Jaffu retires, Osman elected Nico Holdings chair

Nico Holdings Limited, board of directors resolved to accept the group’s board chairperson George Jaffu’s request to retire and elected Alaudin Osman to replace him in a meeting held on September 13.

According to a press statement published in The Nation on Monday, the group indicated that Jaffu has served as Nico Holdings board chairperson since the year 2000 during a period in which he directed and oversaw the growth and development of Nico Holdings to become a financial services and multinational company.

Speaking in an interview on Tuesday Osman, Jaffu’s successor, noted that although the vision of Nico Holdings, which is the largest group in the financial sector in Malawi, will be determined by the group’s management, he will play a critical role in its performance.

“We have excellent managers, board and shareholders, and I am going to work as a referee. This will give me an opportunity to monitor the group’s performance in Malawi and in the region. I will ensure that the group is much more successful and delivers in these markets,” said Osman.

The group, in the press statement, has noted that during Jaffu’s tenure Nico developed Chichiri Shopping Mall, Lilongwe City Mall, Ryalls Hotel and establishment of insurance companies in Mozambique, Tanzania, Uganda, Zambia and Zimbabwe.

Nico Holdings further noted that Osman, a veteran journalist and successful businessperson who will replace Jaffu has been the group’s director since 2005.