Mutapa Fund’s ZESA Board Appointments Signal Fresh Direction for State Power Utility
Business Reporter
THE Mutapa Investment Fund has appointed a new 11-member board for ZESA (Private) Limited, marking the completion of a major corporate restructuring that consolidates state-owned power entities into a single utility.
The restructuring merged ZESA Holdings (Private) Limited, the Zimbabwe Power Company (ZPC), and the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) into one operating company.
Speaking recently on the matter MIF CEO, Dr Mangudya said he continued to work towards turning around the performance of some entities transferred to its portfolio.
“ZESA restructuring is aimed at improving operational efficiency. The unbundled structure has overtime proved costly with overlapping functions, high administrative costs and coordinating functions undermining the very efficiencies which these structures had sought to address,” he said.
In a notice issued by the Zesa legal advisor and corporate secretary, Mr Tungamirai Chinhengo, the shareholder confirmed the appointments pursuant to General Notice 1193 of 2026, with effect from 1 April 2026.
Veteran business executive Mr Albert Joel Nduna chairs the newly constituted board, with Ms Ntokozo Mkandla serving as deputy chairperson.
The non-executive board seats are occupied by Mr Tawanda Ernest Denhere, Mrs Matilda Nyathi, Mr Sugar Chagonda, Mr Cassius Gambinga, Mrs Theresa Muchinguri, Engineer Nomusa Jowah, and Ms Nyasha Hazel Muvirimi.
Engineer Cletus Nyachowe has been confirmed as chief executive of the new company.
He is joined by Engineer Jan Albert Oberholzer, who steps in as chief operating officer. Engineer Oberholzer previously served as chief operating officer at South Africa’s state power utility, Eskom, from 2018 to July 2023.
Last month Cabinet approved the restructuring of the ZESA Group, which will consolidate electricity generation, transmission and distribution entities into a leaner, vertically integrated structure to improve efficiency and strengthen the power utility’s viability.
