Mlusu retiring, Kumwenda taking over at Nico Holdings

Nico Holdings Limited longtime managing director (MD)Felix Mlusu, is retiring from the financial services group after 41 years of service on December 31 2016.

A statement published yesterday signed by Nico Holdings Limited board chairperson Alaudin Osman said to ensure smooth management transition, the group’s board of directors has appointed Vizenge Kumwenda, who is currently deputy managing director, to the position of MD effective January 2016.

“The board wishes to congratulate Mr Mlusu on his outstanding contribution to the growth of Nico Holdings Limited.

“He has been the driving force behind its growth from a small insurance company to the major player that it is today in the southern African region and beyond,” he said.

Kumwenda he holds a bachelor of commerce (Accountancy) degree from University of Malawi and Msc (Finance) degree from University of Strathclyde, Scotland, according to the statement.

“He is [also] both a chartered accountant and a chartered insurer. He has worked for Nico Holdings Limited in various capacities for over 20 years. He has worked as chief accountant, finance director and currently as deputy managing director,” reads the statement in part.

Nico Holdings, whose share price traded at K28 on the Malawi Stock Exchange (MSE) on Tuesday, owns MSE-listed NBS Bank, Nico General Insurance, Nico Life Insurance, Nico Technologies and Nico Asset Managers Limited. n