We have not received formal notification on the reversal-FirstRand


South African financial services group FirstRand said today it had received no formal notification that its purchase of Zambia’s Finance Bank had been reversed.
Zambian President Michael Sata

President Michael Sata has reversed the $5.4 million sale of the Zambian bank to FirstRand.

“There’s no document of sale for Finance Bank and I am directing the ministry of Finance to take the bank back to its owners immediately,” Sata

However, approached for comment this afternoon reuters, FirstRand Bank CEO Sizwe Nxasana, said: “We have not received formal notification that the transaction has been reversed.

“We continue to liaise with the Bank of Zambia, which was the counterparty responsible for the transaction, when we have clarity we will comment further.”

Finance Bank was seized from its shareholders by Bank of Zambia in 2010 for allegedly violating the law through unsound practices, including insider borrowing.


  1. The president should be consulting first before making statements. What if the sale documents are found , is he going to reverse his decision! GOD help us!

  2. This is terrible for Zambia’s economy. Do you think foreign investors will come again to Zambia??? Not until Sata dies or is voted out. Sata is a s t u p i d.

    • What do u mean u fool? Can South Africans sell u their ABSA even wen they found it wanting? U need to be patriot. FBZ was founded and owned by Zambians in the private sector and the circumstances that led to its sale were suspicious. We need to support our own than destroying them. If anything these so called investors externalize profits at the peril of Zambia. Think before u say anything. U r reasoning like that cos u r a grandson of Ala Beee. He is gone u ll never enjoy again.

  3. Formalities shall obviously follow. At least refunding $5.4 million wont be the problem. What is more interesting is how a foreign company can be awarded a Bank at such a give away price.

  4. Capital flight will follow soon as investors will most likely wont have confidence in Mr. Sata’s govt. Too unpredictable. Economic repercussions to follow after.

    • When you talk about investors, please try to be more specific, honest investors who respect the laws of Zambia or Investors who dont care and just want to get profits? Who cares if the corrupt investors leave….Sata will bring order to Zambia. It seems Zambians have accepted the idea of the corrupt very rich and the poor beggers. Come see how Europe is run, everyone has medical care which Govt pays for. so those talking about Sata were directly benefiting from MMD corruption. Go Mr President you have our support..we will even come back and contribute to mother Zambia.:)>-

  5. Although I feel the bank should not have been sold to First Rand, I equally think returning it to Mahtani is not right because of the serious malpractices he comitted while running FBZ. Yes, getting it from First Rand is correct but it should now be sold through a transparent process to other players. First Rand should not be allowed to participate in any bid as they are currently the custodians of the bank and therefore have inside knowledge. I applaud most of the things MCS is doing but this is looking too much like a one-man government – when is parliament convening and when are they going to elect a new Speaker of parliament? What work are the Ministers doing cause these announcements are supposed to be made by them.

  6. Never, ever, advance personal interests when taking a public or official decision. Examples abound: Zambia Airways (Penza), Meridien Bank (Chiluba), Zambian Airways (Magande/RB), etc. It would be great if we brought about systems that protect leaders from overarching their personal interests on otherwise salvageable, mitigated scenarios, particularly those of an economic or financial nature. See how the boomerang works!?

  7. #4 Walasa mune. Such a high placed official waiting for formal notice. He is not even alluding to some legal notification! Which means he was just assured informally with no solid paperwork that they are new owners of Finance Bank. The headlines are enough notice!

  8. Firstrand knew what they were getting themselves in especially that this was in an election year. If the sale documents are not there it could be that the sale was to be concluded after elections since victory was for the MMD

  9. Let FNB show us the documentation to show that they are the new owers. Then BOZ can write some reversal to them.

  10. No 5 Kunta-Kinte, you will do well to respect the Office of The President! Who knows you might be visited by the law and at the police will subpoena LT to release your email and the trace the computer that your email was sent from (even from an Internet Cafe, they keep records of who used the PC and when). It is called an audit trail. Then they will be whipping you (like the real Kinta Kunte) until you surrender!

  11. Dont worry a notice will get to you before midnight sir, as at now its what its, finance bank gone back to Zambians period


  13. Papers or NO papers, Finance Bank is gone to the rightful owners. Why cant u build your own branches you stuupid investors. U want us to be feeding the south african economy

  14. Now we will find out who was behind Project Water. Mahtani’s cases are in court. Why did BoZ wait for the courts to rule whether he really violated any regulations? We know the sale was political, and can only be reversed politically. More money in the pockets of Zambians (not south africans)

  15. First Rand, now you know, now hand over the bank. You also need to tell us who was involved in this dubious transaction and who got paid under the table.

  16. It’s about high time that Zambia became Zambia again, instead of being a province of Suid Afrika. Next will be the tourist industry. I pray to God that Given Lubinda will do a good job of Zambians promoting Zambia, not leaving it to the mercy of folks in Johannesburg.

  17. All you need is to be connected to the Powers that be in Z and you will get what you want. You can be acquitted, get back your parliamentary seat a job at state house. Just about anything you want.Connections with the right people at the right time and now, get connected to PF. Waiting for one of my friends to get the nod, i need a plot in Lsk.

