Table of Contents
Key Points
- Vizenge Kumwenda’s 4.93% stake in NICO Holdings has surged by $21.95 million in 2025, now valued at $34.34 million.
- NICO Holdings’ FY2024 profit climbed 128.9% to $77.53 million, fueled by stronger insurance, banking, and investment performance.
- Shares of NICO have soared 176.7% this year, boosting its market cap above $685 million and reinforcing investor confidence.
Malawian insurance magnate Vizenge Kumwenda has seen his wealth surge this year, with the value of his stake in NICO Holdings Plc climbing by $21.95 million in 2025 to $34.34 million, fueled by a sharp rally in the Blantyre-based financial services group’s shares on the Malawi Stock Exchange (MSE).
Kumwenda’s growing wealth
As the Managing Director of NICO Holdings, Kumwenda has played a key role in shaping Malawi’s financial services sector. His 4.93-percent stake, equivalent to 51,305,142 shares, has gained MWK37.99 billion ($21.95 million) since January, benefiting from a surge in NICO’s stock on the MSE.
This follows a $7.66 million increase in 2024, when the value of his stake grew from MWK7.57 billion ($4.49 million) to MWK21.08 billion ($12.15 million). The steady gains reflect growing investor confidence in NICO Holdings, which saw its share price more than triple last year.
NICO Holdings’ market surge
Founded in 1971 as National Insurance Company Limited, NICO Holdings has grown into a leading financial services group with operations in Malawi and Zambia and investments in Mozambique and Uganda. It provides insurance, banking, asset management, and IT solutions, cementing its role as a key player in the region’s financial sector.
NICO Holdings posted a profit of MWK134.39 billion ($77.53 million for the fiscal year 2024, marking a 128.88 percent year-on-year increase driven by stronger insurance service results, a surge in income from banking operations, and higher investment returns.
So far in 2025, NICO’s stock, has surged 176.7 percent, rising from MWK419.02 ($0.24) on Jan. 1 to MWK1,159.41 ($0.669). This rally has pushed the company’s market capitalization above $685 million, delivering strong returns for investors.
Kumwenda’s stake more than triples in value
The stock surge has more than tripled the value of Kumwenda’s stake. His holdings have increased by MWK37.99 billion ($21.95 million) since the start of the year, rising from $12.39 million at the start of the year to $34.34 million.
The sharp rally in NICO’s share price underscores both its operational strength and investor confidence as a diversified financial services powerhouse, spanning insurance, banking, asset management, and pensions, while also attracting strong institutional and retail investor interest.
Beyond his investment in NICO Holdings, Kumwenda also owns a 0.386-percent stake in NBS Bank, equivalent to 11,219,041 shares and valued at MWK9.1 billion ($5.25 million), reinforcing his influence in Malawi’s banking and insurance industries.
