Wednesday, April 2, 2025
الرئيسية بلوق الصفحة 146

PCL holds virtual AGM…gives shareholders K3.7 billion

By Mc Donald Chapalapata, a Contributor

Mwadiwa (centre) flanked by PCL Group CEO George Partridge (right) and Company Secretary Bernard Ndau addressing the AGM virtually

Press Corporation plc Friday held its Annual General Meeting (AGM) where it declared a total dividend of K3.7 billion to its shareholders in respect to profits for the year ending 31 December 2020.

Addressing the meeting which was earlier planned to be hybrid in Lilongwe but was later changed to virtual because of the new Covid-19 measures, PCL Board Chairman Randson Mwadiwa said the conglomerate delivered a satisfactory performance despite a challenging operating environment in 2020 due to the effects of the Covid-19 pandemic.

“Turnover from operations at K219.5 billion in 2020 was level with prior year. The Group also achieved significant successes in controlling costs which are similar to last year’s despite the additional unplanned expenditures incurred in fighting the pandemic. Profit after tax for the year at K19.9 billion is 13% lower compared to K22.9 billion recorded in prior year,” said Mwadiwa.

The conglomerate then declared a final dividend of K3 billion representing K25 per share in respect of 2020 profits following the payment of an interim dividend amounting to K721.2 million representing K6 per share in October 2020 brining the total dividend for the year to K3.72 billion representing K31 per share.

Mwadiwa said the focus for most the PCL group companies was to ensure continued normal operations through the pandemic turbulence saying emphasis was placed on the activation of the various business continuity plans, preservation of cash, employee and customer safety, managing the new paradigm shift of working from home with the associated digital technology, and the strengthening of business relationships.

“Most Group companies have demonstrated remarkable flexibility and professionalism on how they adjusted their strategies to suit the new operating environment. With the availability of Covid-19 vaccines, we envisage improved economic prospects for 2021 and delivery of planned and significantly improved results,” said Mwadiwa.

Mwadiwa (centre) flanked by PCL Group CEO George Partridge (right) and Company Secretary Bernard Ndau addressing the AGM virtually

He however noted that prevailing foreign exchange shortages are likely to persist and this together with the significant increase in public debt, poses a downside risk to the business environment.

 Mwadiwa also informed the shareholders on the new investments that PCL and one of its subsidiaries National Bank of Malawi (NBM) plc have embarked on.

“In line with our strategic plan, the Group resuscitated its expansion drive programme. During the year, PCL extended its footprint in the financial services sector by partnering with Equity Investments Limited and Fidelity Limited to register a new company called LifeCo Holdings Limited, a life insurance, pensions and asset management business. The Group owns 49.5% of the business and the company started operations in January 2021.”

“National Bank of Malawi (NBM) plc, our subsidiary, also acquired a controlling stake in Akiba Bank, a potentially high growth bank in Tanzania as part of the overall Group growth strategy for the region,” said Mwadiwa.

He assured shareholders that drawing from the lessons of the challenges encountered in 2020, PCL has developed a capacity to absorb key anticipated risks within its risk appetite framework to ensure sustainable business growth.

“The Group will continue to emphasize on efficiency improvements, capital adequacy and restructuring measures in some segments that have been diagnosed to be undercapitalized,” said Mwadiwa.

PCL, listed on the Malawi Stock Exchange (MSE) is a highly diversified conglomerate with interests in different sectors of the Malawi economy including financial services, telecommunications, food and beverage, energy and consumer goods.

Mwadiwa (right) with PCl company Secretary Bernard Ndau during the AGM

TNM invests K31.5 billion in infrastructure…pays K10.6 billion taxes and levies

Partridge (second right) addressing the TNM plc AGM

Malawi’s pioneer mobile and ICT services provider TNM plc invested over MK31.5 billion in infrastructure during the year 2020 as part of its ongoing effort of developing a sustainable business in line with the company’s vision to be aligned with the global trends in digital transformation.

Addressing a virtual Annual General Meeting (AGM) for TNM last week, TNM plc Board Chairman George Partridge said TNM plc will continue to transform its business by pioneering innovations that will transform the telecommunications sector in the country.

“Being pioneers of mobile telecommunications in this country since 1996, we take our role in innovations very seriously. I am glad to be part of this important phase of development in this industry that will contribute immensely to the development of individuals, businesses and the Malawi economy at large,” said Partridge.

