Mnangagwa’s Massive USD5bln Coal-To-Diesel Mega Deal Crumbles Without A Penny Dropped
28 September 2023
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By A Correspondent| In 2018 ZANU PF President, Emmerson Mnangagwa celebrated a fuel mega deal with a South African firm, and below were the pictures of Mnangagwa with the company officers as he announced the project with Nkosikhona Holdings.

The mega deal business involves the extraction of diesel from coal.

the first Herald article celebrating the Mnangagwa fuel mega deal

Last night, the businessman behind the deal, Mr Ryan Chinyangare came on ZimEye to apologise to the people of Zimbabwe, the government and Nkosikhona Holdings.

While saying he is sorry for causing embarrassment to Zimbabwe, he emphasised that he was too young around the time when the deal was signed.

His apology (full text below) came as it emerged the company is nowhere near commencing business as previously advertised.

Chinyangare said,” I would like to express my sincerest apologies for the shame and embarrassment that I brought on the CTX Project and all the stakeholders in the media report released in Dec 2018. ” FULL TEXT AND VIDEO BELOW –


Ryan Chinyangare in pic with Higher Education minister Amon Murwira

By Ryan Chinyangare| To Nkosikhona Holdings and the Republic of Zimbabwe, I would like to express my sincerest apologies for the shame and embarrassment that I brought on the CTX Project and all the stakeholders in the media report released in Dec 2018.
I accept that this act was against the greater good and I should have put the interests of the nation before my own. I deeply regret the course of action I chose to take. It is with due respect that I ask for forgiveness from Nkosikhona Holdings a consortium member of Magcor International and the Government of Zimbabwe through the Ministry of Higher & Tertiary Education, Science and Technology for prematurely trying to evoke my commission agreement payment last year I was of the view that after my work with Nkosikhona Holdings and Magcor International in helping them secure the 55,2 Billion dollar CTX Project, on my exit it was rightfully so that I would be paid immediately.

However the plans may have changed after the team’s trip to China and the project has taken a different route. I can confidently confirm that this project is bigger and greater than my personal gains and as such I would like to apologize to Hon. Minister Murwira, one of he most honorable men I have come to know together with the Verify Engineering Executive members, especially Eng Tapfumanei.

Without favor I can confidently say these are patriotic men who I speak in high regard because of their integrity and work ethics. I strongly believe I rushed into taking action against Nkosikhona Holdings a Consortium Member of Magcor International without understanding the dynamic facts of the project.

I strongly believe Nkosikhona Holdings,7 a Consortium Member of Magcor International will not runaway from its due responsibility of paying my commission and as such I see it fit, that I take a step back and allow them to work on this prestigious project that is futuristic which will help & benefit Zimbabwe in the future.

I worked for Nkosikhona Holdings – the executive is one to be respected and be trusted.

They work with honour, love and passion at the same time identifying each other as family despite the different nationalities. It was an honour working with them and I regret the damage that I may have caused to the reputation of this reputable consortium.

It’s also in the view that I would like to personal ask for forgiveness from Mr GM Rousseau and Mike Glynn (Prmident/Founden Magcor International whom I also had the pleasure of working with and I also view with great regard as honorable men.

I should also indicate that my apology is not because I have received any money, but it’s after the realization that Zimbabwe comes first.

Ryan Chinyangare – Former Nkosikhona Holdings Operations Manager.