NICO CLOCKS 40, EYES MORE AFRICAN COUNTRIES
04/April/2011

Malawi Stock Exchange (MSE) listed financial services group Nico Holdings Limited is this year celebrating 40 years of doing business in Malawi with promises to expand into one of the largest financial services companies outside South Africa.

From a humble beginning as a composite insurance company in January 1971, Nico has grown to become not just a composite company, but a financial services company, operating in banking, life and general insurance, asset management and information technology with footprints in Uganda, Tanzania, Zambia and Zimbabwe. Nico Holdings board chairperson George Jaffu said according to an English expression that says that "life begins at 40" the conglomerate is overjoyed that it is starting a new life at 40.

"However, as we look forward to contribute further to the nation [the future], it is required of us to look back at the past and take stock of the various achievements, we as a company, has made and how past 40 years have benefited our various stakeholders," said Jaffu.

Among other highlights, Jaffu said the company was the first to list on the MSE in addition to being the first company in Malawi to have successful investments in a foreign economy. Apart from its strategic investments, the group is also a major portfolio investor in the country with significant investments in Standard Bank Malawi, Blantyre Hotels Limited (BHL), Chichiri Shopping Centre Limited, Chibuku Products Limited (CPL), Mwaiwathu Private Hospital. Nico Holdings also has real estate investments in Blantyre, Lilongwe and, Mzuzu.

"A major asset of the group is the experienced and dynamic professional employees. Nico employs the best person for the job and boasts of a highly motivated, trained and, qualified professional team. This team together with the rest of the staff are always ready and eager to serve you twenty-four hours a day, seven days a week. They are at work wherever they are," said Jaffu.

Nico chief executive officer Felix Mlusu said over the years Nico has created many jobs to Malawians, adding that currently the group employs about 1 000 people. Mlusu said as part of the celebrations, Nico Holdings board has approved the establishment of a foundation to address issues of charity and cater for various social needs. He said a K20 million start up will be set aside for the foundation. He said during the year the company will engage in a number of activities to celebrate the 40 year. During the briefing, Nico Holdings unveiled a celebration logo to be used in 2011.

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