President Emmerson Mnangagwa’s meeting with an Old Mutual delegation led by Group CEO Jurie Strydom possibly signals a reset in one of Zimbabwe’s most delicate state–corporate relationships.
Jurie Strydom were Clemence Chinaka (CEO – Africa excl. SA), Sam Matsekete (CEO – Old Mutual Zimbabwe), and Board Chair Constantine Chikosi. According to the President’s post on X, discussions centred on “deepening investment in Zimbabwe.” Behind that diplomatic phrasing, however, lie years of friction, frozen value, and unfinished business.
At the top of Old Mutual’s wish list is likely the unresolved legacy of its 2020 share suspension, when authorities froze trading in its stock after accusing the company of indirectly driving parallel market rates through the “Old Mutual Implied Rate” (OMIR). That move effectively stripped local investors of liquidity and clouded the company’s ability to fairly price assets and meet offshore obligations.
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With the introduction of the ZiG currency and ongoing financial-sector reforms, Old Mutual is likely to be pushing for a pathway to re-list or regain capital market visibility
For Mnangagwa’s administration, the engagement fits neatly into its infrastructure and housing investment drive under Vision 2030. Old Mutual already controls a vast property and financial-services footprint through CABS, Old Mutual Investment Group, and Old Mutual Life Assurance. They introduced O'Mari to get a stake in the thriving mobile money market which has become a haven for the unbanked millions.
There is room for synergy in reinvestment of local funds into national infrastructure — housing estates, solar farms, industrial parks, and highways.
This visit follows Old Mutual’s recent high-level engagements in Malawi, Kenya, and Namibia, part of a regional consolidation strategy.
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