Tawonga Manda Old Mutual Pension Services Company General Manager
Old Mutual has declared a 2021 guaranteed fund bonus of 11 percent from pension contributions of its members.
The company announced the 11 percent bonus in Lilongwe on Friday.
Old Mutual Group Chief Executive Officer, Edith Jiya admitted that during the past two years, the company was not spared from economic hardships just like other companies but she said the company learnt how to survive to mitigate the challenges to ensure that products on offer remain relevant.
“We have not had this event in two years. As a brand we have learnt that what really matters does not change. That is, our purpose was to help customers thrive,” Jiya said, citing Covid-19 pandemic and the global economic hardships as some of the challenges the company went through.
Old Mutual General Manager for Old Mutual Pension Services Company Tawonga Manda said the annualized fund bonuses for three; five and 10 year periods were above inflation “thus delivering a real return to our clients over medium to long term.”
During the year, according to Manda, the fund investment environment was rough as headline inflation accelerated on account of increases in both food and non-food costs. Inflation averaged 9.3 percent in 2021 down from 8.6 percent.
He said interest rates increased from around 13.8 percent to 14.5 percent over the year while the policy rate remained constant at 12 percent throughout the year.
“Equity market performance was bullish in the second half of 2021with All Share Index return of 40.05 compared to 7.08 percent in 2020. Over 10 year-old period, the MASI has returned to 22.39 percent,” Manda said.
The Old Mutual Guaranteed Fund is a trusted fund for pension contributions. The fund aims to provide long term capital preservation with an income focus.
Apart from declared bonus over the years the fund has grown significantly and the assets under the fund are worth 390 billion; not profit as earlier reported.
The pooled funds are invested in high performing secure and diverse investments to ensure the best returns for members. The contributions are guaranteed even in adverse market conditions. -(By Deogratias Mmana, Times Group)
Sattar is just a sheer scapegoat, a curing symptom to temporarily hide the pain
Social media activists—mostly Idriss Ali Nassah, Onjezani Kenani, Joshua Mbele and Kondwani Munthali—have, recently, been on apparent organised campaign to, at all cost, demonize businessperson Zuneth Sattar as a symbol corruption in the country.
In their daily, well-coordinated social media posts bashing Sattar, these guys have gone so deep and wide in their propaganda to the worse, as we saw with Kondwani Munthali recently, of posting outright lies such as alleging that Sattar has several passports and that, despite on bail in UK, he has managed to flew in the country.
Mr Nassah and Kenani, on several occasions, even refers to Sattar as SATAN.
From these labels and lies, you can tell these guys have a deep obsession with Sattar which, I am sorry to say, makes distant observers like some of us to begin to question if there is sincerity in these guys.
Well, I don’t know Sattar and I have no interest and intention in knowing him. So what got me started? One would ask.
Well, I have been pushed to comment because there is a larger corruption fight issue in their sub-text which, I am inclined to say, is a topic we should all, as a country, be interested to be part of.
Even further, the team mentioned above comprises well-educated and exposed individuals who, in their respective social media profiles, have a considerable following and influence and whatever agenda they set, it has a potential to poison or liberate the nation.
For this, we need heads to roll.
Look here, it’s always noble when people, using their capabilities and privilege, takes it up upon themselves to stir the State move on the laurels and show action in fighting corruption.
However, there is a serious problem when we allow people with influence continue making grievous mistakes in the name of fighting corruption.
MERCENARY SOCIAL MEDIA ACTIVISTS: Kenani, Idriss, Mbele
You know what? Kenani and zealots are pushing a ‘Bash Sattar’ agenda which, in all intents and purposes, aims solely at presenting businessperson Sattar as the sole devil at the heart of all major corrupt activities in the country.
They are presenting businessperson Sattar as a larger-than-life person who decides and executes every plan he has to get everything he wants from any State department or agency.
They want every Malawian to begin to see businessperson Sattar as an almighty of sort, a kind of a batman who can, with just words, threaten into submission all security and financial agencies’ of the State.
But it that true?
That can’t be true.
From the little I have gathered about Sattar, the guy was born in Malawi and has lived in Malawi since then. His father was a businessperson and, as it is in wealth families, a new generation takes over from what the old left.
