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Access forex group CEO retires… Salim Eceolaza to take over … – ZimLive.com

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HARARE- Money transfer agency, Access Finance Group co-founder and chief executive officer, Raymond Chigogwana is set to retire from the firm effective 1 October.

Access Finance Group is the holding company for Access Finance, Access Forex and Quick Access.

Chigogwana  was appointed as the inaugural Group CEO of Access Finance in 2014.


In a statement on Tuesday, the group said Salim Eceolaza will take over as CEO from 1 October.

Chigogwana is credited for ‘tremendous growth’ which saw the firm becoming a formidable player in the remittances and financial services sector.

“Raymond’s vision, drive, and performance focus, combined with his commitment to serving the best long-term interests of the company, have materially strengthened Access Finance Group,” it said.

The incoming CEO, Eceolaza served as the inaugural Group Finance Director for Simbisa Brands Limited, steering its unbundling from Innscor Africa Limited and subsequently overseeing its listing on the Zimbabwe Stock Exchange.

Eceolaza was thereafter appointed as the Managing Director of the Simbisa Group’s Kenyan arm where he significantly grew business performance and operations.

He co-founded IH Group, a prominent capital markets advisory and corporate finance business with a distinct focus on the Zimbabwean market.

“Salim joins the business as a representative shareholder and with  his added backing , has a mandate to solidify the group’s  positioning on the global stage, grow our financial inclusion competiteveness, and strengthen our relationship with local and international partners.

“The Board of Directors and Management wish Raymond all the best in his well-deserved retirement and thank him for his contribution. Likewise, we congratulate Salim on his appointment and wish him all the best in his new role,” said the group.

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Hippo Valley seeks solar energy supply from partners – NewsDay

The company revealed its plans to migrate to more eco-friendly processes in its operations in its annual report for the period ended March 31, 2023. This is part of plans to reduce its own pressure on the national grid in a country facing a deficit of over 1 000 megawatts of electricity.

HIPPO Valley Estate Limited has encouraged its partners to install solar plants to supply the sugar miller and help reduce pressure on the national grid.

The company revealed its plans to migrate to more eco-friendly processes in its operations in its annual report for the period ended March 31, 2023. This is part of plans to reduce its own pressure on the national grid in a country facing a deficit of over 1 000 megawatts of electricity.

In an interview with NewsDay Business at Hippo’s annual general meeting last Friday, the firm’s chief executive officer Aiden Mhere said the company was not going to directly procure the solar system, but rather encourage partners to lead the project.

“Well, the solar plants are not necessary for ourselves to actually spend money on them,” he said. “We are asking for other people to put up those solar plants, but we are looking at about five to 20MW of electricity for the solar system.

“So, to alleviate the electricity challenges we are looking at either, directly ourselves or indirectly, inviting other partners to produce solar. We have had prototype solar systems to power our pumps and now we are inviting those companies that are capable of providing solar energy to come and put-up solar plants and then we can buy the energy from them during the deficit periods.”

He also indicated that the firm was, however, an independent power producer which produces more than enough power through thermal station, which uses sugar cane bagasse to produce thermal energy for the sugar milling processes.

“So, when we are running the sugar mills, we actually have thermal power stations both at Hippo Valley and Triangle that produce electricity. As long as we are running, we produce electricity,” Mhere said.

“We irrigate using very good pumps in some of our operations that depend on electricity so when we have electricity challenges it becomes a problem.

“When we are running normally, we actually produce more energy than what we need. For example, at Hippo Valley we produce approximately five to 10 megawatts of electricity which we put on the national grid,” Mhere added.

National power generation challenges stem from low water levels at the country’s top electricity producing plant, the Kariba South Hydro Power Station and an overload at the Hwange Thermal Power Station.

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Hippo Valley seeks solar energy supply from partners – NewsDay

The company revealed its plans to migrate to more eco-friendly processes in its operations in its annual report for the period ended March 31, 2023. This is part of plans to reduce its own pressure on the national grid in a country facing a deficit of over 1 000 megawatts of electricity.

HIPPO Valley Estate Limited has encouraged its partners to install solar plants to supply the sugar miller and help reduce pressure on the national grid.

The company revealed its plans to migrate to more eco-friendly processes in its operations in its annual report for the period ended March 31, 2023. This is part of plans to reduce its own pressure on the national grid in a country facing a deficit of over 1 000 megawatts of electricity.

In an interview with NewsDay Business at Hippo’s annual general meeting last Friday, the firm’s chief executive officer Aiden Mhere said the company was not going to directly procure the solar system, but rather encourage partners to lead the project.

“Well, the solar plants are not necessary for ourselves to actually spend money on them,” he said. “We are asking for other people to put up those solar plants, but we are looking at about five to 20MW of electricity for the solar system.

“So, to alleviate the electricity challenges we are looking at either, directly ourselves or indirectly, inviting other partners to produce solar. We have had prototype solar systems to power our pumps and now we are inviting those companies that are capable of providing solar energy to come and put-up solar plants and then we can buy the energy from them during the deficit periods.”

