The revelation came about in an interactive seminar the institution through its subsidiaries NICO Life and NICO Pension Schemes organized for its clients in the Northern region following similar meetings in Lilongwe and Blantyre respectively.

NICO Life Chief Executive Officer, Karim Osman said the institution is set to construct a $30 – $40 million state of the art structure in few years to come.

“We are not leaving any stone unturned we are confident and very ready on this motive,” said Karim.

Karim added that the move is one way of expanding its investment capacity in the country “As NICO Holdings we always crave for initiatives that would bring impact on the country, hence our unconditional pledge to develop infrastructure in the country.

The hostel is scheduled to commence in 2017 or 2018 and several logistics regarding resources, man power among others are already in place.

The CEO did indicate that they are currently working on identifying the location where the hotel should be constructed which will also be certain in its final viability.

Apart from the Five Star Resort in Salima, the corporation says it intends to construct a 14 storey, state of the art Office complex in the Capital City Lilongwe which is estimated at $15 – $20 million; Expand Chichiri Shopping Centre in Blantyre and contribute to various social economic development in the country ranging from, health, education, mining, environment among others.

During the seminar, the institution appealed to the corporate world to invest in pension schemes saying the more people invest he more possible development through economic boast.

The market leader in the pension industry is a proud share holder of various institutions including Chibuku Products Limited, some Financial Institutions, Press corporation, Illovo among others.