state owned companies.

  16. Ba Maybin Mudenda You do not own 50% of African Grey. You used to own 50% through your girlfriend/wife. The 40% of African Grey Insurance was sold to DK.
    Do you want us to share a story of how you were forced out of African Grey when you worked there as Executive Director Sales and Marketing? You were not professional badala.
    Let us hear your comment on this.

  17. Hi maybin. Your article does not fish your full description Mr millionaire. If you were to inspire us may we know how old you are?

  18. Is he B.E.M.B.A.? I doubt very much. Very soon they will accuse him of having stolen money from the privatization of the Zambian mines!!!!!!!!!!!!! We know them. I now agree that T.O.N.G.A.S are more brainy than any other ………………………………………

Comments are closed.

Read more

Local News