Former exiled Zimbabwean businessman, Nicholas Vingirai, has thanked Zimbabwe President ED Mnangagwa for restoring his assets and companies that were taken from him during the Mugabe days.
Speaking to journalist, Blessed Mnhlanga, Vingirai said Mnangagwa personally gave the order for his properties to be given back to him.
Timeline of Vingirai’s troubles in Zimbabwe
Nicholas Vingirai’s timeline and key events related to Intermarket Holdings and his banking career are as follows:
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1991: Nicholas Vingirai becomes the first black Zimbabwean to form a discount house by establishing Intermarket Discount House.
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2003: Zimbabwe’s banking sector faces a major crisis; Vingirai’s Intermarket Holdings encounters severe liquidity problems.
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Mid-2004: The Reserve Bank of Zimbabwe places several troubled banks, including Intermarket, under curatorship. A curator sues Vingirai for ZW$174 billion, alleging misuse of depositors’ funds.
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Late 2004: Vingirai is charged with violating exchange control laws and flees to South Africa, beginning a seven-year self-imposed exile.
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2005: The Zimbabwe government enacts the Troubled Financial Institutions (Resolution) Act for handling bank failures.
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2006: The government expropriates Intermarket Holdings and merges it with ZB Financial Holdings (ZBFH).
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2011: After being absolved of externalization charges, Vingirai is extradited to Zimbabwe and arraigned on fraud charges related to the 2003 collapse of Intermarket.
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2013: The High Court rules in Vingirai’s favor, lifting an asset freeze on some of his properties.
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May 2016: Vingirai reaches an agreement with the government; Transnational Holdings Limited (THL) receives 19.79% shareholding in ZBFH, making Vingirai the second-largest shareholder.
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May 2017: Vingirai’s efforts to regain influence in ZBFH are thwarted when shareholders vote against his re-election to the board, largely due to a clash with the National Social Security Authority (NSSA).
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2006–2024: The dispute between Vingirai/THL and ZBFH/NSSA continues over control and share transfer implementation.
- 20 November 2025: In an interview with Blessed Mhlanga, Vingirai explains that Mnangagwa ordered that he be given back his companies and assets.
