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By Ncaba Ntshakala
Inyatsi Group Holdings has scoffed off allegations by the Federation of Eswatini Business Community (FESBC) and detailed its contribution towards job creation and growing the economy. During a press briefing held on Friday at Inyatsi House, Executives from Inyatsi Group Holdings addressed recent media reports and allegations levelled against the group.
Inyatsi Construction CEO Derrick Shiba clarified the Group’s substantial contributions to the Eswatini economy through tax payments and dividends and refuted claims of unfair competition as alleged by some. Shiba revealed that the group has paid over E1 billion in taxes, royalties, and dividends to the Eswatini government and shareholders.
He added that this significant contribution underscores the Group’s commitment to supporting His Majesty King Mswati III’s vision of the Kingdom attaining first-world status and the nation’s economic development, infrastructure projects and welfare of emaSwati. The significant amount of E1 billion encompasses taxes paid to the government, royalties provided to local communities, and dividends distributed to shareholders over a specific period.
Shiba highlighted the company’s commitment to responsible fiscal practices and its contribution to the economic development of Eswatini. Shiba emphasized that Inyatsi Group Holdings has diligently fulfilled its tax obligations, ensuring that the government receives the necessary revenue to invest in public services and infrastructure projects for the benefit of the nation. Furthermore, the executives emphasized the company’s dedication to social responsibility and its adherence to ethical standards.
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Shiba further highlighted that the group as a 100 per cent Eswatini-owned corporation, prioritizes the Kingdom first. “Inyatsi Group Holdings has been in operation for over 40 years of service in Eswatini and beyond. As soon as the company came into the control of emaSwati and was headquartered in Eswatini, we sought to invest in Eswatini with the sole aim of improving the lives of emaSwati,” asserted Shiba.
He added that the group proudly does investments in various social responsibility initiatives that uplift local communities. Inyatsi Group prioritizes fair competition and follows legal guidelines during acquisition. The Pan African corporation has emphasized that they prioritize fair competition within the Eswatini market. The group asserted that they invested in the Kingdom to create a thriving economic environment for emaSwati. Shiba clarified that all business acquisitions have been done fairly after being approached by various business owners seeking to exit their businesses. “All acquisitions were conducted on a willing buyer, willing seller basis.
Furthermore, the acquisitions complied with the letter of the law and all requisite regulatory and legal approvals were obtained including but not limited to, Eswatini Competition Commission approval,” explained Shiba. Other exutives at the briefing included Investment Cluster CEO, Paul Lwiindi, Maloma Colliery Mine CEO, Jabu Shabangu, Inyatsi Group Secretary Gcinekile Nxumalo and People and Culture Executive Phindile Matsebula.
During the briefing, Shiba made emphasis primarily on two key points: the acquisition of entities like Infracast, previously known as Infraset. He clarified that Infracast was openly available for acquisition for over five years, and the Group followed all proper procedures and regulations during the purchase process. This included obtaining necessary approvals and ensuring transparency throughout the transaction. He also mentioned the latest acquisition which was Eswatini Meat Industries that it was up for market and was acquired following all legal guidelines.
. . . INYATSI GROUP HOLDINGS, A PROMINENT PLAYER IN LOCAL ECONOMY
Inyatsi Group is living up to its vision of being Africa’s Leading Integrated Business Partner and is a force to be reckoned with, not just within the borders of Eswatini, but across the African continent. Its impact on the Eswatini economy extends far beyond its impressive financial figures, reaching deeply into the lives of individuals and communities.
Inyatsi Construction CEO Derrick Shiba explained that the group directly employs over 6,000 individuals throughout its subsidiaries, both locally and across Africa. This translates to livelihoods for countless families and contributes to reducing the unemployment rates in the country. According to Shiba, Inyatsi’s projects create numerous indirect employment opportunities through partnerships with local subcontractors and suppliers.
This multiplier effect further boosts the economy and empowers local businesses. Inyatsi boasts an impressive annual turnover of E15 billion, demonstrating its significant contribution to the overall GDP of Eswatini. This economic activity stimulates other sectors and drives further growth across the nation. The group’s annual wage bill of E622 million represents a substantial injection of income into the Eswatini economy. This increased spending power helps stimulate consumer demand and drives growth in other sectors.
