30 July, 2019

Press Statement

The National Pension Scheme Authority is a statutory body whose mandate is to manage workers’ funds in order to ensure that the members are paid their benefits when they fall due. In line with this mandate, the Board and Management have focused on ensuring that proper governance structures and processes are put in place to protect and grow members’ funds. The Authority’s investments are helping to create jobs and improve people’s livelihoods.

The Authority maintains an open-door policy with various stakeholders including the media. The Authority is therefore taken aback by the recent trend of some media houses publishing unsubstantiated reports without seeking prior clarification on matters of public interest. This unfortunately casts aspersions on the operations of the Authority. In this regard, we would like to provide some clarity on the recent media reports regarding the ‘Baobab’ land along Kafue road.

The National Pension Scheme Authority received a proposal to purchase Baobab land from a registered owner. This proposal was presented to the Board for consideration in line with our investment guidelines. The Board in November 2018 guided against proceeding with the transaction citing a pending court action. With that guidance, NAPSA did not proceed with the transaction.

Recently, five of our directors were offered to buy pieces of the stated land, but as you may be aware, this matter ended up with the police who are investigating the transaction as a private matter involving the directors in their individual capacities.

However, in the spirit of transparency and accountability, the Authority has asked the five directors involved to step aside in the interim to allow us carry out our investigations to ascertain that our code of ethics was not breached.

We would like to reiterate our commitment to continue operating in the best interest of our members.