Sattar—whether we clinch our fist in anger or gnaw our teeth in rage—is a businessperson. That’s a fact.
Just like every businessperson with ambition, he works extremely hard to get where business is, to get tenders approved and make profits.
From the sentiments of Kenani and zealots, you get a feeling as if Sattar could go to any government office and threaten them like: I am going to supply rim papers and pay me now.
Yet we all know that to get business from any government office, there is a stringent process governed by a legally instituted Public Procurement and Disposal of Assets Authority (PPDA).
It’s not a complete story to say there is something wrong with how Sattar was getting business from government without asking how the PPDA was awarding government business.
Concentrating on bashing Sattar, an applicant, smacks serious levels of dishonesty and hypocrisy because applicants don’t have the power and authority to approve what they seek.
What Kenani and zealots should concentrate on is questioning what is wrong with our state procurement systems without narrowing the debate to business people who, to me, are just honest business people wanting to grow their business.
In fact, if there is something sinister with any procurement process, I strongly understand that Malawi, as a republic, has sufficient fiscal instruments to pin down everyone involved in illegalities.
This thing, as pushed by Kenani and zealots, of demonizing Sattar on an issue so complex as it is tells us more about the scheme of Kenani and zealots than businessperson person.
As a country, let’s deal with preventive structures that are failing to root corruption. Sattar is just a sheer scapegoat, a curing symptom to temporarily hide the pain.
President Lazarus Chakwera’s leadership is never short of controversies and disbelief as he is being accused of cluelessness from all angles latest being Civil Society Organisations (CSOs).
And the Centre for Democracy and Economic Development Initiatives (CDEDI) has joined rights watch organisations who have noted with great concern about Chakwera’s cluelessness on how to cushion the suffering of poor Malawians owing to the turbulent times the countrys economy is facing.
In a statement made available to this publication CDEDI Executive Director Sylvester Namiwa has said that Malawians must for once be spared from public relations stunts and be given what they deserve through their hard earned taxes.
He said it is disheartening to note that living conditions of millions of Malawians keep deteriorating, yet the Chakwera-led Tonse Alliance administration has for the past 23 months been collecting taxes on a daily basis yet failing to use the billions collected to improve lives of Malawians who are faced with unprecedented skyrocketing cost of living, including the recent rationing of essential commodities such as cooking oil and sugar.
This, according to Namiwa, speaks volumes of the cluelessness of the leadership.
The CDEDI Boss cited the recent announcement about the 20 percent fuel cut for Cabinet Ministers whereby the President conveniently forgot to announce his own as an example of bad leadership that ought to be exemplary.
“Truth be told, unless the President includes among the austerity measures a cut in his salary, he is not prepared to suffer with Malawians. Otherwise, cutting on ministers fuel allocations is welcome but puts the President on the other side of the road where he will watch his juniors nurse their wounds as he criss-crosses the country at will. Simply put, it is morally wrong for the President to force everyone to tighten their belts in the face of the economic hardships, when the President continues living in opulence,” says Namiwa who has termed the current austerity measures as nothing but financial discrimination since are largely for the voters only when the ruling elite are swimming in riches.
Namiwa has, therefore, challenged President Chakwera and his Cabinet to cut their salaries by 50 percent; trim the Cabinet; trim the crowd of his advisers; and learn to delegate those assisting him in running government to go and cut ribbons while he stays in the office figuring out how his government can protect the vulnerable and marginalised Malawians using resources accrued from the announced cost-cutting measures.
Namiwa has reminded Malawians that at the advent of the Covid-19 pandemic, Dr. Chakwera, who was then leader of opposition, and Dr. Chilima who was still the countrys Vice-President, announced their salary cuts as a contribution to the national Covid-19 response and queries the whereabouts of such morality.
“Where has that morality gone two years down the line? A Cabinet minister in the former President Dr. Bakili Muluzis regime, the late James Makhumula, set a good precedent when he directed Treasury to channel his salary to a special rural development fund. Given the examples above, it is possible for leaders to sacrifice their benefits for the good of the country. If they cannot do this, then why should Malawians keep suffering by paying taxes, when there is nothing to show for their lives to get better? Malawians cant breathe!,”
The whole scenario has been worsened by recent public relations stunts when the President told the nation that he had decided to save money by cutting down on his travels, which undoubtedly eat a lot from the public purse.
