Wednesday, June 19, 2024

ZNBS refutes claims of alleged theft of funds by Directors through private payroll


The Zambia National Building Society refutes claims by some sections of society, especially the media, who published an article that some Directors at the Institution have been arrested for embezzlement of funds through a private payroll.

In a statement issued by the Zambia National Building Society Public Relations Department, the institution has noted with disappointment some false and inaccurate headlines published through a named media publication in which it is alleged that a private payroll has been created and is used to misappropriate funds by the Directors at the Institution.

The Institution cited that, it takes a zero-tolerance stance to fraud and any form of malpractice, as the Society is committed to maintaining the highest level of ethics as espoused through its brand values which includes integrity, excellence, customer service and respect.

“Respect includes respect for the rule of law as a good corporate citizen,” the Society cited

The Zambia National Building Society has categorically stated that the issues currently under investigation, concerning some of its employees were identified through the Society’s own internal issue identification mechanism and were reported to the relevant authorities for further investigations.

Therefore, the Institution remains resolute in pursuing its mission of providing affordable housing finance and being the leading Mortgage lending institution in Zambia.

Brief facts of the matter are that, yesterday, 8th September, 2022, some media houses published a news article on various online platforms stating that the Zambia National Building Society Directors have stolen over 649, 000 Kwacha by manipulating payroll.

And that some Senior Directors at the Zambia National Building Society (ZNBS) were caught in a fraudulent scheme in which they created a secret payroll, which they used to pay themselves different allowances amounting to over 649, 000 Kwacha.

It was stated that Police Spokesperson Rae Hamoonga confirmed the arrest of the three Zambia National Building Society employees who have since been charged with the offence of “Theft by Servant”.

And according to sources within ZNBS, the Directors from the Human Resource Department created a private payroll through which they allocated themselves different types of allowances without approval from top management.

The sources further narrated that the directors would send the secret payroll funds to junior employees’ accounts and later instruct them to withdraw and send the money to them.


  1. You see that thing standing with hands holding belt, that’s you the educated African with a degree. Just standing there and you get paid more than those men working.
    It could be also a minister.
    I feel like kicking it. .

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