Pension funds invested in the Muzarabani Oil and Gas project

By Owen Mandovha

THE Muzarabani Oil and Gas project will provide pensioners with a credible and sustainable investment option for their retirement savings.

This comes after Muzarabani Oil and Gas invested pension funds in Invictus Energy, which is exploring for oil and gas in Mashonaland Central.

At least 35 pension funds, through Mangwana Capital, have invested in Invictus Energy which owns 80 percent of the Muzarabani Oil and Gas project.

Chairman of Mangwana Capital, Joe Mutizwa explained how pensioners will benefit from the inaugural oil and gas project in Zimbabwe.

“It is a transformation for the pension industry because the Muzarabani Oil and Gas project will provide credible returns for pensioners due to its sustainable nature,” he said.

The Sovereign Wealth Fund, which was established by the government in 2019 to generate national wealth from the natural resource endowments, is also largely invested in the project.

“The Sovereign Wealth Fund is also part of the ownership structure in the project and obviously Government through its stake will be able to contribute to the fund by way of hard earned currency,” said Mutizwa.

The project is expected to transform people’s lives as the pensioners’ funds will be invested in a long term sustainable venture while also providing job opportunities.