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Zwelibanzi “Zweli” Manyathi has been appointed as the interim Group CEO of African Bank, effective 6 March 2026. He succeeds Kennedy Bungane, was fired by the board on Friday.
Bungan e was fired with immediate effect for the following reasons:
- Poor First-Quarter Performance
The bank’s financial performance in the first quarter was a major factor.
- While the first quarter is typically a slow period for the lender, the performance in this particular quarter was “considerably worse” than usual.
- Bungane himself had drafted a “remediation and turnaround strategy” to address this poor performance, which the board initially approved. However, they later deemed him “unfit for purpose to lead” that very strategy.
- Regulatory Reporting Errors
A serious error was made in the group’s regulatory reporting to the Prudential Authority (PA).
- The errors occurred in the implementation of new Basel 3.1 rules and involved “bankers’ acceptance returns,” which are mandatory monthly reports.
- The mistake “upset the PA” and raised questions about the “credibility of African Bank’s regulatory data and reporting.” This breach of regulatory compliance was a significant issue for the board.
- A Conflict of Interest Allegation
The board was reportedly uneasy about a potential conflict of interest.
- The bank had granted credit facilities to Bungane’s wife, who operates fuel service stations, and to business entities linked to his adult children.
- While these were declared, the situation created unease within the board, although the termination letter from board chair Thabo Dloti did not list this as an official reason for his firing.
Context of Instability
This dismissal adds to a history of leadership turmoil at the bank. Bungane’s departure marks the fourth CEO in eight years under the current board, highlighting an underlying pattern of instability at the executive level.
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