Outgoing Chairman of NICO Holdings Limited, Gaffar Hassam, has called on the private sector to take the lead in helping Malawi grow its economy. He said businesses must work hand-in-hand with the government and use the resources already available in the country to find practical solutions and push the economy forward.
Hassam made the statement during a special event organised by the NICO Group to honour his eight years of service as Chairman. The event brought together board members, stakeholders, business partners, and colleagues who came to appreciate his contributions to the growth and stability of the company.
According to him, Malawi has great potential to improve its economy, but progress will only happen if the private sector steps up to play a bigger role, especially in attracting investors and tourists.
“As a country, we are so blessed with things like minerals and many more. These resources only need the private sector to come in fully and make external investors attracted,” Hassam said.
He said the country must stop depending only on foreign help and instead use local resources better. According to him, with good ideas and strong partnerships, businesses can open up new opportunities, create jobs, and boost development.
While reflecting on his time at NICO Holdings, Hassam said he was proud of what the company has achieved over the years. He thanked the employees and management of NICO for their teamwork and support, which he said played a key role in the company’s success.
“Together as a team, we faced a number of challenges along the way, but we managed to overcome many of them. Today, I’m leaving the company a happy person because of the strides we made. The company is now among the top, and I believe it will continue to grow,” he added.
Hassam’s exit comes after eight years of service at the top of one of Malawi’s leading financial groups. His leadership period witnessed several changes, including better operations and a stronger presence in the market.
Also speaking at the event, NICO Group’s Managing Director, Vizenge Kumwenda, described Hassam as a visionary and strong leader who brought a lot of positive change to the company. He said the outgoing chairman took over at a time when the company was facing serious economic difficulties.
“Hassam joined NICO Group at a time when things were really tough. The company was underperforming and there were even talks of selling it off. But he stepped in with new ideas, and within a short period, we started seeing improvements,” Kumwenda said.
He explained that Hassam’s leadership style was practical and focused on long-term solutions. According to him, the company began to rise under his watch and was able to stay strong even when the general economy was struggling.
“As a company, we’ll surely remember him as a man who was dedicated to his work. He gave his all to the institution and helped us reach new heights,” Kumwenda said.
Also present at the event was Frank Harawa, the Secretary General of the Minority Shareholders Association of Listed Companies. He praised Hassam for building trust with shareholders and helping restore confidence in the company’s operations.
“Hassam’s retirement will be remembered as a turning point. His time at NICO brought serious improvements that made shareholders more confident in the future of the company,” Harawa said.
NICO Holdings is one of the top financial institutions in Malawi, with investments in insurance, banking, asset management, and property. The group is listed on the Malawi Stock Exchange and has several subsidiary companies across the region.
As Hassam bows out, many believe his message about the role of the private sector in nation-building is timely. His advice that businesses must stop waiting for government solutions and instead take the lead in using local talent and resources could be a useful blueprint for other African economies facing similar challenges.
