
MINISTER of Labour and Social Security Austin Liato says the National Pensions Scheme Authority (NAPSA) is at liberty to acquire more land from Meanwood Development Properties Limited.
Mr Liato said yesterday that President Banda’s administration has nothing to do with siphoning money from parastatals.
Mr Liato said before touring the US$50 million NAPSA Kalulushi housing project in Kalulushi that President Banda’s Government is not interested in getting money from parastatals.
“Those who are criticising the President will not tell you how President Banda has siphoned money out of parastatals,” Mr Liato said.
He said it is unfortunate that some armchair critics have reduced the land transaction between NAPSA and Meanwood Development Properties Limited to tribal politics.
Mr Liato said Meanwood Development Properties Limited proprietor Robinson Zulu is a Zambian who is free to engage in business.
“If there is another business transaction to do with Mr Zulu, he should feel free to take it because he is a citizen,” Mr Liato said
H said NAPSA bought 1,500 acres of land from Meanwood Development Properties Limited at a cost of K50 million per acre which translates into about US$10,000 per acre.
[pullquote]“Land in Lusaka is very difficult to find, especially to the tune of 1,500 acres which councils do not have. Most of these councillors are busy apportioning land among themselves and think NAPSA can invest in these small pieces of land,” Mr Liato said.[/pullquote]
“In the same area, you will not find land at that price, each person selling land there will not sell it for less than K100 million per acre, so NAPSA negotiated a good deal,” Mr Liato said.
Mr Liato said it is unfortunate that Patriotic Front (PF) Kabwata member of Parliament Given Lubinda is alleging that he has never seen land applications by NAPSA at Lusaka City Council (LCC) when his fellow councillors are allegedly involved in illegal land transactions.
“Land in Lusaka is very difficult to find, especially to the tune of 1,500 acres which councils do not have. Most of these councillors are busy apportioning land among themselves and think NAPSA can invest in these small pieces of land,” Mr Liato said.
He said NAPSA should not be distracted by armchair critics but continue with its investment programme.
Mr Liato said NAPSA’s investment will not only safeguard pensioners’ funds but also help to reduce the housing deficit in the country.
He also commended NAPSA for heeding his directive to invest pension funds instead of keeping the money in bank accounts.
Mr Liato said President Banda’s administration is in a hurry to develop the country and will not be disturbed by unnecessary criticism.
NAPSA board chairman Dominic Mbangu said putting money in bank accounts is not profitable because of the reduced interest rates, hence the decision by NAPSA to invest in housing.
“The best is to invest in building houses which will be sold or rented out. This is why NAPSA is buying land just as we did in Kalulushi to put up houses,” Mr Mbangu said.
He said land in Kalulushi is cheaper than in Lusaka because there is low demand for it.
Mr Mbangu said it is unfortunate that some people have politicised the investment by NAPSA.
Kalulushi housing project manager Bernard Chimata said NAPSA is building 438 housing units on a 40.5 hectare piece of land.
He said the contractor Yangts Jiang is expected to complete construction works in May 2012.
[Zambia Daily Mail]