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CBZ hives off two directors in shock move

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DISTINGUISHED banker Marc Holtzman’s sudden departure as board chairperson at the Commercial Bank of Zimbabwe (CBZ) Holdings has rattled the market and sparked speculation that he was pushed out.

Holtzman, who once served as board chairperson at the Bank of Kigali (Rwanda), was head-hunted in 2019 to steer efforts to grow the financial institution’s balance sheet and attract foreign capital.

In a notice to shareholders this week, CBZ announced the departure of Holtzman and chief executive officer Blessing Mudavanhu.

The shock departures come at a time CBZ has assumed a controlling stake in ZB Financial Holdings (ZBFH) in a transaction that strategically positions the financial behemoth to drive national development projects.

As part of its growth and expansionary drive, CBZ has already concluded a 31,22% purchase in First Mutual Holdings Limited (FMHL) from the former majority shareholder, the National Social Security Authority (Nssa), which once held 65,53% shareholding in FMHL.

However, in the statement, CBZ did not give specific reasons explaining why Holtzman and Mudavanhu were leaving the financial institution, triggering speculation in the market that the former “could have been pushed out”, by shareholders.

The financial institution’s group executive marketing and corporate affairs, Matilda Nyathi, later told the Independent that Holtzman had left CBZ to pursue “other interests”, having played “a significant role in supporting the Zimbabwean economy”.

Through the astute leadership of Holtzman, Nyathi said, the outgoing banker was able to unlock lines of international credit.

“Holtzman retired to pursue other interests as was advised by our notice. (He) demonstrated exceptional leadership and made significant contributions to the Holdings’ growth … whilst also playing a significant role in supporting the Zimbabwean economy.

“Marc Holtzman’s appointment, coupled with his strategic initiatives, brought about significant changes to the group’s performance. Firstly, he adopted a comprehensive approach to reach out to foreign investors. The bank has over the period raised international lines of credit.”

In the statement, CBZ noted that the institution would continue to leverage on the solid professional relationships built by Holtzman during his tenure.

“Whilst the board and management will miss Marc’s insights and wisdom, the company will continue to benefit from the many relationships that he built over the years with key stakeholders,” excerpts from CBZ statement to its shareholders read.

A source close to the developments said: “All this happened because of a fight for control of the institution by some shareholders”.

Holtzman will be replaced by ZBFH board chairperson Luxon Zembe, who also has a long-standing history in the banking field.

Questions sent to Holtzman on his mobile phone were not addressed at the time of going to print. His mobile phone was also not available.

The Independent wanted to understand the reasons why he is leaving CBZ at a time the entity is about to tie up the ZBFH takeover deal and what his next adventure would be.

A brief history of Holtzman shows that he once served as the vice-chairperson of Barclays Plc, a British multinational universal bank and executive of Kazakhstan’s largest private bank.

In 2021, Holtzman was part of the delegation that travelled with President Emmerson Mnangagwa to South Africa for the Inter Africa Trade Fair held in Durban.

Holtzman’s web of international connections extends to Washington DC, where he served under President Ronald Reagan’s administration.

Under his watch, the US Treasury cleared CBZ of a US$385 million penalty for processing transactions for a designated entity, ZB Bank.

When the hefty penalty was imposed, the Office of Foreign Assets Control (Ofac) indicated that CBZ had perpetrated numerous violations of US sanctions on Zimbabwe.

Concerning Mudavanhu’s closing chapter at CBZ Holdings, having been at the helm for five years, the executive told the Independent he was leaving because his contract with the financial institution had expired.

Away from the banking world, Mudavanhu said his next adventure would be focused in the field of academia at the University of Cape Town and Witwatersrand University in neighbouring South Africa.

He explained: “I have a five-year contract which expires this year. This gives me an opportunity to do other things such as research and teaching specifically at the University of Cape Town and Witwatersrand.

“My most (outstanding) achievement has been the rebranding of CBZ, which ushered in a new company with new ambitions leading into the acquisition of a large insurance company,” Mudavanhu said.