  18. these south africans are becoming a menace in trying to enslave other africans they have forgoten just how 10-16yrs ago KK wrked to have them free. look at their labour records, and now the buiyng of FB at a giveawy. if they want to invest they can buy a lot of our rural land let them develop it and we will call them investors. i wonder where their diplomats are when such daylight robery is happening

  19. the president is doing the RIGHT JOB using a WRONG FORMULA,he need to table all sensitve transactions as a TEAM,CABINET(his ministers) so that they are collectively responsible and to allow devergent views,then the minister in whom the issue falls should issue a statement to the nation.the one man show is very dangerous.please give those fired DCS or anybody affected apaul time to vacate the houses they are occuping otherwise they will be pschologically affected which is not good especially to the kids.please have passion for others not all were MMD pupperts but some were just got up in the web.

  20. There are alot of people so concerned with what the ‘international’ community thinks about this.Frankly they dont and will never care about zambians.Why under value such a great national assest worth 200mil USD for the sake of FDI,why not just allow a Zambian 2 run it and simply give him guidelines to abide by.SA will never develop Zambia,we need to believe we can do some of these empirical things ourselves,we have 2 believe,rise to the challenge.,common Zambians,we can do it!!Mr sata is nationalist,he’ll get us started can do some of these empirical things ourselves,we have 2 believe,rise to the challenge.,common Zambians,we can do it!!Mr sata is nationalist,he’ll get us started

  21. # 28, since when have South Africans ever cared about developing Zambia? All they care about is making Zambia a dumping ground for their goods, and providing food chains like Shoprite. We can do better than that with our rich resources. All we need is proper management and zero tolerance on corruption.

  22. When you go shopping you know how much money you have,so you make a list of the items you need with the important items being on top. This way you have a plan to work with in the same manner  MCS has been window shopping for ten year same shop so he know just what he needs. His list may have change and even gotten better over the year’s but boy he knows sit back and enjoy the ride. 

  23. Prediction: This is international law we are talking about. First Rand can not ever buy without documents. Bank will sue, it will go for a while in courts, bank will win and Zambian govt will pay dearly! It happened when Kaunda cancelled Mac trucks from USA in seventies and Kabila had his plane seized in RSA. They will enforce the court rulling when President travels or some govt interests abroad will be seized. I suggest the President slows down abit for him to understand how govt operates before he embarrases himself as a country. Six months at least.

  24. President Sata is doing what he promised he would do. He went to Plot 1 with a plan! So, he knows what he is doing because it was planned before the elections and he was elected based on his plans and policies!

  25. FRB where warned and they have now been wrong-footed. It was folly for them to proceed with the purchase in a election perion- simple common sense. I bet they are not even surprised. The Sale of FBZ was riddled with controversy. Can someone tell me who was the benefit from the Usd 5.4m purchase proceeds? BOZ and GRZ where mute as to whether the shareholders even if found wanting under the BFSA where to get anything. They where the shareholders of the FBZ in any case. It was as if the purchase proceeds where to just disappear into a black hole (or maybe repay debt for someones elections campaign – just a thought). Other than Mahthani none of the other shareholders or Boards member even faced any criminal charges making one question just exactly what it is that they did that was so wrong

  26. HENRY, JAMES AND THANDIWE were behind the purchase of FBZL, FRB just in picture for sure they have a case to answer, let MCS do his job before they start forging the so called contract of sale bcoz the bandas were very sure that they will rig the elections our prayers can not just go in vain GOD was with us through and through FBZL is a bank for a zambian and all zambians, Rajan can have his own wrongs but he has contributed alot to the economy of this country, please Rajan stay away from wrong pipo and concentrate on your business

  27. Fnb bought bad title! they were trying their luck and they know it. Bad title does not get clean simply by exchange of hands.
    for a minute i worried yesterday that the president could have hurried but i quickly realized the man was not as s t u p i d as we might want to believe. He has more information than all of us.
    he knows what he is doing!!!!

  28. best ba mushili, we are not dealing with an under five politician but we are dealing with a seasoned politician who has more information on government operations that an MBA graduate. those Boers are of the same feather with UPG,deals,deals all over Africa and with a corrupt leader like the previous one, you find yourselves in this awkward situation and you have yourselves to blame.Scaring investors!!! crap.Genuine investors have nothing to worry about sata,they are partners not those wankers that pay our brothers and sisters peanuts, they evade tax and externalise all their profits creating employment in their countries of origin. If First Rand Bank are genuine investors why cant they start from scratch,how special are they to just ride on the toil and sweat of Mahtani and Zambian workors

  29. you guys need to be on the ground to see what a fine mess RB left if MMD had won, this country would have been broke, the man had no plan, Please let Sata clean up the mess, it stinks. you should visit public hospitals and you will see for your self you should the rot at RTSA today you bring in a stolen car from south africa register it with out payin Tax, if you were MMD you cud shoot some one and get away with it.

  30. do you know that the profits banks make on forex sales is not regulated?? its the market that does so, bank charges are so high there is just no system oin zed, now if you live out side zed and want to be an online critic i suggest you get a life and focus on your life there, let Sata do his thang

  31. Imwe you need someone else to run icalo cenu at “economy is good” when they will be given amaka ukulatapulaomo icuma as they wishi?

  32. We’re a bunch of volunteers and opening a new scheme in our community. Your web site provided us with helpful info to work on. You have performed a formidable task and our whole community shall be thankful to you.

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