State pays K30 million to NSL

Written: 9 October 2022

Nambawan Super Limited (NSL) confirms that it received an additional K30 million from the State on Friday, 7 October 2022, towards the settlement of its rental arrears owed to the Members of Nambawan Super. This brings the total amount paid by the State to K82 million.

Representatives from the Departments of Finance and Treasury have signed a Letter of Agreement committing to paying the outstanding balance of K90 million in a series of monthly payments starting in November.

Nambawan Super Chairman, Mr Reg Monagi said, “We are pleased to have received the second payment of K30 million and we thank the Departments of Finance and Treasury, who after extensive discussions and negotiations, have committed to an agreement for the settlement of these arrears.”

“Acting in good faith after the States positive actions, on Friday night, we lifted the lockout of the Revenue Haus (Internal Revenue Commission), Vulupindi Haus (Department of Finance) and Eda Tano Haus (Department of Lands & Physical Planning) and Treasury Haus (Department of Treasury).”

“We hope that as we have acted in good faith, the State will continue to honour its commitment to our Members by settling the remaining outstanding rental arrears.”

“Nambawan Super appreciates that the State has recognised how important the payment of these arrears are to ensuring that our over 214,000 Members’ retirement outcomes are protected.”

“The unpaid rentals that accumulated over three years, have already impacted the returns for Members causing fewer funds available to reinvest and grow.”

“Any further delays to the scheduled payments will have a further detrimental impact on the returns of Nambawan Super Members.”

“NSL remains committed to working closely with the State to ensure the payment of all outstanding arrears are made as agreed in the payment schedule, and will not hesitate to lock out the State again if it is unable to do so”, Mr Monagi concluded.

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