NSL receives K10 million

Written: 18 July 2023

Nambawan Super Limited (NSL) has confirmed the receipt of K10 million from the State towards settling its long outstanding rental arrears.

NSL Chief Executive Officer Mr. Paul Sayer said, “We sincerely thank the State, through the Departments of Finance and Treasury for the payment of these outstanding funds”.

“The continued payment of these arrears is crucial as it enables the Fund to continue reinvesting our Members’ savings so that we can keep generating strong returns for them over the long-term”, Mr. sayer stated.

“Last year, through an agreement with NSL, the State committed to settling the remaining balance of its rental arrears in K10 million monthly installments. The installments include K5 million for clearing the balance of the arrears previously accrued and K5 million to pay its current rental invoices.”

“However, in 2023, the State has only paid K20 million for the January and February installments and has yet to pay the remaining K50 million for March, April, May, June and July. At present, the total rental arrears owed by the State to the Members of Nambawan Super is K108 million.”

“We strongly urge the State to honour its commitment to settle these arrears to avoid further negative impacts on our Members’ returns, many of whom are hard-working public servants that tirelessly support the development of this Country”, Mr. Sayer concluded.

Any further delays to the agreed payment schedule will force the Fund to consider taking necessary actions to protect its Members’ commercial interests from undue losses.

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