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Thursday, January 27, 2022

President Hakainde Hichilema disolves IDC and FIC Boards

Economy President Hakainde Hichilema disolves IDC and FIC Boards

President Hakainde Hichilema has with immediate effect dissolved the boards of directors for the Financial Intelligence Center (FIC) and the Industrial Development Corporation (IDC).

Minister of Finance Situmbeko Musokotwane has announced the President’s decision in a statement obtained by Q-News.

Dr Musokotwane says the decision by the President is in accordance with applicable laws.

He says the President has also conveyed his appreciation for the services rendered by the board members and wished them well in their future endeavors.

Dr Musokotwane adds that new board members will be appointed once consultations are concluded.


  1. What happens now to the Board Chairman who is the President himself? The PF complicated matters on this one. This position of Chairman needs to be reviewed as it compromises the President. I don’t know what those who drafted the law concerning the IDC wanted to achieve and Lungu just went for it.

  2. We all know this was a must but why cant he just dissolve all the boards at once and start working? this is becoming boring.

  3. Yes now everything is all about friendship and nepotism appointments….and loyalists….Zambians are watching and shaking their….just how did we end up with a Cadre Nelly Mutti as the Speaker of the national assembly……was just talking to a guy who’s supplying me Timber in Livingstone and i joked with him that he should give me a good price since everything is now getting cheaper in HH’s government…and the guy laughed and said it’s actually the opposite everything is now getting expensive and he’s UPND…..

  4. These boards like IDC were just rewarding funding to friends who are politically connected while youth enterpreneurs were left out. People like Nawakwi were getting millions.

  5. This was expected, the man has told you, he is doing things systematically at his own pace. On the other hand, he has been accused of being slow to disolve these boards, so he is doing it step by by step, to minimize disruption and proper vetting of new members.

  6. HH administration playing a different chess game.

    When fishing in Chesapeake Bay with my friends we take binoculars and we look for organized chaos, and we never came out of organized chaos empty-handed.

  7. @ 6 Saulosi. In your partisan eye nothing good comes from UPND does it ? I know you like portraying your self as objective but you are a liar. We know you are a PF cadre. Below is your posting dated 2 January 2015.

    1.18 Saulosi January 2, 2015 At 8:44 pm
    PF is the party of today, tomorrow and forever!! UPND is a useless party full of excuse makers and finders.

  8. #1 Chipola… The IDC was preceded by ZIMCO and its Chairman was o other than KK himself. Maybe that’s what the law says.

  9. It’s not consistent with his earlier pronouncement that he won’t fire heads of institutions and their Boards in order to accord them chance to respond to audit queries. My advice to those that are still clinging to their positions that they must emulate the ERB Board members that resigned on their own. Alternatively, GRZ must just make one announcement that all Boards have been dissolved. It’s better than these piecemeal pronouncements that have now become a monotony.

  10. One thing so annoying with this guy is that he lacks analysis to all he does or he doesn’t think deep enough to know what will happen to him with his deeds in near future.
    Those people he is removing from their jobs most of their own relatives voted for him and immediately he removes them he loses voters.
    The other foolish thing he does is to think that people from the three provinces are angels and cannot do anything wrong during elections so no nullifying of their seats despite the killing of Kungo in Solwezi , no nullifying of seats it is all mad.

  11. flag Jigga Kayama Simangulungwa (formerly Corruption scandals: 48 Houses Social Security Cash Luxury Presidential Jet Ambulances Fire Trucks Mukula Trees Ndola-Lusaka Rd Malawi Maizegate Fuelgate Swaziland landgate Zesco Loans Honeybee)

    I thought the FIC was a good body that exposed corruption scandals under difficult circumstances under the corrupt Lungu regime?
    I think there’s too many Boards. Why can’t these organisations be run by just competent CEOs answerable to the people via ministers as opposed to having these many sycophants who just meet regularly to pay themselves allowances?
    Also the President has too many powers… does the president of Zambia even delegates some duties to his ministers or anyone else?
    What a country this is!


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