He also told the shareholders of the company that in 2020, TNM created wealth amounting to MK53.3 billion.

“We shared MK36.9 billion to our stakeholders, with the greatest portion being MK10.6 billion given to the Government through levies and taxes. Our employees got MK9.9 billion of the value that TNM had created in the year,” said Partridge.

Partridge also told the shareholders that TNM’s Corporate Social Responsibility (CSR) focus areas continue to be in the areas of health, education and support for vulnerable groups saying the mobile company has contributed immensely through the traditional donations as well as providing connectivity to these important areas.

“TNM has contributed significantly towards the fight against the COVID-19 pandemic in Malawi especially in the education and health sectors. TNM provided ICT equipment and connectivity solutions to the education sector to allow for continued access to education when physical teaching and learning was not possible.”

“TNM also contributed over MK150 million to the health sector to allow them access personal protective equipment (PPE), allow health personnel in the four central hospitals in Blantyre, Lilongwe, Mzuzu and Zomba to access connectivity for health surveillance as well as support for COVID-19 related issues. Our company continues to sponsor the TNM Super League which contributes enormously to the development of the most popular sport in Malawi, football,” said Partridge.

He said they are looking ahead with great optimism and courage noting that the telecoms penetration in Malawi at 48% is still low compared to the regional markets where penetration is greater than 90%.

“The smartphone penetration is also very low but growing at a rate of more than 240% since 2018. We still have over 55% of Malawi’s adult population which does not have access to financial services of any kind. This means that the potential for growth of our business is still enormous. With investments that we are putting in infrastructure development and continuous improvement of our business, we expect successful years ahead,” he said.

In 2021, Partridge observed, the macro-economic environment is expected to remain challenging, putting pressure on service revenue and margins.

“The volatile exchange rates and foreign currency scarcity will continue to increase the cost of our operations. The adverse effects of the coronavirus pandemic that started in 2020 are expected to continue in 2021. However, the vaccination programs that have been rolled out are expected to provide a good base for economic activity and hence economic recovery”.

“We anticipate that there will be a surplus in the maize harvest, resulting in food security and providing our rural consumers surplus disposable income to spend on our services. We will continue to focus our attention on meeting and exceeding customer expectations by delivering outstanding customer experiences,” said Partridge.

Responding to a question from a shareholder on the declining of dividends that the company will declare to its shareholders, Partridge said the board was fully aware that the dividend growth between 2019 and 2020 declined and has been below inflation.

“The dividend growth dropped in real terms due to the decline in net profits available for distribution. The dividend policy of your company is to pay out between 40% – 60% of the distributable profits for that year.”

“The policy was framed that way to ensure that the company is able to invest in capital expenditure for future growth as well as it replaces old equipment and systems which may become obsolete due to advancement in technology,” said Partridge.

BREAKING NEWS: MCP’s Mkaka wants to open own bank

MKAKA: Also involved in oil deal

New billionaire Malawi Congress party (MCP) Secretary General and cabinet minister Eisenhower Mkaka is in the process of opening his own commercial bank, we can reveal.

Mkaka has accumulated so much wealth in the last 12 months after being appointed Foreign Affairs Minister that he now can afford US$10 million (approx. K8 billion) in cash, a Reserve Bank of Malawi (RBM) requirement for one to establish a commercial bank.

Insiders said Mkaka is working with some top RBM officials for the process of establishing the bank.

A cabinet minister’s salary is less than K1.2 million a month meaning Mkaka has managed to earn K14.4 million in one year and miraculously increase the money to K8 billion to open a commercial bank.

“The process of establishing a commercial bank for Hon Mkaka has started and some top guys here are working hard to establish this bank soonest,” said our impeccable source from RBM.

Atop Capital Hill official who did not want to be named, said Mkaka might have some backers to establish the bank ‘but on his own, he has a lot of money’.

“Remember Mkaka is involved in the oil deals at National Oil Company (Nocma) with the Deputy Chief Executive there Hellen Buluma. He has too much money, some of which is out of the country,” said the official.

President Lazarus Chakwera publicly ordered for the removal of Buluma from Nocma but she stayed put with Mkaka exerting his powerful influence over the Head of State not to remove Buluma.

Mkaka, married, is said to have ‘personal liaisons’ with Buluma, divorced.

We will be following the paper trail of this operation and updating you every step of the way.

