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.
Labels: CORRUPTION, FRANK NG'AMBI, NATSAVE, RUPIAH BANDA
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MMD will never get back to power - Ng'ambi
By Abigail Chaponda in Ndola and Christopher Miti in Chipata
Wed 25 Jan. 2012, 13:53 CAT
FORMER MMD Copperbelt province vice-chairman Frank Ng'ambi says the MMD will never come back to power because it has lost its credibility. Ng'ambi who resigned from his position last Friday said former president Rupiah Banda's bad leadership skills led to the demise of the MMD party.
"The reason why MMD lost is because of former president Banda. Firstly, there was biasness in the distribution of campaign materials. For instance, in Chifubu Constituency where I stood, I was given 24 bicycles, while in Western and North Western candidates were given 1,000 bicycles. This was unfair, and it's bad for a leader to behave like that," he said.
"The truth of the matter is that MMD will never come back to power. I don't think the current leadership on the Copperbelt will inspire people. It's even better to join other parties," he said.
He said Zambia was going through a political landscape of moving forward and that whoever was still in the MMD was lagging behind.
He said he would work with any party that would meet the aspirations of the people.
Ng'ambi, who during the Chifubu by-election uttered profanities against Michael Sata, now says the head of state was a good leader and he urged Zambians to give him chance to rule the nation.
Meanwhile, two MMD councillors in Chipangali Constituency have defected to the ruling PF citing oppression and corruption in the former ruling party.
The two civic leaders, Msandire ward's Hanile Jere and her colleague Errek Phiri from Sisinje ward, told journalists at Wildlife Hall in Chipata on Monday that they had decided to join the PF which they described as a progressive party.
Jere said she decided to resign because she was being oppressed in MMD.
She claimed she was being sidelined by other MMD councillors at Chipata council.
"I have been suppressed and depressed by the MMD so I have decided to move away from my oppressors. These people in the MMD have actually pushed me out of the party because of their attitudes, so I am just moving out from oppression," Jere said.
Phiri said there was no transparency in the disbursement of Constituency Development Funds at the council.
He said there were a number of projects that had not been completed because of lack of funds.
Phiri cited Mbenjere clinic as one of the projects that had not been done despite being funded.
"There are a number of projects that have not been done but the picture which is at the council is that they have been done. So even at Sisinje, there is an invisible clinic, I am calling it invisible because the records show that there is a clinic but there is nothing," Phiri said.
Both councillors said they would apply for adoption under the PF ticket during the by-election in their respective wards.
PF provincial information and publicity secretary Mung'omba Ngoma congratulated the two civic leaders for joining PF.
Ngoma said MMD was dead and buried and that it would never come back to Zambian politics.
Labels: CDF, FRANK NG'AMBI, MMD
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NatSave collects K23bn from rural farmers for 2009 ISP
By Mutale Kapekele and Fridah Zinyama
Tue 02 Nov. 2010, 03:59 CAT
THE National Savings and Credit Bank (NatSave) has collected K23 billion from rural farmers for last year’s Input Support Programme (ISP). Natsave board chairman Frank Ng’ambi disclosed this on Saturday at the commemoration of the World Savings Day, which was observed in Zambia for the first time.
Ng’ambi also disclosed that his bank had paid out K74 billion to farmers in remote areas on behalf of the Food Reserve Agency (FRA) since the beginning of the maize marketing season.
“We collected over K23 billion on behalf of the Farmer Input Support Programme for 2009, under the ministry of agriculture and cooperative,” he said. “We have also paid out over K74 billion on behalf of the FRA to both banked and unbanked farmers.”
He said his bank was still concerned with the low rate of financial inclusion in the country especially in rural areas.
“We are still concerned at the low level of financial inclusion in the country, particularly in the rural areas. Therefore, our plans for branch network expansion are still active under the government’s rural finance program amounting to US$ 336, 000,” said Ng’ambi said.
“We still encourage our farmers to open savings accounts once the FRA has paid them instead of keeping money in their homes.”
And the Zambia Competition Commission (ZCC) has urged commercial banks to reduce the cost of savings.
In a statement to commemorate the World Savings Day, ZCC executive director Thula Kaira stated that consumer savings played a significant role in making available funds for trade and investment and could lead to a positive effect on economic growth, which had the potential to improve consumer welfare.
“However as a Commission, we are concerned that commercial banks have continued to charge high interest on borrowing and high bank charges that have a potential to erode consumer savings,” he noted.
Kaira observed that despite the reduction in the rate of inflation over the past few years, bank lending rates and bank charges remained high among several commercial banks.
“Our continued message to our financial service providers as we mark this important day is that there is need to reasonably reduce on bank lending rates,” he stated.
“Additionally, high bank charges, if not addressed have a negative impact of eroding consumer savings as well as consumer confidence in the financial sector.”
Kaira stated that the drop in the rate of inflation, currently standing at 7.3 per cent, should have an equal reduction in interest rates as opposed to the current scenario where commercial banks had only effected a cosmetic reduction in interest rates.
The Commission also welcomed the World Savings Day and encouraged all Zambian consumers to save money in official channels for future use.
World Savings Day was established on October 31, 1924 during the first International Savings Bank Congress in Italy with a view to highlight the role of savings to the worldwide public and its relevance to the economy and the individual.
Labels: BANKING, FRA, FRANK NG'AMBI, NATSAVE, WORLD SAVINGS DAY
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