“The revamping and commercialisation of command agriculture and now the digital transformation are (among) some of my key achievements in my five-year tenure.”

Mudavanhu, whose name has been thrown in the hat among candidates tipped to take over as Reserve Bank of Zimbabwe governor when the tenure of incumbent John Mangudya ends, highlighted that he will be “happy” to take up a position where he can contribute meaningfully.

Mangudya is serving his last term as central bank chief, which ends next year.

“I have not been approached on any opportunities outside CBZ and will be happy to consider opportunities where I can make meaningful contributions,” Mudavanhu said.

Lawrence Nyazema will replace Mudavanhu as group chief executive officer at CBZ.

The Business Diary magazine is a comprehensive publication that centers around business and economic development news. It covers a wide range of topics including finance, mining, technology, environment, climate finance, and agriculture. With its focus on providing valuable insights and updates, the magazine caters to readers who are interested in staying informed about the latest developments and trends in the business and economic landscape of Zimbabwe.

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NESZ 2026: A Convergence of Visionary Leaders Shaping the Future of Education in Zimbabwe

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NESZ 2026: A Convergence of Visionary Leaders Shaping the Future of Education in Zimbabwe

Zimbabwe stands at a defining moment in its education and development journey.

As the nation accelerates toward a knowledge-driven, innovation-led economy, the National Education Summit Zimbabwe (NESZ) 2026 emerges as a critical platform where policy, practice, and progress converge. Scheduled for 27–30 May 2026 at the Zimbabwe International Trade Fair (ZITF) Grounds in Bulawayo, this year’s summit promises to be the most impactful yet.

Under the theme

“From Policy to Practice: Driving Innovation & Investment in Zimbabwe’s Education System,”
NESZ 2026 brings together an exceptional lineup of speakers—leaders whose influence spans government, academia, industry, and global institutions.

A Powerhouse Line-Up of Speakers

This year’s summit features a distinguished assembly of policymakers and thought leaders at the forefront of Zimbabwe’s transformation agenda.

From government, the summit will host senior leaders responsible for shaping the country’s economic, education, and digital future, including:

  • Hon. Prof. Mthuli Ncube – Minister of Finance, Economic Development and Investment Promotion
  • Hon. Dr. Tatenda Mavetera – Minister of ICT, Postal and Courier Services
  • Hon. Prof. Paul Mavima – Minister of Skills Audit and Development
  • Hon. Edgar Moyo – Minister of Public Service, Labour and Social Welfare
  • Hon. Mangaliso Ndlovu – Minister of Industry and Commerce
  • Hon. Supa Mandiwanzira – Chairperson, Parliamentary Portfolio Committee on Primary and Secondary Education

Adding to this powerful policy voice is Hon. Dr. Frederick Shava, a seasoned diplomat and ambassador, bringing global perspective to Zimbabwe’s development discourse.

Leaders in Education, Innovation, and Human Development

Beyond government, NESZ 2026 features influential educationists, institutional leaders, and changemakers whose work continues to shape learning ecosystems:

  • Sr. Dr. Annah Theresa Nyadombo – Global safeguarding expert and education leader
  • Dr. Anna Moyo – Dean of Education, Midlands State University
  • Mr. Canaan Mpala – General Manager, TelOne Centre for Learning
  • Mr. Amos Guy Ngwarati – Headmaster, Wise Owl High School
  • Mr. Tim Middleton – Executive Director, Association of Trust Schools (ATS)

From grassroots education to higher learning and institutional leadership, these speakers bring a holistic perspective on the challenges and opportunities within Zimbabwe’s education system.

Champions of Empowerment and Enterprise

The summit also highlights leaders driving inclusive economic participation and community transformation:

  • Hon. Getrude Mutandi – Member of Parliament and Chairperson of the Parliamentary Portfolio Committee on Women Affairs, Community and SME Development

Her work, alongside others, underscores the critical link between education, entrepreneurship, and sustainable socio-economic growth.

