Zimbabwean tycoon Mutumwa Mawere dies at 66

Mutumwa Dziva Mawere, the Zimbabwean South African industrialist who assembled one of the most influential business networks in his country’s post independence era, has died in Johannesburg at age 66, his family confirmed Friday. Mawere had been receiving medical care following a stroke he suffered in 2024, relatives said.

His death marks the end of a remarkable and often controversial chapter in Zimbabwe’s economic history. Mawere transformed from an economist and World Bank investment officer into a business magnate with interests spanning mining, manufacturing, banking, insurance, telecommunications, transport and international trade.

Born on Jan. 11, 1960, in Bindura, then part of Southern Rhodesia, Mawere earned advanced degrees in management and finance before beginning his corporate ascent. After working with the Industrial Development Corporation of Zimbabwe and the Merchant Bank of Central Africa, he joined the World Bank’s International Finance Corporation, where he rose to senior investment officer.

He left the World Bank in 1995 to found Africa Resources Limited, a holding company that became the foundation of his business empire. Through Africa Resources and related investment vehicles such as Ukubambana Kubatana Investments and Endurite Properties, Mawere built a network of companies employing thousands across Zimbabwe and the wider region.

Central to that network was SMM Holdings, which owned Shabanie Mashava Mines, once Zimbabwe’s only producer of chrysotile asbestos, with operations in Zvishavane and Mashava. He also controlled industrial firms including Turnall, a major manufacturer of fiber cement products, Steelnet Limited, a steel pipe producer, and General Beltings, a leading supplier of conveyor belts and rubber products.

Mawere expanded aggressively into financial services. He founded First Banking Corporation, which later became one of Zimbabwe’s largest commercial banks, and played a key role in the growth of Zimre Holdings, a dominant force in reinsurance and insurance services. His interests extended into asset management, stockbroking, private equity and agricultural supply chains.

Logistics and transport were another pillar of his portfolio. Through companies such as Petter Transport and Logistics and Shipping Consolidated Holdings, Mawere built regional supply chains linking Zimbabwe’s industries to ports in South Africa and beyond. Professional services and media ventures supported the wider group’s operations.

His business rise was accompanied by prolonged conflict with the Zimbabwean government in the early 2000s. Authorities moved to take control of key companies under emergency regulations, accusing his firms of actions deemed harmful to national interests. Mawere rejected the allegations and mounted lengthy legal challenges, arguing that the seizures violated property rights and investor protections.

Those disputes forced him into extended residence in South Africa, where he continued to oversee legal battles and remained an influential voice on economic reform, governance and African entrepreneurship. Admirers often described him as a bold industrialist whose success demonstrated the potential of African owned enterprise at scale.

Funeral arrangements have not yet been announced. His death has prompted tributes from business leaders and members of the Zimbabwean diaspora, many of whom credit Mawere with reshaping the country’s corporate landscape and inspiring a generation of African entrepreneurs.