Chitera appointed Acting MD for FDH Bank

George Chitera Acting MD for FDH Bank

The Board of Directors of FDH Bank plc has appointed George Chitera as Acting Managing Director of the bank following the retirement of Managing Director Dr Ellias Ngalande on 30 June 2021.

In a statement, FDH Bank plc Board Chairperson Charity Mseka said Chitera’s appointment is effective from 1 July 2021.

“The Board of Directors would like to extend a huge vote of appreciation to Dr. Ngalande for his enormous contribution to the growth and success of FDH Bank Plc which include leading and guiding the Bank to list on the Malawi Stock Exchange on 3 August 2020. The Bank wishes Dr. Ngalande a restful and prosperous retirement,” said Mseka in the statement.

Until his appointment, Chitera was serving as FDH Bank Plc Deputy Managing Director. He previously also served as Acting Group Chief Executive Officer and Chief Finance Officer for FDH Financial Holdings and FDH Bank Plc.

 Chitera joined FDH Financial Holdings in 2007 and has over 17 years extensive professional experience in leadership, business development, strategy formulation, corporate finance, financial planning and analysis, strategic planning, banking, risk management, capital allocation, debt structuring, treasury and tax planning.

“Mr. Chitera has been a key member of Management in the Group and before joining the Group, he worked with Reserve Bank of Malawi for 3 years and has served on the Boards of Lilongwe Shopping Mall and Women’s Legal Resource Centre. Currently he serves on the Boards of Medical Aid Society of Malawi (MASM), Mwaiwathu Private Hospital, First Discount House Limited, FDH Money Bureau Limited and MSB Properties Limited,” said Mseka.

 Chitera is a Fellow of the Association of Chartered Certified Accountants (FCCA), a member of the Institute of Chartered Accountants in Malawi (ICAM) and holds a Master of Business Administration Degree from the Polytechnic, University of Malawi. He is a graduate of the Executive Development Program from the prestigious London Business School, United Kingdom and University of Stellenbosch Business School, South Africa.

“We congratulate Mr. Chitera on his well-deserved appointment and wish him well as he takes up this challenging role,” said Mseka.

TNM plc concludes Tikolore Promotion…30 millionaires made in 3 months

Magombo-It was a success

Malawi’s pioneer mobile and ICT services provider TNM plc Thursday successfully concluded a three-month long Tikolore Promotion where it unveiled 30 millionaires.

‘Tikolore promotion’ which is a celebration for the harvest season was launched on 1st April 2021 in Lilongwe and a Lilongwe based Estate Agent Francis Mtukanika became the first millionaire after winning K1 million during a draw conducted by Minister of Youth and Sports Ulemu Msungama.

Speaking at the close of the promotion in Lilongwe, TNM Chief Marketing Officer Frank Magombo described the promotion as a ‘success’ saying they have managed to celebrate the harvest season with their customers through the promotion.

“Tikolore Promotion was about appreciating our customers for choosing TNM as their communications and digital services provider. TNM being the truest son of the soil decided to celebrate the bumper harvest with our customers through this promotion which has been a success,” said Magombo.

He said the promotion has changed people’s lives.

“We are happy that we have changed people’s lives, we are hearing moving stories from the winners about how their lives have changed after winning in Tikolore Promotion. Others have built houses, bought land, boosted their businesses, paid school fees, paid hospital bills and many more because of this promotion, this makes us feel proud,” said Magombo.

He said the promotion also created opportunities where every customer, as long as he or she recharged their phone with as little as K200 of airtime, had a chance of winning.

“It is possible! NdiZotheka! If you see those who won K1 million cash prizes, they are from different backgrounds, others are teachers, students, business persons, nurses and ordinary individuals which means that this promotion created opportunities for everyone. Again, we were able to get a millionaire from each of Malawi’s 28 districts,” said Magombo.

Magombo said apart from the cash winners, everyone else was also a winner as with as little as K100 recharges, everyone was getting bonuses in airtime, SMS and data.

“At TNM plc, our purpose is connecting society, creating possibilities, and changing lives. We are happy that we do this every day and we have just shown this during this promotion. We want to thank our customers for supporting the TNM brand,” said Magombo.

At the end of the promotion, apart from unveiling the 30 millionaires, a total of 3,000 customers won a total K30 million with 250 customers winning K10,000 every week for 12 weeks and 150 customers won K15 million with 50 lucky customers winning K100,000 every month.

During the final draw in Lilongwe, some winners had doubts when TNM Products Manager Tiyamike Tizifa called them that they had won the K1 million prize.

