By Llywellenie Mpasa:
The outgoing board chairperson for Nico Group Gaffar Hassam has urged the private sector to take a more proactive role in driving economic development and job creation in the country.
He was speaking in Blantyre on Tuesday when Nico Group hosted a grand farewell dinner in his honour for leading the financial firm from 2017 to 2024.
Hassam said Malawi was endowed with natural beauty and abundant resources, from fertile lands to mineral deposits, which remain largely untapped.
“We are blessed with a beautiful country— beautiful in terms of the people, natural resources and scenic views. The beauty is that we have all these natural resources and we are not exploiting them at all,” he said.
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He warned that the growing number of educated but unemployed youths presented a serious societal challenge.
“We have a serious challenge with our next generation, in terms of what will then happen. We can choose to ignore it and say it’s their problem. But ladies and gentlemen, you know, if you have an educated young man in the street, he or she is very dangerous to society,” he said.
Hassam urged companies to look beyond competition and collaborate towards a shared vision for national development.
Highlighting Malawi’s agricultural potential, Hassam said local production per hectare surpasses that of countries such as South Africa and eSwatini, yet the country still ranks among the poorest in the world.
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Hassam then expressed pride in the Nico group’s resilience and impact.
Despite economic challenges, Hassam affirmed Nico’s strategic importance and commitment to Malawi.
Dubbed ‘Toast to Gaffar’, the event brought together directors, executives, shareholders, brokers, partners and stakeholders to celebrate Hassam’s lasting impact on the group.
Nico Group Managing Director Vizenge Kumwenda described Hassam’s leadership as transformative, marked by strategic clarity, inclusive governance and values-based growth.
Hassam joined the board as a non-executive director, became interim chair in 2017, and was confirmed as a substantive chair in 2020.
He retired in August 2023 after leading Nico Group for seven years.
Under his tenure, Nico’s share price rose from K28 to K994, and he guided the incorporation of Nico Capital in 2021.
New Nico Chairperson Elias Ngalande and Minority Shareholders of Listed Companies General Secretary Frank Harawa praised Hassam for his integrity, vision and leadership.
