Mr Chikwanda said some public institutions had been unable to deliver tangible benefits and dividends to shareholders and the people of Zambia because their lavish expenditure practices had depleted the resources required for expansion, growth and profitability of core ventures.
He said the monitoring and supervision of some statutory State-owned enterprises and public institutions had been loose, thereby rendering the whole system prone to abuse, poor governance and irrational application of invested resources.
Mr Chikwanda said this when members of the the Mwila Lumbwe commission of inquiry on operations of the Zambia National Building Society [ZNBS] paid a courtesy call on him at his office yesterday.
The minister said in a statement released by Ministry of Finance and National Planning public relations officer, Chileshe Kandeta that financial impropriety should be nipped in the bud for Zambia to develop.
Mr Chikwanda reiterated Government’s commitment to strengthening financial management and accountability in the entire public service so that incidences of impropriety, misappropriation or mismanagement of public resources reported by the Office of the Auditor General could be curtailed.
“I have a deep sense of admiration for the quality of professionals in various fields in Zambia. However, we need to get our act together by galvanising all relevant expertise in areas of need in order to improve monitoring and supervision of public institutions,” he said. Mr Chikwanda said this would in turn help to resolve the challenges confronting the performance, financial management and accountability of public institutions.
Later in the day, the commission questioned former ZNBS board chairperson Luambe Mondoloka on why the society failed to engage a transaction adviser prior to the US$98 million concession agreement with National Pensions Scheme Authority (NAPSA). Mr Mondoloka appeared before the commission of inquiry at Mulungushi International Conference Centre.
However, Mr Mondoloka explained that he had asked management to engage the services of a transaction adviser who would have taken on board the interests of the society, but that a consultant who looked at the proposal from NAPSA was instead engaged.
When asked whether the consultant who scrutinised the NAPSA proposal was single- sourced, Mr Mondoloka said he was not sure about the manner in which the consultant was engaged.
He also apologised before the commission for not dealing firmly with some of the issues concerning management at the time he served as board chairperson. Earlier, former Stanbic Bank Zambia managing director Joseph Chikolwa said the 20-year concession agreement was lopsided in favour of NAPSA.
Mr Chikolwa said it would have been important for a transaction adviser to be drawn from ZNBS because he would have protected the institution in terms of the agreement. He said the transaction adviser had a critical role as he was well placed to provide external advice to the society.
Mr Chikolwa said investment of $98m in the refurbishment of Society House and Central Arcades was not justifiable.
[Times of Zambia]
Let them stealif they want. But remind them that it will be them planting the Cash Crop when we are kicked out in 2031.
LT, learn to sum up articles.copy and paste is bad,do yu qualified reporters?
ZAMBIANS ARE USED TO SUCH LIP SERVICE. THE REALITY ON THE GROUND IS DIFFERENT. IT’S THIEVING MONKEYS ALL OVER! WHAT WILL STOP THIS THIEVING IS PUTTING A PRESIDENT FROM ANOTHER TRIBE, THE CALM TRIBE.
Internaltrading is rampad in colleges, eg Mongu Tr Tr College.
Which tribe naimwe ba fact smell?
A good start will be a new constitution that addresses the governance systems of our country.
Although it is generally known that refurbishment and infrastructure upgrade works are more complicated and costly than new projects, one spells a rat at the mere comparison of this Society House project at a cost of US$98million compared with a whole new Levy Junction at US$100million. How do the two compare in value and size folks, maybe you have a view?…
Spot on No.3. simple solution=reject all monkeys in any key positions of governance,then lloting wil be talk of past,esle 4get.! these twarts ar a let down.
Iwe Chikwanda, firstly cancell that corrupt contract at state house where you are renovating a house which is already ok. Stop the rot with yourself first….
Good observation mwata. Are the state house residents so careless that the building needs repair every time there is a new resident?!
#3 Truth and #8 Time Time
Democracy may have a say on that.
Not perfect but probably the best of the governance systems currently available. Anyway, leaders are only human. Let’s be praying for them. And love them. Hatred sends people to hell.
How can ALEXANDER CHIKAMBA talk about stealing and corruption when he was single-sourced to renovate State House. Even double standards do not go that far – it’s too much. It is cheeky and lunacy of him to come out like that when it is eaxctly what he is doing. He must remember that when the new govt comes in he will be among the first ones to go to chimbokaila.
Sorry folks on@7 I meant “…one SMELLS a rat…”
@ 1- Italian Bunga Bunga (Original) For the life of me, a sensible rare thought. O! correction mate, “when kicked out in 2016 & not 2031”.
Agreed. One of the ways the government can lead by example is to stop doing this in kind. Such as giving away public property like the council guest house to non-governmental institutions or individuals.
chikwanda you are corrupt your self why did you accept the state house contract mwe ba bemba you are jus thieves. repent you have made our country poor.
why this sudden hatred btween tongas and bembas……..thats not fair…..let sata and hh hate themselves and not mere pipo…….tongas that are supportng ths hatred you are boring….get a life…….join barotse if you want ….zambia can do wthout 2 tribes(tonga/lozis)