Tuesday, June 18, 2024

CEEC recovers K117 billion from the the K206 billion disbursed

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THE Citizens Economic Empowerment Commission (CEEC) has collected K117 billion from the K206 billion disbursed since its inception in 2008.

This year alone, the commission has collected K13 billion translating into a 44 per cent loan recovery since the CEEC enhanced its debt collection methods countrywide.

CEEC communications and public relations manager Glenda Masebe said as a way of recovering money from all its debtors, the commission had sent out debt collectors to all the 10 provinces.

“We wanted to decentralise our debt collection methods as part of the serious debt recovery exercise that we embarked on. As a commission we have an obligation to collect money from people who got loans so that others can access it too,” she said.

Ms Masebe said the commission was mandated to ensure it empowered citizens and that if those who obtained loans hold on to the money, it defeated the whole revolving nurture on which the fund is premised.

She said the other role of the CEEC was to narrow the gap between the poor and the rich as well as ensuring that joblessness was brought to minimal levels.

“This is a revolving fund but if those who obtained loans are not paying back, it means other people will not benefit from such a well-intended initiative,” she said.

Yesterday, CEEC repossessed farm number 417A within Kavu area in Ndola which the owner DSK Import and Export used as collateral to borrow K250 million in 2009.

The loan had tenure of three years but the DSK only paid K8 million in that period and despite numerous reminders by the commission to the debtor to service the loan forced CEEC to send bailiffs.

Ms Hilda Ngoma, a teacher at Yengwe Basic School who was one of the tenants at the affected farmhouse got caught up in the mess as she was thrown out of the house in pounding rainfall.

The commission also repossessed an abattoir in Itezhi Tezhi belonging to Vingette Meat Processing Limited which had never paid anything to service a K1 billion loan obtained in 2008 on a four year tenure.

In Solwezi, CEEC got a house belonging to Sunrise Milling in lieu of a

K243 million debt.

The CEEC is further set to pounce on 40 other defaulters.

Ms Masebe said the repossessed items would soon be advertised for sale.

7 COMMENTS

  1. Its sad that the goodwill by ceec for the intention of empowering small entrepreneus to open up businesses have gone to waste.why are zambians used to free money and have no intention of ever paying back but opting to buy flashy cars homes with money which dont belong to them.plse ceec recover all moneys given since 2008.

  2. #2 I DON’T THINK THAT’S TOO MUCH TO ASK. I ALSO AGREE WITH YOU TO THE IDEA OF SEEING THE BALANCE SHEET.
    #1 ZAMBIANS HAVE A TENDENCY OF NOT PAYING BACK BECAUSE THAT WAS A TREND WHICH WAS SET AND LEFT BY THE UNIP GOVERNMENT. ALMOST IMMEDIATELY, AFTER GAIN INDEPENDENCE ALL UNIP LEADERS, CHILDREN AND RELATIVE, FRIENDS AND UPPER MWAMBAS GAVE THEMSELVES HUGE LOANS WHICH THEY NEVER EVEN MADE ATTEMPTS TO PAY BACK. UP UNTIL NOW THAT MONEY HAS NEVER BEEN PAID BACK AND ALL RECORDS HAVE BEEN SHREDDED. THE BORROWERS JUST BOUGHT CARS AND SUITS INSTEAD OF FARMS FOR WHICH THAT MONEY WAS MEANT. THAT TREND LINGERS ON. AND SINCE NO HAS BEEN JAILED FOR THAT DAYLIGHT ROBBERY NO ONE FEARS CONSEQUENCES OF NOT PAYING BACK THOSE LOANS INTENDED TO EMPOWER CITIZENS…

  3. THANKS GOD, PF IS TOTALLY CHANGING THAT TREND AND PEOPLE WILL NOW BE SCARED TO LOSE THEIR BELONGINGS. THERE WAS A SAYING LIKE, “FYA BOMA”. MEANING THEY ARE FOR FREE. I REMEMBER WHEN I WAS A SCHOOL BOY IN THE SEVENTIES ANYONE COULD THUMB-DOWN A GRZ VEHICLE TO GIVE HIM/HER A LIFT AS LONG AS THAT VEHICLE WAS GOING IN YOUR DIRECTION. THIS INCLUDED POLICE VEHICLES. DRIVERS NEVER REFUSED- THEY NEW THAT NIFYA BOMA. THEY ALWAYS STOPPED FOR YOU. IT WAS QUITE RECENTLY WHEN THAT TREND WAS BROKEN BY VEHICLE-SNATCHING BY ARMED ROBBERIES WHO MAINLY CAME FROM ACROSS ZAMBIA’S BORDERS AND BEYOND EXCLUDING TANZANIA, BOTSWANA, NAMIBIA AND MALAWI. AND LATER ON ZAMBIANS THEMSELVES DUE TO THE DOWNTURN OF ZAMBIA’S ECONOMY. SO, NON-PAYMENT OF LOANS WAS LEFT BY UNIP LEADERS WHO EVEN USED THOSE LOANS TO…

  4. This is just mere politics. All these people who are paying are MMD members who failed to swallow their pride and join PF. Anyway, 51% revovery is not bad, but if we take into acount all the chase costs and eroding effect of inflation, the 117 recovered cannot have the same effect as it would, if it was collected on schedule tenor. Ba*sta*rds.

  5. I hope the will bounce on Honurable Taima as well..Let them repossess the lodge whihc he is builsding next to the Royal Solwezi.I doubt if this foolish dancing king has paid anything on the K2BILLION he borrowed..Former CEEC employee

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