But to the surprise of many, while hand-clappers were still showering praise on the President for the announcement, the Office of the President and Cabinet (OPC) shamelessly released an itinerary for the President that saw him on the road from Saturday to Monday.
Marking the sign of cluelessness of highest order, Chakwera demonstrated his appetite for travel and is still promising one thing today and doing to the contrary the next day.
“We wonder how such a leader can be trusted?,”
In circulation there is an audio clip recorded by Times Radio in one of its phone-in programmes, in which a concerned Chilomoni resident in the City of Blantyre, by the name of Maggie Kaiyatsa, is appealing to the Executive arm of government to listen to the cries of poor Malawians.
“By now CDEDI believes that Dr. Chakwera, the Vice-President Dr. Saulos Chilima, and all Cabinet ministers have listened to the audio in circulation. If we were in a serious country, heads would have rolled by now and a social protection initiative could have been launched already since Kaiyatsa has spoken for millions of Malawians that are suffering due to President Chakweras poor leadership style. It is for this reason that Malawians are asking themselves the morality of paying taxes when their money ends up just enriching those in the Executive arm of government at the expense of the poor millions who are suffering,” Namiwa says.
SATTAR; The move is just aimed at tarnishing my image
LONDON-Malawian-born businessman Zuneth Sattar says is not shaken with alleged corruption investigation dealings with Malawi government arguing that his conscious is clean.
Sattar was responding to British media on alleged corruption investigations which National Crime Agency has been undertaking for years now.
Addressing the British Press on Tuesday, June 7, 2022, Zuneth believes the move is just there to tarnish his image as he is a major supplier to the Malawi government.
He observes further that the general public is being fed with social media lies propagated by some misguided individuals over personal vendetta.
“Firstly, you will note that a lot of what you consider allegations against me is a pack of raw lies circulating on social media and digital platforms that are not credible. A lot of people have abused social media platforms to smear others without any proof and get away with it because Malawi’s cybercrime and libel laws governing digital content are not strong at providing worthwhile legal remedies to injured people.
“A lot of the stuff written and said about me on these platforms is a collection of lies as they have no basis whatsoever,” worried Sattar.
The businessman dares the British NCA to bring evidence on how he stole public funds without Malawi authorities noticing.
“Secondly, I am an international businessman of good standing. I win contracts both in the public and private sectors by offering the most competitive price in my bids. I do not sit in the boardrooms where decisions are made. In the case of my business dealings with some Ministries, Departments and Agencies (MDAs) in the Malawi Government, I, like most suppliers, get invited to submit bids and quotations for goods. Each of these MDAs has Internal Procurement Committees (IPCs), which evaluate bids and make recommendations. Now, if this committee finds that my bid is successful, how is that my problem? Moreover, once the Procuring Entity (PE) has arrived at the preferred bidder, the Controlling Officer in that MDA writes the Public Procurement and Disposal of Assets Authority (PPDA) to ascertain whether procurement laws and regulations were followed. After that, the Government Contracting Unit reviews the contracts to see if there is value for money for the taxpayer and whether the language in those contracts does not put Malawians in a difficult situation. Then there is the Anti-Corruption Bureau (ACB) itself, which investigates if at all there, was corruption in the procurement process and vets the contracts.
“The Ministry of Justice is also involved and finally the Office of the President and Cabinet has to give final approval for the contract to be executed. All the contracts awarded to me passed through all these offices and processes. All these offices approved. How then do the British authorities wake up one day and say all those processes were all wrong? How can a foreign power determine the legality or lack thereof of the processes that the sovereign government of Malawi processed within its legal and regulatory framework? Clearly, there is a sinister political game at play here that only the British Government knows. But I strongly believe it is wrong to use an innocent businessman to achieve their dark political goals in Malawi,” he said.
Sattar adds, “Thirdly, some say I corrupted all these people in all these processes and offices to clear my contracts from bidding to contract award. How is that even possible? Where did they see me giving money to anyone? They know they have no evidence because there is no evidence to find.