He also indicated that the firm was, however, an independent power producer which produces more than enough power through thermal station, which uses sugar cane bagasse to produce thermal energy for the sugar milling processes.

“So, when we are running the sugar mills, we actually have thermal power stations both at Hippo Valley and Triangle that produce electricity. As long as we are running, we produce electricity,” Mhere said.

“We irrigate using very good pumps in some of our operations that depend on electricity so when we have electricity challenges it becomes a problem.

“When we are running normally, we actually produce more energy than what we need. For example, at Hippo Valley we produce approximately five to 10 megawatts of electricity which we put on the national grid,” Mhere added.

National power generation challenges stem from low water levels at the country’s top electricity producing plant, the Kariba South Hydro Power Station and an overload at the Hwange Thermal Power Station.

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Our meat is rotting, Cde Mnangagwa – NewsDay

Amid the pomp and fanfare, Mnangagwa proudly and confidently declared that Zimbabwe’s perennial power crisis had finally come to an end. This was after the country had endured up to 20 hours of daily power outages in some areas.

ON August 3, 2023, President Emmerson Dambudzo Mnangagwa commissioned the new Hwange Thermal Power Station Units 7 and 8.

Amid the pomp and fanfare, Mnangagwa proudly and confidently declared that Zimbabwe’s perennial power crisis had finally come to an end. This was after the country had endured up to 20 hours of daily power outages in some areas.

An excited Mnangagwa bragged that load shedding was now a thing of the past and went as far as to sarcastically challenge those whose meat was rotting in their fridges because of power cuts to come forward.

Well, almost immediately after August 23 an 24 harmonised elections, the dreaded power cuts returned with a vengeance.

It became clear that the brief lull the country went through without experiencing any load shedding in the run-up to the crucial election was nothing but a ruse. The nation is largely in darkness.

Zimbabweans were, in fact, foolhardy made to believe for a minute that the ruling Zanu PF party was sincere and had abandoned its trickery and chicanery.

It is quite possible that the government merely imported plenty of electricity from our neighbours, knowing fully well that the country was not producing sufficient energy for its domestic needs.

This whole “no more load shedding” ruse was just to get votes from an unquestioning and gullible citizenry who believe everything this government says.

Of course, some of us had always raised valid concerns over the numerous claims by the Mnangagwa administration. I remember penning a piece on March 22, 2023 titled: Is Hwange Unit 7 another big scam and con job?

As much as there are those who may view my thoughts and observations as too cynical and always negative, but decades of relentless deception authored by the Zimbabwe regime has shaped my mindset.

It should be known that people who are always sceptical and suspicious about a particular individual have good reason for doing so. If one is at the receiving end of countless lies and broken promises at the hands of someone, they end up taking whatever they are told by the perennial liar with a pinch of salt.

The persistent propensity to lie and deceive by the Mnangagwa administration troubles me.

Why do they have to mislead the nation — solely for the sake of political expediency?

As much as some may perceive this as a small insignificant thing — to be expected during the election season — however, there are always severe consequences.

For instance, having assured the corporate world that Zimbabwe’s energy crisis had finally been resolved — what is the sudden resurgence of power cuts going to do to investor confidence? Will investors, both local and foreign, be prepared to sow their hard-earned monies in a country where what the leadership pronounces is not to be trusted?

It was so heart-breaking listening to the Zimbabwe National Chamber of Commerce chief executive officer Christopher Mugaga stating last week that business is losing between US$70 and US$80 million each month due to these persistent power cuts.

In so doing, this may lead to increased prices of goods and services because these losses are simply passed on to the consumer, further worsening the already dire situation of the ordinary citizenry.

Need I remind anyone that under Mnangagwa first five-year reign, half the population have been thrown into extreme poverty, while two-thirds of the workforce earned and still earn below the poverty datum line.

All this is largely because we have a government which cannot tell the truth!

If those in power had been honest all along — that the country’s power crisis had not been averted and was far from over — this would have enabled the business community to be better prepared.

Who knows, maybe due to the false assurances that the days of load shedding were past us, some corporates decided to shelve any plans for alternative power sources — opting to invest the capital elsewhere, only to be met with a rude awakening a few days after the elections.

Government needs to show some seriousness on such critical matters as power supply.

My late father, in his profound wisdom, taught me that lies had short lifespans and the repercussions were never good for anyone. There was really no need to lie to the nation that our power challenges had been resolved.

All the Zanu PF regime had to do was tell the nation that Hwange Units 7 and 8 were complete (if that is the real truth) — and should have also emphasised that power cuts will continue reoccurring because the Units will not be able to meet the ever-increasing demand for electricity by the growing population.

This would have given both commercial and domestic consumers a clear picture so as to enable proper planning. However, by lying that there is no longer an electricity shortage in Zimbabwe, this had the potential effect of dissuading and discouraging prospective investors in the energy.

Indeed, lies have a very short lifespan and have a tendency of backfiring in a big way. All we can now do is brace ourselves for increased prices of goods and services — just because we have liars in power.

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