Saturday, March 24, 2012

Government dissolves Natsave board

Government dissolves Natsave board
By Gift Chanda and Mwala Kalaluka
Sat 24 Mar. 2012, 13:00 CAT

THE government has dissolved the Frank Ng'ambi-led Natsave board over a K10.8 billion computer software deal hatched with a Nigerian company during former president Rupiah Banda's tenure of office.

The National Savings and Credit Bank (NATSAVE) in 2009 irregularly awarded six contracts worth K10.8 billion to various local firms, including a Nigeria-based company, Neptune Software Plc, for the supply, delivery and installation of the Rubikon University Banking Solution software and other related software at the local bank's head office and 27 branches at a cost of K3,870, 900,000 (US $759,000).

"The board was dissolved on Thursday," sources said yesterday.

"Basically, the reasons have more to do with the K10 billion software deal and the lack of quality in the decisions they have been making."

Recently, Natsave managing director Cephas Chabu was sacked from his position by the dissolved board over the same Neptune deal but has since been reinstated because, according to Natsave insiders, he was not there when the deal was being awarded.

The contract was awarded under a project codenamed "the Sitex (IT)" without approval from the Attorney General.

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