“So, they resort to their public relations and propaganda machines to try me in the court of public opinion through mercenary social media influencers to make their fake evidence stick and in the process try and influence possible court outcomes because they know they cannot win based on legal arguments. The head of the ACB in Malawi, Ms. Martha Chizuma, in her own words recorded in a conversation, said as much when she said she needs help to mobilise Malawians in some sort of mob justice to in order to make a tramped up case against my associate. Where is justice in that?”
“Fourthly, they say I have been paid money that I should never have been paid. Two things here; I have never received payments for goods not delivered. Also, I have no office in any MDA in Malawi and, therefore, I cannot process my own payments.
“My payments are processed and paid by officials in the public offices of the Malawi Government because they know these to be legitimate payments for goods they received from my companies in accordance with the terms and conditions of the agreed contracts,” he clears out.
Sattar challenges, “Lastly, my family and I, have been vilified and lampooned on social media and elsewhere simply because we did business with the Malawi Government. But no one is going after the people who made all these decisions in all those offices that process tenders, contracts and payments. You know why? Because they have no evidence against those officials because they followed the law; they followed procurement regulations and I want to believe those officials are ready to come out in the open and defend their integrities.
“But a businessperson like me is the easier target so they come after me just to be seen to be doing something when they know deep down that I have done nothing. They need a punching bag and they think they have found one in me. They are very and wildly mistaken”.
According to reports, there has been a three-year-long investigation by Britain’s NCA into Sattar’s suspected corrupt dealings with Malawi government which according to the businessman it’s just mere speculations.
The investigation only focuses on the businessman’s dealings with both the Peter Muthalika administration and the current Lazarus Chakwera administration.
Surprisingly, British NCA did not receive any formal complaints from Malawi government on the businessman dealings with the state but on mere speculation.
The NCA even by-passed prosecuting agencies on matter when they invaded Malawi in October 2021.
The British NCA is only using ACB while dodging agencies including Director of Public Prosecution (DPP), Attorney General (AG), Immigration department, police, National Intelligence Bureau (NIB).
In addition to that, in December 2015, ACB cleared Sattar’s connected companies from involvement in the 2013 Cashgate scandal.
Listed and home grown FDH Bank has launched a new promotion dubbed ‘Kukonza Tsogolo’ which aims at promoting the saving culture amongst its customers and prospective customers.
Speaking in Blantyre during the launch of the promotion, FDH Bank Head of Personal and Business Banking Kawawa Msapato said as a homegrown bank, FDH Bank believes that investment and savings culture remains paramount to the growth of individuals and the country at large.
Kawawa Msapato- Grow with us
“As a homegrown responsible financial institution, we like to promote this culture so that we not only provide our customers with banking services but we also add value to their lives at large. We aim to see our customers grow and achieve big dreams with the support of FDH Bank plc,” said Msapato.
The promotion runs from 6 June to 30 September 2022 where the grand winner will be K5 million richer.
“The grand prize for the promotion is a whooping K5 Million. We will also have monthly prizes where K1 Million will be won by one lucky customer, 100 000 to 10 lucky customers and two metres of FDH Bank Plc cloth to 50 lucky winners.”
Msapato (Centre) flanked by FDH Bank Public Relations and Marketing Manager Lorraine Chikhula (left) and FDH Bank Senior Manager for Business Development Elizabeth Phoya (right)
“To enter the promotion existing customers can deposit a minimum of K100,000 into their FDH savings account and keep it for at least a month or new customers can open a savings account and deposit a minimum of K100,000 and keep it for at least one month,” explained Msapato.
He also said that new customers who open an account during the promotion and deposit K100 000 will get a free Standard FDH Mastercard Debit Card.
“FDH Bank plc in the spirit of its motto, Grow With Us, continues to encourage Malawians to nurture the spirit of saving and investment as a catalyst for achieving dreams and future security. We are wishing everyone who will take part in this promotion all the best. May we continue to truly grow together,” said Msapato.
Standard Bank Plc is proud to unveil popular urban artists Kell Kay and Eli Njuchi as the official musicians of this year’s Be More Race in Lilongwe.
Announcing the decision, Head of Brand and Marketing Nyambura Chege said the two artists will take up the entertainment slot of the race, and will aim to provide relaxation to athletes and other participants through music performances.
