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Nico contributes K15billion in taxes

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Vizenge Kumwenda

Conglomerate Nico Group says it has contributed above K15 billion to the government through taxes in the past two years.

This comes as Nico Group of companies is celebrating 50 years of operations in Malawi, with a promise to continue being the most effective provider of financial services in the country.

Nico Group Managing Director Vizenge Kumwenda said the 50-year period has been of “highs and lows”, citing the past two years as the most challenging due to the Covid pandemic.

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Kumwenda said this in Blantyre on Friday, when the company hosted events to commemorate the highlights of their existence.

Speaking at a Gala Dinner at Mount Soche Hotel, Kumwenda said Nico Group is proud to continue diligently serving Malawians while contributing to growth of the economy.

“We engaged and brought together our customers, stakeholders and staff, giving ourselves time to reflect on the past and think about the future because we have to continue growing,” he said.

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He said there are many stories of brands that were perceived to be strong but failed to withstand pressure from the market.

“We have come across some of our biggest lessons but also managed to achieve some of our biggest dreams. It is therefore an achievement for Nico to be standing stronger after five decades.” He said.

Former Nico Group Managing Director Felix Mlusu said the company has for years partnered the government, contributing to the national development.

He said Nico was the first financial services company to be listed on the Malawi Stock Exchange with the first shares bought at K2 in 1996.

Its share price has grown up to K550 over the years.

Nico Holdings Chairperson Gaffar Hassam said the firm’s subsidiaries are working to serve all people, using digital platform to reach out to remote areas where there are no financial institutions like banks.

Born in 1971 as an insurance company, Nico has over the years grown into a huge entity with nine companies forming Nico group, which include NBS Bank, Nico Technologies, Nico General, Eris Properties and Nico Pensions.

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