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Nuyoma at the helm of Capricorn Group

2023-11-17  Edgar Brandt

Nuyoma at the helm of Capricorn Group

When Capricorn Group board chairman, Gerhard Fourie announced the appointment of seasoned financial guru, David Nuyoma, as the new Group CEO, the share price of the listed entity jumped from N$16.50 to N$17.00.

 Whether this was pure coincidence or not is arguable given notable share price fluctuations attributed to recent buying across all banking shares. 

However, what is not debateable is Capricorn’s and the domestic financial services sector’s confidence in the former principal officer and CEO of the Government Institutions Pension Fund (GIPF). 

“From an untainted and ethical leadership perspective, this shows confidence in the appointment and person,” one investment analyst remarked. 

This sectoral confidence resulted in the Capricorn Board approving Nuyoma’s appointment as the Group CEO designate with effect from 1 January 2024 and as substantive Group CEO with effect from 1 March 2024. The appointment is of course subject to regulatory approval.

During the last decade while he was at the helm of GIPF, the largest pension fund in the country, Nuyoma was instrumental in increasing the value of the fund by about N$100 billion. 

“Mr Nuyoma is an experienced and accomplished executive leader with a successful track record as CEO of the Government Institutions Pension Fund (GIPF) until recently and before that as CEO of the Development Bank of Namibia, making him the ideal leader for our Group at this stage of our journey. His forward-thinking mindset, excellent stakeholder relations and demonstrated ability to make business-shaping decisions and lead sustainable operations will add value to Capricorn Group and its stakeholders as the group continues to evolve its strategic direction and execute its chosen strategic choices,” Fourie stated. 

He added: “We are privileged to have attracted Mr David Nuyoma to our group. He is one of the most respected business leaders in Namibia, and we are confident that the Group will greatly benefit from his leadership. We wish him the very best for success in his new role.” 

In response, Nuyoma stated: “I look forward to optimising value to this publicly listed, hugely successful, truly locally-owned financial institution.  I fully subscribe to Capricorn Group’s brand promise of #Make Change Positive.”

Nuyoma replaces former Capricorn Group CEO, Thinus Prinsloo who has agreed to remain in his current position as Group CEO until 29 February 2024. Prinsloo will then transition to a new role at Capricorn Investment Holdings, the largest shareholder of Capricorn Group. 

With extensive experience in the financial services, Nuyoma is currently chairman of the Namibian Stock Exchange. He was educated at the University of East Anglia. He became CEO of the GIPF in 2013, having previously served as CEO of the Development Bank of Namibia from November 2003 to December 2012.

2023-11-17  Edgar Brandt

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