By Simbarashe Muparaganda
Bulawayo, September 28,2026(New Ziana)-The Mutapa Investment Fund is working with the National Railways of Zimbabwe (NRZ) to mobilise funding for locomotives, wagons, workshops and critical rail infrastructure, as the parastatal seeks to rebuild its capacity and restore its role in the transport and logistics system.
In his speech delivered by the fund’s Transport Portfolio Cluster Head, Chiedza Mudzigwa at the NRZ 9th and 10th Annual general meetings on Monday, Mutapa chief executive officer Dr John Mangudya reaffirmed the shareholder’s commitment to supporting the rail operator turnaround.
“Our objective is not to simply introduce capital, but to ensure that this capital translates to improved reliability, increased tonnage, stronger revenues, and ultimately, a financially sustainable railway,” he said.
The meetings considered and adopted NRZ’s audited annual financial statements for the years ended December 31, 2022 and December 31, 2023, together with reports from the board chairperson, chief executive officer, auditors and the corporate governance unit.
Mangudya said completing the audits and holding the meetings were important steps in strengthening governance and accountability at the company.
“The annual reports themselves reflect management’s commitment to corporate governance, transparency, and accountability, which are fundamental to the sustainable growth of this organisation,” he said.
Mangudya, however, stressed that NRZ remained behind on its statutory reporting obligations and urged the company to complete the audits for 2024 and 2025 and hold the respective Annual General Meetings (AGM)s before the end of the year.
“The immediate priority must, therefore, be to complete the 2024 and 2025 audits and hold the respective AGMs so that NRZ becomes fully compliant and current with its statutory reporting obligations,” he said.
He also drew attention to the adverse audit opinions and encouraged management to resolve the issues raised by the auditors, adding that governance would be central to the railway’s turnaround and its ability to attract funding and strategic partners.
“Governance is the foundation for any successful turnaround, and this is particularly important as we seek to attract funding and strategic partners for NRZ,” he said.
While the meetings reviewed past financial years, Mangudya noted that the shareholder’s focus was on restoring the company’s future performance.
The NRZ reports identified shortages of locomotives and wagons, maintenance backlogs and deteriorating rail infrastructure as major constraints on its operations.
“Addressing these constraints is, therefore, central to restoring NRZ’s operational and financial performance,” said Mangudya.
He said the start of 2026 had been challenging, particularly because floods in the first quarter disrupted operations.
Mangudya welcomed an improvement in business since the end of the second quarter, describing the recovery as promising.
He also commended the board and management for a public-private partnership with Zimasco commissioned two weeks before the meetings.
The arrangement, he said, demonstrated the type of commercially driven approach needed to expand the railway’s capacity.
“It shows that management is actively exploring ways to increase capacity without placing the entire funding requirements on NRZ’s balance sheet,” Mangudya noted, encouraging the company to pursue similar partnerships with major customers and strategic partners where there was a strong commercial case.
Speaking on the same occasion, NRZ deputy board chairperson Molly Dingani welcomed the shareholder’s assurance of support, saying recapitalisation would help the company acquire the equipment and rolling stock needed to fulfil its mandate.
“We are positive by our shareholder’s statement of helping to recapitalise us,” said Dingani.
She noted that the investment would assist NRZ return to full operational capacity over the coming years and enable it to move the nation’s cargo.
Dingani acknowledged that the company was behind in holding its AGMs, but said the board and management were working to conduct the 2024 and 2025 meetings before the end of the year.
New Ziana
“Our plan is to ensure 2024 and 2025 annual general meetings are conducted before the end of the year to ensure we are fully compliant,” she said, adding that the board and management would work to meet statutory requirements and the shareholder’s expectations.