“We are proud to partner our local hip-hop musicians Kelly Kay and Eli for this year’s return of the Standard Bank Be More Race. This partnership with music speaks for itself about the positioning of race as a national event that unites all different interest groups,” she said.
Chege said Standard Bank has been partnering local musicians since 2017 when the race started as one way of promoting the local music industry.
“Music and sport go together. Music is heart beat for runners and Standard Bank Be More is more than just a race. It’s a rallying platform to celebrate the resilience of a nation against tough times which presented in the last two years and are prevailing,” Chege said.
Previous musicians during Be More Races have included Faith Mussa and Lewis Khwisa, aka Lulu of the Mathumela Band.
Under the banner theme “Road 2 Recovery,” this year’s race highlights Standard Bank’s leading role in facilitating the country’s recovery efforts on both fronts of the economy and wellness after the two years of Covid-19 pandemic.
JONAZI: The development enabled TNM to reach to customers in our continued journey of creating possibilities and changing lives
Blantyre, June 1, 2022–In less than 10 days—Friday, June 10, 2022—history will be made when one lucky TNM Mpamba customer will win K100 Million jackpot during the grand draw of Kuikunga ndi Mpamba promotion.
The winner of the K100 Million jackpot will share half of his cash prize (K50 million) with other TNM Mpamba (group members), thus expanding the benefit to the wider community.
TNM’s Head of Brand & Marketing, Madalitso Jonazi said all is set for the company to select the winners and share the spoils.
“This is a first in the history of consumer promotions for K100 Million to be won by one person. Unlike in gaming or gambling where one’s odds can’t be predicted, what is certain is that any customer who has used Mpamba has contributed to the country’s economic growth in one way or another as TNM plc is committed to rewarding customers for their usage as will be the case on June 10, 2022,” said Jonazi.
He said as opposed to giving the whole K100 million to an individual, TNM Mpamba decided to give K50 million or half to a group of Mpamba users who were part of the winning team (for an entry to qualify for a draw, a Mpamba customer was required to register a team of not less than 10 members).
He also thanked TNM Mpamba customers for supporting the Kuikunga ndi Mpamba promotion adding that it contributed to increased awareness of the benefits of using TNM Mpamba as an unrivalled mobile money service.
“As a business, we would like to express our gratitude to our customers and all Malawians for their patience as they waited for the outcome of the draw. Now we are ready and all Malawians should hold their breath as we prepare to make one amongst us K100 Million richer,” he said.
The promotion helped TNM to live by its core values that are destined to transform the lives of customers.
“Kuikunga ndi Mpamba rewarded customers and agents across the country with cash prizes. The development enabled TNM to reach to customers in our continued journey of creating possibilities and changing lives, The promotion was implemented by TNM Mpamba in partnership with its Value-Added Services (VAS) partner, Click Mobile” Jonazi said.
After the BBNaija Shine Ya Eye Season premiered back in July 2021, viewers and fans across Africa have been patiently waiting to see all their favourite housemates again during the reunion show! The reunion show is where all the juicy details and hidden secrets are unveiled to the fans and also, the moment the housemates voice their thoughts and opinions as well as correct false gossip.
The Shine Ya Eye Reunion Show which will be hosted by the one and only ‘table shaker master’ Ebuka Obi-Uchendu, is promised to be one of the hottest reunions to be viewed on our screens! Who will crack under pressure? Who will spill ALL the beans? And who will bring the heat back to back? Well, tune in to join the conversation with all 26 housemates; Angel, Peace, Jackie B, Tega, Arin, Maria, Liquorose, Beatrice, Princess, Saskay, JMK, Nini, Boma, Queen, Yousef, Pere, Whitemoney, Niyi, Yerins, JayPaul, Saga, Emmanuel, Kayvee, Michael, Sammie and Cross.
The Shine Ya Eye Reunion will be available to customers on DStv Premium, Compact Plus, Compact and GOtv Max and Supa packages from Thursday, 2nd June 2022, weekdays at 21:00 CAT on AM Urban (DStv channel 153 and GOtv channel 6) and 21:30 CAT on AM Family (DStv channel 154 and GOtv channel 2). Sign up to DStv today via www.dstvafrica.com or get GOtv on www.gotvafrica.com.
