CBZ Share Deal Leaves Ownership Questions Unanswered After Tagwirei Denial

A major CBZ Holdings share transaction has reignited scrutiny over the bank’s ownership structure after businessman Kudakwashe Tagwirei denied reports that he sold a stake worth about US$100 million.

The Zimbabwe Stock Exchange recorded a negotiated transfer of approximately 62.28 million CBZ ordinary shares, representing about 11.91 percent of the financial institution. The shares were sold by Akribos Nominees at ZiG39.99 each, giving the deal a reported total value of roughly ZiG2.584 billion, or about US$100 million.

The transaction significantly increased the Public Service Pension Fund’s holding in CBZ, from 9.76 percent to 21.67 percent.

Tagwirei, who has previously been linked to CBZ investments held through Akribos-related nominee structures, reportedly rejected speculation that he was the seller. Contacted amid market rumours, he was quoted as saying that he had not sold anything and that the reports were untrue.

His denial has not, however, ended the questions surrounding the transaction. While the exchange records identify Akribos Nominees as the seller, they do not, on the information currently available, establish the ultimate beneficial owner of the shares or confirm whether Tagwirei had any direct or indirect involvement in the sale.

That lack of clarity is likely to concern investors and other market participants, particularly given the history of scrutiny surrounding Akribos structures and their reported association with Tagwirei’s earlier investment in CBZ.

In 2019, Akribos Wealth Managers reportedly used nominee arrangements in the acquisition of a 30 percent stake in CBZ on Tagwirei’s behalf. The arrangement attracted public attention amid questions about his international sanctions status and his relationship with the financial institution.

The latest transaction has further altered CBZ’s shareholder landscape. PSPF now holds approximately 21.67 percent, while the National Social Security Authority has about 23.3 percent. The Government of Zimbabwe holds 17.7 percent, Libyan Foreign Bank 15.5 percent and BLMH International Holdings 2.52 percent, with the balance held by minority investors.

PSPF chief investment officer Farai Gaba confirmed that the pension fund had increased its stake. He said the acquisition formed part of a strategy to build a diversified portfolio of quality assets capable of generating sustainable long-term returns.

According to Gaba, the investment would increase PSPF’s exposure to Zimbabwe’s financial services sector and support its mandate to protect and grow pension assets.

But the fund’s investment rationale has done little to resolve the central issue: who ultimately disposed of the shares, and on what basis was the transaction valued at approximately US$100 million?

Those questions matter because nominee arrangements can separate the name appearing on an official transaction record from the person or entity that ultimately owns or controls the asset. In a transaction of this size, investors require clarity about the seller, the beneficial ownership position and the valuation process.

Attempts to obtain further comment reportedly produced few answers. CBZ chief executive Lawrence Nyazema was said not to have responded to requests for comment, while Akribos Capital Incorporated and Akribos Securities group chief executive Edmond Mupfapairi reportedly said he was away from the office and was unaware of developments concerning the deal.

The available information confirms that the shares were transferred to PSPF. It does not, however, independently prove that Tagwirei personally sold them.

That distinction is critical. Market speculation may have prompted the transaction to become a subject of public debate, but speculation is not proof. At the same time, Tagwirei’s denial cannot, on its own, answer questions about the identity of the beneficial owner behind the selling nominee.

The transaction has therefore left CBZ investors with a changed shareholding structure but unresolved questions about transparency. Until the seller’s beneficial ownership and the basis for the valuation are clearly disclosed, the US$100 million deal is likely to remain under scrutiny.