Magande exonerates himself from ZANACO sale


Former finance minister in the late president Levy Mwanawasa’s Government Ng’andu Magande says he was too busy with the country’s problems to concentrate on the privatization of ZANACO.

QFM News reports that appearing before the Sebastian Zulu commission of inquiry this morning, Mr Magande who is believed to be the architect of the ZANACO privatization said Zambia was facing many economic problems at the time for him to concentrate on the sale of the bank.

He has however admitted signing the final sale and purchase agreement for ZANACO.

Mr Magande said it would not have made sense for him to preside over a transaction that only involved a few million dollars.

He says among the issues that kept him busy at the time were issues to do with debt burden Zambia was encountering.

Mr.Magande has since denied influencing the privatization of ZANACO.

And Juvelis Tembo told the commission of inquiry that while he was the chairperson of the negotiating team on the sale of ZANACO he was not involved in the bidding process.

He also stated that the sale of 49 percent shares in ZANACO was never discussed.



  1. …..or oerhaps simply grab it back? We need to move quickly coz people will soon start demanding “jobs for the youth”, “more money in pockets”, “a transformed Zambia” etc…

    They’ll soon ger fed up of waking up to spiritual abmormalies like rape, murder, strikes, death, rape again etc

  2. Magande u signed something which you did not know? at your level and your glorified performance and an accountant signing something u didnt understand and u want to stand for President? jail this man.

    • If you can’t be bothered by a few million dollars whilst millions of your country men arewallowing in poverty, YOU ARE NOT EVEN FIT TO BE A “CLASS CAPTAIN” in any sensible primary school in Zed!! IGNORANCE IS NO DEFENCE!! ABROGATING DUTIES OR FAILURE TO DO DUE DILIGENCE OF A STATE ASSET AS A MINISTER IS CRIMINAL!! YOU CAN’T BLAME YOUR JUNIORS IF YOU DIDN’T GIVE THEM PROPER DIRECTION!! Is this the s.t,u.p,i.d readiness you were boasting about?????

  3. Magande shud disband his party if he can’t show good stewardship over inferior things like he puts it, how can he take care of the million zambians? very irresponsible finance minister!! cage the guy for abuse of office how can you sign something that you are not sure of? for signing that means he has assumed responsible!!

    • tcasoy2k on July 15, 2011 she sounds super cute, is this your local gym? cuz i might have to join this one to get after this girl lol

  4. Magande, please tell me you are joking.How can you just sign? Hahahaha,infact what matters is the signature,so you are in for it.

  5. Magande is not fit to be president. How can he sign a contract without thinking. What is wrong with blacks kanshi. When a white man comes he gets things easily but if a black man tries to get something then it is a problem. This 8million could have been bought by locals who have money. Now these whites are more richer. Black man is really a let down. Sh*t

  6. Mwaona manje mwayamba kulila!!! I was busy with fyoto fyoto and could not take time to understand the deal, what a responsible human being?

  7. Really?? Can’t you say something sensible ……., With that kind of altitude from people that want to be voted into office, where is Zambia going? 

  8. “Mr Magande said it would not have made sense for him to preside over a transaction that only involved a few million dollars”

  9. Yaba – now this is an interesting response from the Magande…it is interesting how these deals go on in Govt. I am sure even in PF this is what is going on. The problem iam seeing is with the mental state of Zambians – we are not assertive enough. So we feel intimidated in front of an investor negotiating an investment. So we end up giving away things for free!

  10. so wat does this mean? does it mean most of the privatized company were privatized in ones interest? say. putting more monies in there pockets?Ba Magande i was yo big fun hope u not in to this! God bless Mother Zambia

  11. Magande is coward. As a former Finance Minister he has handled files relating to privitisation of most parastatal Companies, including ZANACO. The concept of privitising the Mines, Zamtel, Zambia Railways and ZANACO was conceived at the birth of the 1st MMD Govt to which President Sata was a senior Minister. The Privitisation of Parastal Companies has been a long-term programme. Mr. Sata is implimenting socialist programmes for short-term political harvest. But just for fear of Sata, Magande, has opted to express ignorance of Govt long-term programmes. Mr. Magande must refrain from hiding valid data under the carpet just to get Sata punish RB who democratically defeated him for the position of MMD Presidency. Magande is a hardcore wicked man with no love for RB and HH.

