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Monday, August 10, 2020

Four ZNBS directors resign, ZUFIAW smells a rat

Headlines Four ZNBS directors resign, ZUFIAW smells a rat

File: President Sata meets Rackson Jere and Mwila Lumbwe who are members of the commission of inquiry on the operations of the Zambia National Building Society at State House

Four directors at the Zambia National Building Society (ZNBS) have resigned with immediate effect for unknown reasons.

The Zambia Union of Financial and Allied Workers Union (ZUFIAW) smells a rat but is hopeful that the resignations was not a calculated move to cause panic at the institution.

ZUFIAW President Cephas Mukuka said the union was surprised that the directors chose to resign abruptly when management, ZUFIAW and Union
Brach officials held a meeting last Wednesday at the Ministry of Information, Broadcasting and Labour to chart the way
forward on ZNBS.

Mr Mukuka said the union was saddened by the directors’ failure to show leadership which he said was tantamount to holding the institution at ransom.

“We would like to assure the unionised members at ZNBS and clients that ZUFIAW is closely engaged in discussions with management and the
ministry of Labour to ensure industrial harmony.

“The tripartite consultative meetings we have been holding have been helpful in moving the process forward regarding industrial relations
issues which employees wanted to be addressed,” Mr Mukuka said.

Last week, four directors at ZNBS tendered in their immediate resignations from the institution but did not state the reasons for
leaving work.

Recently, President Michael Sata appointed the Mwila Lumbwe led commission of inquiry to investigate operations at ZNBS.

The ZNBS report submitted to President Sata indicated that the institution has been running at a loss.It also noted that adding since inception, it had only managed to give 15,000 mortgages against the 2 million deficit of housing units currently being faced.

Commission chairperson Mwila Lumbwe said during the hand over of the report that the ZNBS did not qualify under the financial regulation
Act to run as a building society because of its capital inadequacy.


  1. why resign? just wait for the inquiry outcome and then call it quits.obviously guys mwaliiba…guilty are always afraid…so they say..

  2. They are trying to secure their pensions.

    If you are fired (which is what they were headed for), no pension or benefits.

    Same move Judge Sakala is trying to pull.

    But you can also try suicide like Judge Musonda.

  3. There’s corruption @ ZNBS & MD has been resisting clean-up. They didn’t want to go down with corrupt MD 

  4. This company has never recorded a profit. Majority of the people in Zambia should have a house. But greed has lead to all this housing crisis. Now Luo has been busy selling her idea about Zambians abroad to invest in homes. The world bank and IMF has asked govt to build more infrastructure and hence the panic. Going back to znbs, mukuka you know the company must be overhauled. RB was the md for that company back in the 70s. There is more to what’s going on.

  5. Bane…you the same people who say people dont resign in Africa.They have moral hence the resignations.In wall street they say its better to jump than be pushed.Smart move NOT our DPP who cant despite criminal allegations.

  6. These four have integrity.This is a rare case Zambia and black Africa.I salute you guys for refusing to be used as scapegoat by the so called COI.There is nothing so far PF is doing about all these COIs.Again i say thank you for showing integrit.This is what Mr Zulu Sabestian should have don about a month ago.

  7. Mwila Lumbwe led commission of inquiry to investigate operations at ZNBS. Another Bemba led commission to pave way for jobs for PF cadres and of particular clans. What a nation…..

  8. The outcome of the COI is a a foregone conclusion. You do not have to be a rocket scientist to know what the aim of the appointing authority is. The four guys did well to resign.

  9. The government should get out of this business. There is no way a private company will continue to run at a loss. When a government run institution runs at a loss the moneys to run it comes from public funds which should be going to things like improving health.

  10. @Zed Poor People, should we as bembas limit our ambitions and abilities so that other tribes “get” an equal chance to lead? That would be folly, instead every Zambian regardless of tribe should work hard to uplift their status and those of their loved ones.

  11. ZUFIAW smells a rat, well is it surprising when the country is littered with so many rotten rats.

  12. Please LT, I am not in that country whose flag appears on my posting at #14. I am in the UK. Never heard of the Union Jack? I made a similar appeal last week but to no avail. LT, you have peculiar problems.

  13. #13
    that’s delusional to assume all bembas appointed by ukwa are qualified. Do a scan and see if you’ll type that drivel again.

  14. This is one of the oldest financial institutions in the country and region. Corruption has ensured that it has remained small and useless. I am sure Finance Bank is a lot younger than ZNBS. Lusaka is one big drain on the resources of the country. It is inhabited by blood suckers who suck life out of the hard working people of the Copperbelt and North Western provinces.

  15. It is amazing how people can talk with no facts on the ground. These four directors resigned because of the MD who is not professional in her dealings.
    And I can tell you once a clean auditor is done, you will see why these four resigned. Take time to talk with the people who work there and you will agree will me. Zambians let us talk with facts and not flaws

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