Inyatsi actively invests in various infrastructure projects within Eswatini, including roads, bridges, and telecommunications networks. This infrastructure development improves connectivity, facilitates economic activity and creates a more conducive environment for business growth. The group demonstrates a strong commitment to social responsibility initiatives, supporting education, healthcare, and community development programs throughout Eswatini. This dedication to social well-being strengthens communities and creates a positive impact on the lives of many.
Inyatsi Group has successfully expanded its operations across 11 African countries, showcasing its expertise and resilience in diverse markets. This regional presence enhances Eswatini’s reputation and creates valuable partnerships for trade and investment. The group’s expansion efforts also contribute to the development of skilled professionals in Eswatini. By working on projects across the continent, Eswatini citizens gain valuable experience and expertise, further enhancing their employability and contributing to the nation’s human capital.
Investment Cluster CEO Paul Lwiindi highlighted that the group represents a compelling success story, demonstrating the potential of Eswatini businesses to thrive on a global scale. Its commitment to job creation, economic growth, local investment and regional expansion solidifies its position as a vital engine for the Eswatini economy and a beacon of inspiration for future entrepreneurs and businesses across the continent.
. . . AFTER THE ACQUISITION, MALOMA COLLIERY TRANSFORMED TO BE ONE OF THE BEST MINES IN AFRICA – LWIINDI
Inyatsi Group Investment Cluster CEO Paul Lwiindi has asserted that Maloma Colliery Limited, a once struggling mine facing closure after 31 years of operation, has undergone a remarkable transformation under the leadership of Inyatsi Group Holdings. Lwiindi added that through strategic investments, operational improvements and a commitment to sustainability, Inyatsi has revitalized Maloma, turning it into Eswatini’s best mine in just three years.
One of the most significant achievements was extending Maloma’s mine life expectancy by at least 20 years. Inyatsi implemented innovative exploration and mining techniques, allowing them to access new coal reserves and optimize production processes. This extension not only secured the jobs of hundreds of employees but also ensured a continued supply.
“Maloma has been in existence for 31 years and before we took over 3 years ago, it was facing imminent closure. The investment in the mine has allowed for the extension of mine life by at least 20 years. As part of the investment, we have been deliberate at Maloma in upskilling our employees, this includes exchange programmes with other mining houses on the continent.”
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“The recruitment of the Mine Manager, with over 25 years deep level underground mining experience is also an effort to bring up our local skills. Maloma has contributed to the improvement of the road leading to the mine which does not only benefit the mine but also the local communities. About 80% of the staff are local community members,” presented Inyatsi Construction CEO Derrick Shiba.
Inyatsi’s acquisition has also led to a significant increase in Maloma’s profitability, improved operational efficiency and expanded its market reach, resulting in a remarkable turnaround in the mine’s financial performance. In 2021, Maloma Colliery had a turnaround of E350 million and 500 people employed. Such grew to E4 Billion turnover and over 900 emaSwati employed.
Inyatsi’s commitment to sustainability extends beyond profit and production. The company has implemented a comprehensive environmental management plan at Maloma, focusing on minimizing environmental impact, conserving natural resources and promoting responsible mining practices. Maloma Colliery has a worldclass clinic that operates fully to maintain the healthy living conditions of the workers.
The group recognizes the importance of community engagement and has actively partnered with local communities near Maloma. The mine has invested in various social development initiatives, such as education, healthcare and infrastructure development, empowering communities and improving their quality of life.
. . . INYATSI’S CURRENT PROJECTS IN 6 AFRICAN COUNTRIES VALUED AT E4.8bn
During the press briefing, Shiba mentioned that the ever-soaring African giant has active projects in 6 countries which are worth E4.8 billion. The projects are College construction in Ivory Coast worth E160 million, N4 road construction in Mozambique worth E500 million, Lumwana-Kabimba border in Zambia worth E2.7 billion, Isinjiro Dam in Uganda worth E500 million, Waheen Market in Somaliland worth E500 million and Illovo and Mzenga in Malawi worth E499 million.
Shiba added that these active projects, with a combined value of E4.8 billion, demonstrate Inyatsi’s commitment to investing in many sectors across Africa.
“The company has ensured continuity by going out into Africa to pursue business opportunities which has resulted in us securing projects worth about E4.8 billion. Furthermore, over 80 emaSwati are employed in these countries, exporting skills,” explained the CEO.
