Jubilee Holdings Limited has announced a significant leadership change as Nizar Juma steps down as Director and Chairman of the Board, marking the end of an era characterized by growth and success.
Juma, who has been at the helm since 2004, leaves behind a legacy of transforming the company into a notable insurance brand in the region.
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In a statement dated 8th July 2024, the Board announced the appointment of Mr. Zul Abdul as the new Board Chairman.
“The Board is pleased to announce the appointment of Mr. Zul Abdul as the new Board Chairman of Jubilee Holdings Limited,” the announcement read.
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Profile of Nizar Juma
Nizar Juma, at 80 years old, currently serves as Chairman of several high-profile organizations, including Bujagali Hydropower Project, Seacom, Farmer’s Choice, and Jubilee Holdings.
Nizar Juma’s illustrious career has been marked by numerous accolades and honors.
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In 1982, he was awarded The Silver Star of Kenya by then-President Daniel Arap Moi, recognizing his outstanding service to the nation.
Since 2000, Juma has been actively involved in a voluntary capacity as Chairman of numerous boards within The Aga Khan Development Network (AKDN).
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However, his contributions span across various sectors, including not-for-profit hospitals, power generation, fibre optics, agriculture, banking, pharmaceuticals, insurance, food processing, and property development.
In addition to his roles at IPS Group, SEACOM, Bujagali Holdings, Farmer’s Choice, and Industrial Promotion Services, Nizar Juma also serves on the Board of Diamond Trust Bank (DTB).
Furthermore, he contributes his expertise as Managing Director of Adidas Teamsports, demonstrating his versatility and commitment across diverse industries.
Nizar Juma holds a Bachelor of Science in Economics, Law & Accountancy, Business Administration from the University of Wales-Cardiff in the United Kingdom.
Success of Nizar Juma in Jubilee Holdings
Under Mr. Juma’s visionary leadership, Jubilee Holdings saw its turnover skyrocket from Ksh 4 billion in 2004 to nearly Ksh 40 billion in 2024.
His tenure was marked by strategic initiatives that solidified the company’s position as an industry leader, earning numerous awards and recognition across East Africa.
The Board and Management expressed their deep gratitude for Mr. Juma’s unwavering dedication and service, wishing him continued success in his future endeavors.
“The Board and Management of Jubilee Holdings Limited and its subsidiaries take this opportunity to acknowledge and extend their sincere gratitude to Mr. Juma for his leadership, unwavering dedication and service and wish him every success in his future endeavors,” the announcement stated.
About Zul Abdul
On his part, Mr. Zul Abdul- the new Board Chairman has chaired the Board Nominating and HR Committee and the Board Audit and Compliance Committee, and currently serves as the Chairman of the Life and Health insurance subsidiaries in Kenya, as well as the Jubilee Allianz general insurance companies in Mauritius and Burundi.
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Mr. Abdul is known for his extensive experience in the insurance sector and his voluntary leadership roles in various organizations.
“The Board and Management of Jubilee Holdings Limited and its subsidiaries congratulates Mr. Abdul on his appointment and wishes him the very best in his new role.” the announcement stated.
Previously, he served as the Chairman at Aga Khan Education Services from 1992 to 1999.
He also held positions as an Executive Director at Arjo Wiggins Ltd., Director at Anfield Holdings Ltd., and President at Aga Khan Council for Kenya from 2005 to 2012.
About Jubilee Holdings
Jubilee Holdings Limited, headquartered in Nairobi, Kenya, is a major player in the financial services industry, particularly in the insurance sector.
With subsidiaries in Kenya, Uganda, Tanzania, Burundi, and Mauritius, Jubilee has established a significant presence across East Africa, the Indian Ocean Islands, and parts of southwestern Asia.
As of December 2013, Jubilee Holdings boasted assets worth over US$678 million (Ksh 61.16 billion) and shareholder equity of approximately US$119 million (KES 10.7 billion).
According to a December 2014 report by the Insurance Regulatory Authority, its Kenyan subsidiary, Jubilee Insurance Company Limited, was the largest insurance company in Kenya and the largest economy in the East African Community.
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