State pays K30 million to NSL

Written: 28 September 2022

Nambawan Super wishes to clarify that we have not told the State to move out of Nambawan Super Limited (NSL) owned properties as was reported in recent media publications. In fact, we value the State’s business and intend to retain them as a long-term tenant.

The State is contributing to better retirement outcomes for public servants by doing business with the Fund, as well as through their role as one of our key investment partners and the employer for many of our Members.

As such, It is our hope that we can reach an amicable solution to this issue, however, Nambawan Super remains firm on our intention to lock out the State tenants occupying NSL properties if no payments are made and no suitable agreement is reached prior to the agreed deadline.

The lockout notice is purely a commercial decision to protect the Fund’s investment in these properties.

Today, the NSL Management team is meeting with the Departments of Finance and Treasury to secure a significant first payment and an agreed payment schedule for the remainder of the K160 million in rental arrears owed to the Members of Nambawan Super.

We have extended the deadline for payment of these arrears to 5pm today, as the State has maintained positive communications with the Fund over the last few days. If this deadline is not met NSL will enforce the lockout notice to all State tenants, excluding the Department of Health.

We are reluctantly taking this course of action as we understand the disruptions this will cause to the operations of the State and its services, however, we must act now in order to protect our Members’ funds from further undue losses.

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