  12. What is this I am reading about Magande? What is he scared of? He has no guts to stand up for what he signed? Does he think this si the best way to respond to an issue that affects your involvement? Magande has seriously been misquoted; no doubt.

  13. While I agree that it is irresponsible for Magande to have signed something that he hadn’t read, I think we must also take cognizance of the fact that a Finance Minister has advisers, and they are there specifically because he cannot read everything! The Economists, Advisers, and other officers at MOFNP are supposed to read every line and negotiate every item, after which they advise the minister to sign. The minister only gives strategic guidance. So please don’t condemn him too much, the real culprits (if any in this case) should be the foot soldiers!

    • THE BUCK STOPS WITH THE PERSON AT THE HELM!!!! HE WAS NOT a minister in the “Ministry of Sweets!!!” HE WAS MINISTER OF FINANCE!!!!

  14. People can now see that this guy just got someone else’s glorious performance for himself. He was not even the one doing the finance minister’s job. Fake.

  15. Am disappointed with Mr. Magande, please dont show us this ignorance as a learned man please remember you have a party to run ba magande be sincere mr president. Your response do not make any sense at all.

  16. Eishhh!!! Magande what the hell are you toking about bloody coward??? I dont like chaps who dont stand for anything.

  17. This sounds serious and warry some. With such neglijnce u end up signing your our death sentence . He needs to be jailed.

  18. Let us not misquote Hon. Magande. He basically said he was not that close to the deal to influence its final outcome. He understood the deal but if there was anything funny behind the scenes, it had nothing to do with him as he was just the final signatory. He would not have had the time to start bargaining for kickbacks on a “small” deal.

  19. it is surely dissappointing for Mr Magande to now start throwing the blame to others,yet while they were in Govt. had an opportunity and authority not to go that way, or even if need be they had to sell Zanaco, they didnt need to sell it at give away???did they? they had a chance to do the right thing, and sell at the correct value of the Bank, because, it is commom sense that Zanaco was never going under liquidation,or broke, or made losses…His claims to cover himself are not acceptable…u can see now with his statements that sometimes, the way people run offices, has nothing to do with being educated,people are highly educated, but will make decisions that even those who they claim are less educated than them would use common sense in dealing with matters……

  20. am sure those who believed this maganda when he said he was the best Fin Ministers must be kicking themselves. he has displayed the most shallow and basic characteristics of a liar.

  21. i thot that educated people do know that a going concern cannot be sold the same way as a loss making entity???please Mr Magande, just go and face the commission..i hope u wont start telling lies on the Late president, from the sound of your statements….you tell the truth….there were hopes for the Zanaco people to ensure Rabo paid off the workers, before Rabo took over, but even that Govt(Magandes) decided to ignore that call and workers were heard complaining…ofcourse if your own govt fails to fight for you, which foreigner/investor will? they make them come into Zambia and allow them manipulate the very people they need to vote for them…let govt check what’s going on with workers conditions in zanaco.

  22. Then sack the civil servants who prepared the document (if they are still employed at MoFA)!!! So now he is pleading ignorance – well, I wish you all the best bo Magande – you should have taken up the offer to be BOZ Governor, you would not have found yourself in troubled waters

  23. im sure it will be found that they same way they undervalued the sale, is the same way the conditions like salaries,conditions, retirement packages have been undervalued too….soon im sure we will hear…..

  24. Hehe u see now that PF is on the right path.? All those condemning PF gvmt must take a chill pill coz there’s actually more wrong the mmd did…get them MCS

  25. Mr. Magande is certainly hiding something. Ask Magande how things did he sign in this manner at the Ministry of finance.

  26. yaba zooona Zambians are very dull, especially those in the diaspora. So you can not understand how a good leader operates. He said it would not have made sense for him to preside over a transaction that only involved a few million dollars, when there were bigger issues to deal with. he have to let and trust his junior officers to handle it while he worked to strengthening the kwacha ( remember $1=K3000, or you so dull to remember).