NBS Bank Head of Corporate and Investment Banking Alfred Nhlema (second left) explains a point
Listed NBS Bank plc has partnered with Christian Aid, an International Organisation on the launch of the Women’s Energy Fund which will promote the participation of women entrepreneurs in the energy value chains to address the barriers that limit the involvement of women in the energy sector.
Christian Aid has been dealing with NBS Bank for over 3 years on the ‘breaking the barriers’ project which has led to the launch of the Women’s Energy Fund.
NBS Bank Deputy CEO Temwani Simwaka making her remarks
Speaking during the launch in Lilongwe last week, NBS Bank Deputy Chief Executive Officer Temwani Simwaka said the bank believes in collaborations and partnerships that create a platform to promote the advancement of social-economic development in Malawi.
“NBS Bank as a local Bank, has always been passionate about supporting SMEs and has done so through various partnerships over the years, such as Women World Banking (in partnership with UNCDF), International Fund for Agriculture Development (IFAD) funded Program called Financial Access for Rural Markets, Smallholders and Enterprises (FARMSE), Christian Aid, Total Landcare, USAID funded Feed the Future-Malawi Ag Diversification Activity.”
Kaliati (centre) hoist the cheque
“NBS Bank also has a history of deliberately supporting women in communities by promoting financial inclusion. In 2009 and 2010, the Bank worked with World Bank and IFC, training over 1500 women in business management and giving them loans to inject capital into their businesses. Additionally, the Bank worked with UNCDF on a program whose aim was to develop a product specifically for women,” said Simwaka.
She said NBS Bank is working with different NGOs, who are mobilizing women’s groups and village banks under the FARMSE project which is linking the groups to the Bank so that they can have access to group loans, and other financial services.
The women show off their cheques
“Likewise, the focus of our partnership with Christian Aid ‘Breaking the Barriers’ project is to drive financial inclusion mainly targeting women by offering them formal banking services, giving them access to finance to ensure that they form part of the social-economic development of Malawi. NBS Bank is honoured to be part of the Women’s Energy Fund which is a recognition of Malawi Government efforts in achievement of its vision 2063 and the Sustainable Development Goals,” said Simwaka.
She added that the bank appreciates and supports the role that the government and development partners play in propelling the advancement of SMEs in Malawi.
Minister of Gender Patricia Kaliati (left) with Patrick Watt, Christian Aid Chief Executive Officer(centre) and Simwaka
Minister of Gender Patricia Kaliati hailed NBS Bank for supporting women in the country and asked other companies and individuals to emulate the example set by the bank.
Christian Aid Malawi with support from the European Union provided concessional loans of MK161 Million Kwacha to 38 women led enterprises to support energy led businesses in Rice, Fish, and Horticultural in Karonga, Chikwawa and Mangochi districts.
The Women Energy Fund ‘Broken Barriers’ project was jointly conceptualised and implemented with NBS Bank and has been conducted as a pilot since 2020 where group accounts for the women were opened through where the funds were disbursed.
There is notable movement in the Anti-Martha’s Chizuma camp following the precedence set by Justice Redson Kapindu and endorsed by High Court Judge Patrick Chirwa who has today ruled in favour of the State to have recordings by National Oil Company of Malawi (Nocma) deputy chief executive officer Hellen Buluma tendered as evidence in the ongoing fuel importation case .
In his ruling Chirwa also touched on yesterday’s judgement by justice Redson Kapindu that evidence obtained illegally through searches and seizure was admissible based on peculiar facts presented in court.
This ruling speaks against the Cyber Security Act of 2017 and works in favour of the Anti-Martha Chizuma demonstrators who are now working to move the court to prosecute the embattled Anti-Corruption Director on the infamous leaked audio where she openly shared shared state information with her friend and makes reference of a similar conversation taking place with Onjezani Kenani.
This seems to be a strategic move by Statehouse officials who are now satisfied that they finally have a way to reign in Martha Chizuma. After all justice is not selective.
The Anti-Martha Movement is being championed by Mbadwa Zokhudzika za Dziko La Malawi and believed to be financed by Statehouse as gimmick for getting rid of opponents.
