According to Billionaires Africa, Malawi may soon join the list of African nations with billionaires. Banker Thom Mpinganjira is poised to become the country’s first dollar billionaire.

His net worth is now estimated at over $1.12 billion, driven by a sharp rise in the shares of FDH Bank Plc — Malawi’s largest publicly listed company. Through his investment firm M Development, he owns 40.73% of the bank. Since the beginning of the year, the value of his stake has risen from $240.5 million to $1.12 billion, following a 365% surge in the share price.

Although Forbes and Bloomberg have yet to include Mpinganjira in their rankings, if the valuation is confirmed, he will become not only Malawi’s first billionaire but also the only one in Southern Africa.