“Achimwene there are a lot of fraudsters, get that money it is yours,” said Harold Manyowa from Chiradzulu before cutting the line.

But when the money was loaded into his Mpamba account, Manyowa was all praises for TNM.

“Thank you I have received the money, thank TNM! I will continue supporting TNM, I will be buying more units for my phone, thank you TNM,” he said after being called again to verify that it was a genuine transaction.

Another winner, Potiphar Banda, a sugarcane Cutter from Dwangwa was all over the moon after the money was loaded into his Mpamba account declaring that he is quitting his job immediately.

“Thank you TNM, I will continue supporting TNM. In fact, I am quitting my job as a Sugarcane cutter, I was getting only K20,000 per month now I have K1 million which I will use prudently, but I quit my job today!” said Banda.

Another winner Patuma Jackson from Machinga could not be reached as her phone was off.

There were seven millionaires who were unveiled on the last day of the promotion throughout the regions.

TNM plc launches Mudzi Wathu to ignite community development spark

To spend over K1 Billion in infrastructure projects

Chilima (Right) gestures to Mbwana (left) after unveling the TNM Mudzi Wathu logo

Vice President Saulos Chilima Friday launched a unique Corporate Social Responsibility (CSR) initiative by Malawi’s pioneer mobile network service provider TNM Plc dubbed ‘Mudzi Wathu’, an initiative aiming to develop communities and grow local economies using a portion of proceeds from TNM’s mobile network technology platform.

Through Mudzi Wathu (#Umodzi Umodzi Unamanga Mtolo), TNM plc aims to increase availability of mobile telecommunication network services nationally, with a deliberate focus on rural areas.

TNM plc expects to give back over K1 billion or one percent (1%) of its accruing annual revenue forecast towards community development projects of the people’s choice every 12 months.

As part of the initiative, TNM is launching an offer of low-cost 2G-enabled handsets available in flexible instalments with an initial deposit. The phones will provide voice (GSM), SMS, limited internet and mobile money (Mpamba) among other services.

Speaking at the launch at Dowa Community Centre Ground, TNM plc Chief Executive Officer Arnold M’bwana said ‘Mudzi Wathu’ aims to apply mobile technology as the catalyst for economic development.

“This initiative is a continuation of TNM’s commitment to accelerate network penetration nationwide, ensuring that people in rural and urban enjoy seamless connectivity at the same time,” said Mbwana.

He said in return for the partnerships that Mudzi Wathu will forge with people at community and national level, TNM plc will pay back 1% of its revenue generated from network usage towards development projects of people’s choice in the community.

“Over a period of 12 months, TNM plc expects this 1% contribution to exceed over MWK1 Billion and believes it will continue to grow as more Malawians join TNM plc in this noble initiative to build Malawi by connecting the unconnected.”

Chilima and Mbwana at the function

“Mudzi Wathu will go a long way to cement TNM’s purpose of connecting society, creating possibilities and changing lives demonstrated through its long history of connecting Malawians and solid Corporate Social Responsibility in the community. The underlying philosophy is to connect every Malawian and apply mobile technology as a means for fulfilling people’s development dreams regardless of geographical position or endowment,” said Mbwana.

Through Mudzi Wathu TNM also aims to contribute towards job creation by recruiting community leaders such chiefs, counsellors, and their subjects to serve as dealers and agents for airtime and Mpamba in their respective areas of residence.

“In return, this will improve availability of TNM products and services across the various communities in the country,” said Mbwana.

Vice President Chilima commended TNM for pioneering efforts aimed at contributing to the country’s economic growth and financial inclusion using mobile technology, and for introducing a participatory rural development model which he said demonstrated TNM’s commitment towards responsible business practice.

He said studies done by the GSMA have shown that an increase in mobile network penetration of every 10 percent has a resultant GDP growth of about 4 percent, a target he challenged TNM plc to achieve as Malawi remained a virgin territory for telecommunications coverage.

“Malawi still lags behind at 48% in terms of mobile phone penetration, compared to most countries which are at 90%. This leaves room for growth and an opportunity for TNM plc to challenge the market. In as far as increasing penetration is concerned, Mudzi Wathu presents that opportunity for TNM plc to grow as a business and in return to help increase government’s tax revenue,” he said.

Chilima said to reciprocate TNM’s gesture, government was reviewing the corresponding regulatory and tax framework with the objective of supporting mobile telecommunication and ICT operators to contribute effectively to development and the information economy.

