Luke Ngwerume is the former Chief Executive Officer of Old Mutual Zimbabwe and was the first black occupant of the office. He served in that position for seven years, from September 2007 to October 2012. Ngwerume had been with the Old Mutual Group for 29 years.[1] He is currently a non-executive director of its subsidiary CABS. Ngwerume also has various interests in various enterprises in the country.[2]

Luke Ngwerume
Luke Ngwerume, ZimSelector.com, Zim selector, CIMAS director
Image Via Herald
Born Luke Edward Matthew Ngwerume
October 18, 1953
Occupation
  • Businessman
  • Entreprenuer
Known for Former CEO of Old Mutual Zimbabwe
Spouse(s) Lingiwe Ngwerume
Children 2: Rangarirai Ngwerume (son), Kudzai Ngwerume (daughter)

Contents

Background

Luke Edward Matthew Ngwerume was born on 18 October 1953. He is married and has two children; Rangarirai (son), Kudzai (daughter).[3] He attended Bernard Mizeki College in Marondera for his secondary education while he did a Bachelor of Arts degree with the University of Zimbabwe. He also did an MBA with the University Of Cape Town, Graduate School of Business[3]

Own companies

After leaving Old Mutual, Ngwerume launched Zimbabwe's first internet based aggregator of financial services called Zimselector.com. The website's objective is to bring insurance and banking together to give customers a convenient way to get quotes and buy online financials services online. Initially, Zimselector offered products from nine providers - Old Mutual, RM Insurance, CABS, Zimnat Insurance Group, CBZ Bank, Fidelity Life Assurance Group, CIMAS Medical Aid Society and Nyaradzo Funeral Services.[4]

Criticism

Despite serving as the Chief Executive Officer of Old Mutual, Ngwerume has often been criticised for having missed valuable opportunities to use his influence to promote deserving fellow indigenous countrymen.[5] It is alleged that under the stewardship of Ngwerume Old Mutual perpetrated economic injustices when the company arbitrarily retired its obligations from all the insurance covenants it had with thousands of subscribers. It went further to make once off payments to pensioners using an unknown and unauthorised exchange rate.[5] Although Ngwerume has been criticised for his handling of things at Old Mutual, other observers actually believe that having been the first black C.E.O of Old Mutual, he did very well.[6]

Business Interests

As part of Old Mutual's indigenisation process, Ngwerume, along with other partners, acquired a 3.5% stake in the company through a S$12 million loan from the insurance group. He also has some interests in a company known as Stiefel Investment (Private) Limited.


Videos

Zimbabwe's Road to Recovery with Luke Ngwerume




References

  1. OLD MUTUAL BOSS, NGWERUME, STEPS DOWN, NewsdzeZimbabwe, Published: July 29, 2012, Retrieved: July 13, 2014.
  2. Ngwerume gets Old Mutual stake, The Herald, Published: September 10, 2013, Retrieved: July 11, 2014.
  3. 3.0 3.1 Luke Ngwerume, CIMAS website, Published: 7 Aug 2014, Retrieved: 18 Jun 2015
  4. Ngwerume launches first online mall, The Zimbabwean, Published: March 12, 2014, Retrieved: July 11, 2014
  5. 5.0 5.1 Tafadzwa Musarara, Ngwerume Old Mutual exit good riddance, NewZimbabwe, Published: October 10, 2012, Retrieved: July 11, 2014
  6. Philip Mataranyika, Zimbabwe: Exiting With Head Held High - Ngwerume's Story, AllAfrica, Published: September 28, 2012, Retrieved: July 11, 2014