Nigel Chanakira
| Nigel Chanakira | |
|---|---|
 Nigel Chanakira (Image Credit: The African Millionare) | |
| Born | Nigel Muranganwa Kudzai Chanakira July 11, 1966 |
| Occupation |
|
| Organization | Kingdom Financial Holdings Limited |
| Known for | Founding Kingdom Bank |
Nigel Muranganwa Kudzai Chanakira is a Zimbabwean business mogul, philanthropist and the founder of Kingdom Bank. The bank rose from humble beginnings to a leading indigenous financial services group before his exit. His efforts continue to be recognised as he had been awarded more than 17 local and international business awards. He is the current Executive Chairman of Success Motivation Institute (Zimbabwe) based in Harare.
Personal Details
Born: 11 July 1966. Raised in Harare's Highfield suburb in an entrepreneurial family.
His father and uncle used to operate a public transport company, Modern Express. His father later extended his business into retail shops. Later when the business grew, Nigel's father exited the family business and bought one of the shops and expanded it. Being raised in such a family, young Nigel would work in the shops during holidays. [1]
Marriage: married to Caroline.
Children: they have three sons namely Panashe, Tadiwa, and Ponayi and one daughter, Mazvita.
Nigel is an active Christian serving in Celebration Ministries International and he is a philanthropist.
School / Education
Primary: Martindale Catholic Primary School.
Secondary: St Johns High School and Churchill Boys High School.
On completion of high school, Nigel failed to enter dental or medical school, which were his first passions. He then enrolled at the University of Zimbabwe for a Bachelor's Degree in Economics degree program. Chanakira's intelligence and hard work earned him excellent results. This propelled him to get work at the Reserve Bank of Zimbabwe (RBZ) as an economist.[1]
Tertiary: Bachelor of Science (Hons) degree in Economics, University of Zimbabwe.
Master of Science (Hon) degree in Economics from the University of Zimbabwe.
Diploma in Banking.
Service/Career
Positions Held
- Chief Executive Officer of Kingdom Meikles Africa Limited (December 11, 2007 – January 1, 2010)
- Chairman of the Board of First Discount House Limited.
- Executive Deputy Chairman of KFHL
- Reserve Bank of Zimbabwe Econmist(1998)
- Worked of Bard Discount House( 1989-1994)
- Director of Econet Wireless Zimbabwe
- Non-Executive Director and Non-Executive Director of The Kingdom Bank Limited
AfrAsia Zimbabwe Holdings
- Chairman of the Board First Discount House Limited (1998-2008)[2]
Events
Kingdom Bank
Chanakira and four other partners founded Kingdom Bank in 1994. Five years down the line, Chanakira merged the bank with The Discount Company of Zimbabwe in 1999 to secure its listing on the Zimbabwe Stock Exchange. The new company then acquired a stake in a foreign exchange bureau before merging with Meikles in 2007 to create Kingdom Meikles, one of the largest in Zimbabwe.[3] In October 2009 adispute emerged with majority shareholders and he decided to step down as CEO. He then de-merged Kingdom from the Kingdom Meikles group in 2011 and formed Kingdom Financial Holdings Limited. In 2013 Chanakira sold his 30 percent shareholding in AfrAsia Kingdom Zimbabwe and has exited the financial institution to pursue other interests.[4]
Mutapa Investment Fund
Another opinion says the Mutapa Investment Fund is a fiasco.
President Mnangagwa’s use of the Presidential Powers (Temporary Measures Act) to rename the Sovereign Wealth Fund to Mutapa Investment Fund and to transfer shareholding of 20 state-owned companies was done without the involvement of Parliament and therefore exposes the entities to looting.
The article lists comments from Tendai Biti, Nigel Chanakira, Tony Hawkins, Gift Mugano, Welshman Ncube and Victor Nyoni. They have criticized the move as:
- outside the President’s power’s’
- enabling the movement outside the country of foreign currency without oversight’ (allows money-laundering),
- based on misinformation that Zimbabwe has a budget surplus when public debt had increasing to $144 trillion’, “The inclusion of loss-making parastatals is just one more attempt to hide public finances from parliamentary scrutiny and pretend the national budget is in surplus when it is not,”
- usurping state assets and taking them from the state, because the government owns these parastatals and now Mutapa Investment Fund now owns them temporarily - particularly the government which does not have a clean record of transactions,
- government has never understood the role of a sovereign wealth fund - to use domestic surpluses from extractive industries like mining, which are depleting national wealth to diversify the economy. Away from dependence on a handful of mineral exports and tobacco. [5]
Awards
Whilst at Kingdom he won more than 17 business awards. These include Kingdom being twice voted the Top Company on the Zimbabwe Stock Exchange (ZSE) ( in 2001 and 2007), Best Turnaround ZSE company (in 2006), Director of the Year Award by the Institute of Directors of Zimbabwe (2007) among others. Nigel is happily married to Caroline and they have three sons namely Panashe, Tadiwa, and Ponayi and one daughter, Mazvita. Nigel is an active Christian serving in Celebration Ministries International and he is a philanthropist.
Further Reading
References
- ↑ 1.0 1.1 Nigel Chanakira Zimbabwe Banker Kingdom Bank Millionare, 'The African Millionare', Published: ND, Retrieved: 15 May 2014
- ↑ Nigel Muranganwa Kudzai Chanakira Msc (econ), 'Business Week', Published: 24 Mar 2014, Retrieved: 15 May 2014
- ↑ Biography, 'Nigel Chanakira', Published: ND, Retrieved: 15 May 2014
- ↑ [bulawayo24.com/index-id-business-sc-companies-byo-35730.html Nigel Chanakira exits Kingdom], 'Bulawayo 24', Published: 6 Sept 2013, Retrieved: 15 May 2014
- ↑ Mnangagwa’s Mutapa fiasco raises eyebrows, Zimbabwe Situation, Published: 24 September 2023, Retrieved: 29 September 2023
