Malawi’s insurance giant Nico Holdings is grooming a successor of its long time group chief executive Felix Mlusu.
A special and strategic position of deputy group CEO has been created for former finance director Vizenge Kumwenda.
Nico Holdings acquired SFG Insurance Company (Zimbabwe) and its other subsidiaries are Nico Life, NBS Bank, Nico Technologies, Nico Zambia, Nico Asset Managers, Nico General Niko Insurance Tanzania and Niko Uganda.
Inside sources within Nico say Kumwenda has been highly tipped to succeed Mlusu once he retires next year.
“Vizenge has for all these been an understudy of Mlusu who is a crafted master of insurance and finance and under his reign we have seen the establishment of NBS Bank that is already the third largest bank by assets and growth of Nico in Zambia, Tanzania and Uganda. So the board would want continuity of this through the new deputy once Mlusu retires,” said the sources.
The sourcessaid in Vizenge Nico has more energy and vigour to push growth of its business interests and expansion in Africa and beyond that has already been approved by the board.
But the press on Thursday reported that Nico Holdings spokesperson Linda Poya described the developments as only management changes meant to re-align the company to market needs and pressures.
Vizenge has various highly accredited financial and insurance qualification as he is chartered in both fields.
Poya said his former post has been taken by Bernadette Mandoloma the previous who has been succeeded by Victor Jamu.
“These changes have been made in the best interest of the group as it grows to re-align it with the operational needs which are there,” said Poya.