What to Expect at NESZ 2026

NESZ 2026 is not just a conference—it is a strategic platform for action.

Participants can expect:

  • Policy-to-Practice Conversations

Engage directly with policymakers and decision-makers on how national education policies are being translated into real-world impact.

  • Innovation and Technology Showcases

Experience cutting-edge solutions in education, STEM, and digital transformation aligned with Zimbabwe’s Education 5.0 agenda.

  • Investment and Partnership Opportunities

Connect with investors, corporates, and development partners shaping the future of education and skills development.

  • Thought Leadership and Insight

Gain valuable perspectives from leading voices across education, government, and industry.

  • Networking and Collaboration

Build meaningful connections with educators, innovators, entrepreneurs, and policymakers from across Zimbabwe and beyond.

Why NESZ 2026 Matters

At its core, NESZ is about one thing: transformation.

It is about moving beyond conversations and into implementation.
It is about aligning education with industry, innovation, and national development.
It is about building a system that equips Zimbabweans not just to learn—but to create, lead, and compete globally.

With a speaker lineup of this calibre, NESZ 2026 is poised to spark the ideas, partnerships, and actions that will shape the next chapter of Zimbabwe’s education story.

Be Part of the Movement

📍 Zimbabwe International Trade Fair Grounds, Bulawayo
📅 27–30 May 2026

This is where education meets innovation.
This is where policy meets action.
This is where the future is built.

Register. Participate. Exhibit.

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66th ZITF Opens in Bulawayo: Botswana’s President Duma Boko to Headline ‘Connected Economies’ Fair

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66th ZITF Opens in Bulawayo: Botswana’s President Duma Boko to Headline ‘Connected Economies’ Fair

The 66th Zimbabwe International Trade Fair (ZITF) officially opens its gates today in Bulawayo Province, marking one of the most anticipated events on Africa’s business calendar.

Running under the theme “Connected Economies, Competitive Industries,” this year’s edition is expected to offer a powerful platform for Africa’s industrial heavyweights. The focus is clear: link manufacturing breakthroughs and digital transformations directly to global value chains.

High-Profile Opening

On Thursday, Botswana President Duma Boko will officially open the exhibition. His presence underscores growing regional cooperation and signals strong confidence in Zimbabwe as a trade and investment hub.

Organisers expect the fair to attract serious deal-making across sectors including manufacturing, technology, agriculture, and logistics.

Strong International Turnout

The numbers speak for themselves:

  • 485 direct exhibitors are taking part

  • 100 leaseholders (permanent or long-term exhibitors)

  • 46 international exhibitors

  • Representing 29 countries from Africa, Europe, Asia, and the Middle East

Full list of participating countries includes:

Africa: Botswana, Eswatini, Ethiopia, Kenya, Malawi, Mozambique, Namibia, Nigeria, South Africa, Tanzania, Zambia, Zimbabwe

Europe: Belarus, Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Sweden, United Kingdom

Asia & Middle East: China, India, Indonesia, Japan, Malaysia, Pakistan, United Arab Emirates (UAE)

Blocs & Others: European Union (EU)

This diverse participation makes ZITF 2026 one of the most internationally connected trade fairs in recent years.

Theme Breakdown: What ‘Connected Economies, Competitive Industries’ Means

The theme is not just a slogan. It reflects three key priorities:

  1. Connected Economies – Stronger trade corridors, simplified cross-border processes, and regional integration through AfCFTA and SADC.

  2. Competitive Industries – Local manufacturers upgrading technology, improving quality, and competing beyond national borders.

  3. Global Value Chains – Positioning Zimbabwe and Africa as reliable suppliers to international markets.

Organisers believe the fair provides a launchpad for African industries to move from survival mode to global competitiveness.

