Ndlovu steps down as CEO of Remgro telecom unit CIVH

Raymond Ndlovu, CEO of Remgro’s telecom business Community Investment Ventures Holdings (CIVH), will step down “to pursue other business interests” with effect from April 1, the group said on Thursday.

Ndlovu will be best remembered for overseeing the creation of one of SA’s largest fibre providers with Vodacom.

The deal saw CIVH’s fibre units Vumatel and Dark Fibre Africa (DFA) folded into a new holding company Maziv. Vodacom has a 30% stake in the new company worth an estimated R13bn, with the option of raising that interest to 40%.

The transaction, announced in November 2021, recently received approval from SA’s telecom regulator but approval from competition authorities is pending.

“Raymond’s quest for a new challenge follows a successful contribution to enhanced shareholder value during his tenure. With his team, he has overseen the complex restructuring of the group whilst sustaining its strong growth trajectory through the difficult pandemic trading conditions,” said CIVH chair and Remgro executive Pieter Uys.

“CIVH is well positioned for its continued growth in SA and into the rest of the African continent.”

Besides the Vodacom merger under Ndlovu, CIVH restructured its SqwidNet unit into a low-cost network called Sigfox.

Together with a set of partner investors including Discovery Insure, Fidelity ADT, Macrocomm and Buffet Investments, the group is betting on more everyday devices such as vehicles being connected to the internet to drive local growth.

Such devices are fast becoming a big part of the internet of things (IoT), a network of physical objects embedded with sensors, software and other technology

WITH HIS TEAM, HE HAS OVERSEEN THE COMPLEX RESTRUCTURING OF THE GROUP

to connect and exchange data over the internet. In Rwanda, for instance, taxi operators offer passengers Wi-Fi on their commute.

Ndlovu joined Remgro ’ s venture investment division, Invenfin, in 2013 as an investment executive before moving to the parent company. He was appointed a member of Remgro’s board in 2018 to oversee the infrastructure and venture investment platform, including CIVH and DFA.

The telecom veteran also serves as a nonexecutive director at Outsurance.

“Ndlovu’s departure comes as the group deepens its focus on the fibre market segment and seeks to broaden its footprint on the rest of the African continent,” said the group.