NAPSA forced to sell prime buildings and plots

The recent political reasons to fund the Lusaka-Ndola Dual Carriageway and pay-outs of pre-retirement benefits haven taken a financial toll on NAPSA.

By Amb. Emmanuel Mwamba.

Lusaka, Oct. 20 – We have strongly criticised the forced decision to make the National Pension Scheme Authority (NAPSA) and the Workers’ Compensation Fund Control Board (WCFCB) fund a consortium of Chinese companies to upgrade the 327 km Lusaka-Ndola Dual Carriageway.

Also Read: Zambia would have been better under the Patriotic Front Government, Amb. Mwamba.

The two social security pension funds have been directed to lend $300m to Macro Ocean Investment Consortium that comprises AVIC International Project Engineering, Zhenjiang Communications Construction Group and China Railway Seventh Group.

Under normal circumstances, the chinese Consortium must bring in the investment as this is a Public Private Partnership.

But instead public funds will be used to fund a private entity to do a public road. The Consortium has already taken over collection of road tolls and will do so for the next 25 years.

Coming from paying pre-retirement partial payments of $650m to eligible members, NAPSA is clearly cash strapped.

NAPSA has put up for sale, some of its premium plots of land and buildings in Lusaka. Some buildings were bought in the 70s and straddle seven administrations of Presidents!

But this is a neo-liberal government that believes in privatization and the limited role of state-owned and public enterprises in the economy.

I expected NAPSA to announce investment in the upgrade and extensive rehabilitation of these buildings to attract premium rentals as most buildings have fallen into dilapidation.

◾NAPSA’s Liquidity

The National Pension Scheme Authority says it has invested over 69 percent of the fund into liquid assets which makes it able to meet its financial obligations either from fresh funds from contribution collections or maturities from its liquid instruments.

NAPSA has an investment portfolio of K71bn ($3.5bn), which has been invested in diverse asset classes including fixed and liquid assets to meet benefit payout obligations as and when they occur.

The Authority is inviting offers for the purchase of the following properties;

1. Stand 56 Corner Of Cha Cha Cha & Nkwazi Roads – Lusaka.

The property is a commercial building comprising of a single storey retail shop and warehouse, located at the corner of Cha Cha Cha and Nkwazi roads, in the Central Business District of Lusaka. The property sits on a land extent of about 0.2048 hectares (0.5061 Acres). The reserve sale price is
ZMW 11m.

2. Stand 693 Impala House, Cha Cha Cha Road – Lusaka.

The property is a commercial building comprising of an office building with retail shops on the ground floor and two warehouses, located on Cha Cha Cha road, in the Central Business District of Lusaka. The property sits on a land extent of about 0.1951 hectares (0.482 Acres). The reserve sale price is
ZMW 23m.

3. Stand 669/A, 700 & 701 Siaza House, Cha Cha Cha Road – Lusaka.

The property is a commercial building comprising of retail shops and a warehouse on a continuous plot, located on Cha Cha Cha road, in the Central Business District of Lusaka. The property sits on a land extent of about 0.3147 hectares (0.7776 Acres). The reserve sale price is ZMW 16m.

4. Plot 1022 (Just Chicken), Cairo Road – Lusaka.

The property is a commercial building comprising of retail shops and a warehouse, located on Cairo Road, in the Central Business District of Lusaka.The property sits on a land extent of about 0.0975 hectares (0.2409 Acres).
The reserve sale price is ZMW 9m.

5. Stand 3520 & 3521 Luangwa House, Cairo Road – Lusaka.

The property is a double storey commercial building, located on Cairo road, in the Central Business District of Lusaka. The property sits on a land extent of about 0.1896 Acres. The reserve sale price is ZMW 17m.

6. Stand No. 4651, NAPSA Kalulushi Housing Complex School.

The property is a commercial property comprising of a school, located in the NAPSA Housing Complex, in Kalulushi District. The property is a single storey
building sitting on a land extent of about 2.4710 Acres. The sale of the property is on condition that the purchaser demolishes the school structure at their own cost. The reserve sale price is ZMW 3,232bn.

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