What to Expect at the Fair

Visitors and exhibitors can look forward to:

  • Live demonstrations of new manufacturing technologies

  • Digital transformation showcases

  • B2B matchmaking sessions

  • Policy dialogues on industrialisation

  • Networking with buyers from over two dozen countries

For local businesses, this is a rare opportunity to connect directly with international partners without leaving Bulawayo.

Why This Matters for Zimbabwe

ZITF is more than a trade fair. It is a barometer of economic confidence.

A strong 66th edition sends a clear message:

  • Zimbabwe remains open for business

  • International partners are willing to engage

  • The march toward Vision 2030 (upper-middle-income status) is alive and real

The fair also boosts Bulawayo’s economy, filling hotels, restaurants, and transport services for the week.

Final Word

As the gates open today, all eyes are on Bulawayo.

With Botswana’s President Duma Boko set to speak on Thursday, 29 countries on the exhibitor list, and a theme that prioritises real economic integration, the 66th ZITF is shaping up to be a landmark event.

Stay with The Business Diary for daily updates, interviews, and analysis from the fairgrounds.

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Zimbabwe’s Economic Diplomacy on the Global Stage: Minister Ncube’s Abidjan Engagement

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Zimbabwe's Economic Diplomacy on the Global Stage: Minister Ncube's Abidjan Engagement

ABIDJAN-In a significant stride for Zimbabwe’s economic revitalization, Hon. Prof. Mthuli Ncube, Minister of Finance, Economic Development, and Investment Promotion, led a high-level delegation to Abidjan on 30 March 2026. The delegation’s primary objective was to engage with Dr. Sidi Ould Tah, President of the African Development Bank (AfDB), to galvanize support for Zimbabwe’s Arrears Clearance and Debt Resolution (AC & DR) Process. This strategic move underscores Zimbabwe’s commitment to re-engaging with international financial institutions and bolstering its economic recovery trajectory.

The visit provided a platform for Minister Ncube to participate in the Strategic Ministerial Dialogue on Debt Sustainability and Financing Africa’s Development Priorities. The dialogue emphasized the imperative of strengthening domestic resource mobilization through digitalization, enhancing public financial management systems, and promoting transparency and accountability in debt reporting. These measures are critical for Zimbabwe as it seeks to optimize its resource utilization and attract sustainable investments.

A key takeaway from the dialogue was the call for prudent debt management, innovative financing instruments, and stronger partnerships to mitigate rising debt vulnerabilities while safeguarding critical development spending. Minister Ncube’s participation in this dialogue highlights Zimbabwe’s proactive approach to addressing its debt challenges and fostering sustainable economic growth.

On the sidelines of the Abidjan engagements, Minister Ncube attended the launch of the Africa’s Macroeconomic Performance and Outlook 2026 Report as a panellist. The report painted a promising picture of Africa’s economic resilience, with a real GDP growth of 4.2% in 2025, surpassing the global average of 3.1%. Growth is projected at 4.3% in 2026 and 4.5% in 2027, with GDP per capita growth standing at 1.9%.

The report’s findings underscore Africa’s potential as a growth hub, notwithstanding risks from debt pressures and external shocks. It recommended coordinated policy action, structural reforms, and targeted investments in job creation, social protection, and human capital development to ensure inclusive and sustainable growth across the continent.

Minister Ncube’s engagement in Abidjan is a testament to Zimbabwe’s commitment to leveraging international partnerships and expertise to drive its economic agenda. The country’s participation in high-level dialogues and strategic engagements is crucial for attracting investments, clearing debt arrears, and fast-tracking economic recovery.

The outcomes of the Abidjan engagements are expected to inform Zimbabwe’s policy direction, particularly in areas of debt management, investment promotion, and economic diversification. As Zimbabwe charts its path towards sustainable development.

In conclusion, Minister Ncube’s Abidjan visit underscores Zimbabwe’s resolve to engage proactively with international financial institutions and development partners. By prioritizing debt sustainability, economic resilience, and inclusive growth, Zimbabwe is positioning itself for a brighter economic future.

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