“As government, we will review the regulatory and tax framework to ensure that it supports the vision of companies like TNM plc. We will also borrow a leaf from the approach TNM plc has taken to ensure that we embed these ideas in our development agenda,” he said.

Under Mudzi Wathu, TNM will use its own customer databases to monitor usage and aggregate revenue to be shared for community development.

“Government of Malawi welcomes Mudzi Wathu as a vehicle to complement efforts to give communities sustainable development projects. Through this initiative, TNM will deploy its technological capabilities to contribute towards the vision of Malawi attaining the middle-income status by 2063,” said the Vice President.

Chilima listens at the function

FDH Bank, FAM agree on new sponsorship deal for Flames

…to be unveiled Thursday July 1

Levie Nkunika – FDH Bank plc Head of Marketing and Communications

FDH Bank Plc has concluded negotiations with the Football Association of Malawi (FAM) on the continued sponsorship of the country’s football team, the Flames.

The details of the new sponsorship deal will be unveiled on Thursday in Blantyre, both FDH and FAM officials have confirmed.

FDH Bank plc Head of Marketing and Communication Levie Nkunika said they will be renewing the contract, which dates back to 2016 when the bank started bankrolling the Flames with an annual sponsorship of K30 million.

“FDH Bank is committed to work together with FAM to realize the full potential of Malawi Football. Our Bank stands for making growth possible for our customers and stakeholders including communities under which football development falls. The Bank supports the vision of FAM to make the Flames Africa’s football powerhouse.”

“The Bank has taken a medium- and long-term view to the development of sports especially football and netball in Malawi as it has been investing not only in the Queens and The Flames but has also introduced national cups for both netball and football – the FDH Bank Cup for football and the FDH Bank Cup for netball. This is in addition to the mayors’ trophies and inter-city Mayors’ trophy for netball and football for primary schools,” said Nkunika.

FAM Secretary General Alfred Gunda also confirmed the new deal saying all the finer details of the ‘new and improved sponsorship’ will be unveiled on Thursday.

“It is true that we have been having talks for a possibility of reviewing the sponsorship of the Flames and we will be announcing the new deal with big improvements on Thursday. We would like to commend FDH Bank for always standing with us,” said Gunda.

FDH Bank started sponsoring the Flames in 2016 with K30 million annually when all sponsors had deserted the team as most of them sought immediate returns.

The Bank raised the sponsorship by doubling it to K 60 million in 2019. Currently FDH pumps K60 million (K180 million for 3 years) for the Flames annually and K360 million annually for the FAM FDH Bank Football Cup being the most lucrative football cup in Malawi with the winning team taking home K25 million as prize money.   

From the month of April, every Friday FDH Group staff members don Flames Jerseys in what is called ‘FDH Flames Friday’ as a symbol of national pride and celebrating the Flames AFCON qualification.

As part of celebrating the Flames AFCON qualification and promoting a savings culture among the customers, FDH Bank is running a savings promotion campaign called ‘Wamkaka Promotion’ with prizes that include Flames Replica Jerseys monthly and a grand prize of K5 million that will close in August 2021. 

Following the Flames victory over Uganda and qualification for AFCON 2022, FDH Bank plc spoiled the Flames with a K100, 000.00 investment account to 35 squad players translating to K3,500,000.00.

“The Bank has taken interest to support the Flames players to build and develop sustainable livelihoods post their careers by conducting savings and investment training to the squad members and this has not been done in Malawi before,” said Nkunika.

FDH Bank is a home-grown bank with the widest branch network of 51 service centres in Malawi and is a subsidiary of a fast-growing diversified financial group, FDH Financial Holdings Limited that includes FDH Money Bureau and the First Discount House among others.

National Boxing championship slated for August 30

Francis Kadzakalowa:Malawi has been failing to participate in international tournaments due to lack of funding

The Malawi Boxing Association (MABA) has organised a National Championship bonanza on 30th August 2021 in Lilongwe where it will identify boxers who will represent the country at international tournaments.

MABA vice president Francis Kadzakalowa said in an interview that the tournament will feature winners from the regional championships to identify national champions in all categories, who will be representing the country in international tournaments.

“In the past few years, MABA was unable to stage tournaments due to restrictions in public gatherings as a preventive measure against the spread of Covid-19. Following the government’s move to ease restrictions on public gatherings, including sports, MABA has, therefore, seen it wise to revive the tournaments both at regional and national level,” said Kadzakalowa.