    You people expect a leader to preside on everything. Then why do we have over 500 officers at MoF? If something went wrong, let the Sebastian Zulu commission find out and report, then we can make our judgements. VERY DULL DIASPORANS

  27. Poor reporting on Lusaka times. Magande was not the architect. Zanaco privatization was started in 2001 under Chiluba and Kasonde as his finance minister. 

    We have forgotten how under Magande the currency was trading at K2900 to $1. His focus on reducing the trading value to me is more important. What is the point of having a privatization agency, commerce ministry if at the end of the day the person who signs is responsible when there were 50 other economists, accountants, lawyers. Should we go to Chiluba and ask him why he started the privatization when we all know that Zanaco was being owed billions by the Zambia National Oil Company (ZNOC), Roan Antelope Mining Corp. hence could not survive. Zambians are the first to never have solutions but the first to criticize others.

  28. Magande is such a coward and proving to have been incompetent,how can he sign for documents he did not read? how foolish is that? The sale of a Commercial bank passes through his hands without him reading the contents he authorizes it.Has he ever worked or made any decision as minister? Looks like the chap was always drunk on mabisi.

  29. #32, I was thinking the same thing! Can you imagine if people that claim to be studying abroad read and cant comprehend a simple thing that Magande said what more the people back home. How do you read something literary without analyzing. The whole point is that there are bigger issues that this current government should be focusing on than a bank that was going to close. What Sata as a leader should do is to also focus on are the bigger issues, the millions of people that need jobs, schools, hospitals etc. We benefited more by achieving HIPIC conditions under Magande. Who among us benefited from Zanaco before it was privatized and go is going to benefit if the govt takes over and it goes under again. Common sense is really not common in Zambia. 


  31. “Mr Magande said it would not have made sense for him to preside over a transaction that only involved a few million dollars”


  32. Kenny Rodgers sang: “If you lie a little big, you can lie a little bit more!” This rot started with Penza and company. When they got away with it they started perfecting their art and in the end took it for granted. What RB and Dora did is from a template developed long before they took over. In Zambia the privilege to be stupid is always overused!!!!


  34. For a contract to be valid and enforceable in the court, there must be proof that there was a meeting of minds of the Parties: if one party to the contracts pleads ignorance or misrepresentation then the contract becomes invalid!

  35. waba DIASPORANS, i really thought they were the hope for future Zambia. But looking at this lot on this blog, am afraid not. That is why Ba SATA could go and employ his cohort for major decision-making positions, coz this computer and internet age zambian folk, especially those in the diaspora, are so so dull.

    • tetwindeurbinhs on January 28, 2011 wow. cool design. what does it look like without rotating though? I’m kinda curious how it picks up the wind. Better add a link to this vid at WindTurbines(dot)Net

  36. This is just a waste of time given the fact that the privatisation happened many years ago and the bank is now one of the best if not the best performing bank in Zambia. Why does the govt want to burden itself with the costs of running ZANACO and Zamtel? 

  37. Come here Magande I also kick you arase like I have done to Kambwili. That was a situpidi answer. Anointed one when you kanshi didnt know how 2 read.

  38. From what I have heard people on the commissions are being paid K2 million per day. Then we wonder why we cant develop, when everything boils down to paying a few people to waste our time and energy talking about history instead of moving forward. 

  39. That’s MMD for you, signing away a national asset without reading it or knowing the value of the asset. I wonder how many signatures went on documents he had no idea of what was written on. I think Zambians deserve a better answer than this half-ass, lame of an excuse from our custodian of our money. A week ago, he was saying the transaction and valuation for zanaco was in order because he had overseen it, but now he is claiming that he never read the report? You signed the contract so you are liable Mr Magade. 

  40. This cancer in Govt. must be stopped. Most of these chaps are concerned about their pay cheques while pretending that they are working for the people of Zambia. They are busy with other things insteady of serving the people who voted thenm to power, they develop big heads as though they are wearing American foodball gear.

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