He said the national event will be part of preparations for the African Union Sports Council (AUSC) Region 5 Youth Games scheduled for Maseru, Lesotho in December 2021.

“Malawi will host the 2022 Region 5 Games; hence, the need for strong preparations so that as a host nation, our boxers should do well,” said Kadzakalowa.

He said other upcoming competitions include the AIBA Women’s World Championships 2021 slated for October and AIBA Men’s World Boxing Championships on 26 October to 6 November 2021 in Serbia.

Kadzakalowa explained that in the past years, Malawi has been failing to participate in international tournaments due to lack of funding which has taken a toll on MABA.


“The budget for the national championship event is K5 million which caters for prizes, accommodation and transport for the boxers and their coaches. MABA is, therefore, appealing to the corporate world and well-wishers to come on board and assist towards the cause be it financially or materially to make the event a success. It is in the same spirit that we are hopeful that the corporate world and well-wishers will partner MABA in this noble cause to develop the sport,” said Kadzakalowa.

NBM plc sponsors K1.5 million for IIAM lake conference

By Mc Donald Chapalapata, a Contributor

Jere (right) presents the cheque to Banda

Listed National Bank of Malawi (NBM) plc has sponsored K1.5 million towards this year’s annual lake conference for the Institute of Internal Auditors Malawi (IIAM) scheduled for 26-29 August 2021 in Mangochi.

The symbolic cheque presentation was conducted last week at NBM Towers and Business Complex in Blantyre.

Presenting the cheque, NBM plc Head of Internal Audit Daniel Jere said the bank decided to support the conference because it recognizes the important role internal auditors play in the country.

“The conference presents to Internal Auditors and other delegates the opportunity to gain insights on current practices in internal audit. It also brings together a diverse grouping of business executives, financial managers, corporate financiers, consultants, civic and civil society leaders to share experiences and network with leaders in the internal auditing profession.”

“As your Bank, National Bank benefits from the membership of the institution and the institution is recognized as the internal audit profession’s national voice, chief advocate, authority, acknowledged leader and principal educator on governance, risk management and control in Malawi hence our support of K1.5 million,” said Jere.

IIAM president Ackson Banda hailed NBM plc for the support saying it will go a long way in making this year’s conference a success.

“We are grateful for this gesture by NBM plc. The Bank has been a great partner and has been supporting us for a long time through these sponsorships. The money we have received today will help us to make this year’s conference a success,” said Banda.

He said the theme for this year’s conference is ‘Resilience in turbulent times’.

EXCLUSIVE: Macra board being victimised for blocking controversial Agillis deal

The battle over awarding of contract to Agillis International Inc. a brief case film to supply and implement the Consolidated ICT Regulatory Management System (Cirms) to Malawi Communications Regulatory Authority (MACRA) is said to be the epicenter behind the firing of MACRA Board, Malawi Voice has learnt.

On Friday President Lazarus Chakwera ordered the firing of MACRA Board over a trivial matter that the board used tax payers’ money to attend a capacity building training in Dubai.

“I was therefore dismayed, Honourable Minister Kazako, by your report of the wasteful spending happening at MACRA.

That the Board Chair of MACRA could not find a more cost-effective way of enhancing the capacity of board members than taking them to Dubai and blowing millions is a clear sign that the leadership of MACRA Board needs to change immediately,” instructed Chakwera

Ironically, the said Information Minister Kazako was the one who approved the trip to Dubai and of the late others boards such as EGENCO also attended similar capacity building in Dubai.

However, the publication has learnt that Kazako and the acting Principal Secretary in the Ministry Francis Bisika used the Dubai trip to get rid of the board, who they accuse of blocking the Aglis deal.

The board is on record to have terminated the $6.9 million (about K4.6 billion), a discussion which did not please Kazako and Bisika who was by then Czar Deputy Director General for MACRA.

“When the Board saw how many dollars in millions have been spent towards this project it decided to terminate this agreement.” Said the source.

Bisika, who was fired at MACRA of the same dubious contract, is trying hard to use his recent position as the acting PS for information to have the dubious contract renewed for his personal gains.

The publication has further learnt that for the past four weeks ago, Kazako and Bisika have been flying to South Africa to meet Agillis team on the discuss on the possibility of renewing the contract.

It remains an open secret, that information Minister Kazako and his errand boy Bisika wants to replace the board with a new board which they can easily manipulate in renewing the Agillis contract.