National Bank of Malawi plc on Thursday said it has posted a profit after tax of 45.9 billion Kwacha in the 2022 financial year.
The bank disclosed this during its 51st Annual General Meeting (AGM) held at Mount Soche hotel in Blantyre.
The NBM Board of Directors Chairperson Jimmy Lipunga said the profit represents a 34 percent increase from 34 billion Kwacha reported in 2021.
Jimmy Lipunga
Lipunga said he was pleased with the performance of the company despite a rather turbulent environment characterized by the 25 percent devaluation of the Kwacha among others.
“We have turnaround strategies which should see the companies profitable by the end of 2023,” he said.
The Chairperson attributed the increase in profit to an increase in loans and fixed income securities.
He however, said from the profits made, the bank is expected to pay a total dividends of 33 billion Kwacha, representing K70.67 per share.
President Lazarus Chakwera has on Friday pardoned veteran politician and former information minister in the Democratic Progressive Party(DPP) regime Henry Mussa, on medical grounds.
Minister of Homeland Security Kenneth Zikhale Ng’oma confirmed the development in an interview with local media.
Ng’oma further disclosed that Mussa had been pardoned together with 10 other prisoners who were chronically ill.
Henry Mussa
The former minister was arrested in 2020 on allegations of stealing computers and generators meant for District Information Offices across the country.
He was sentenced to 9 years imprisonment for conspiring and receiving stolen property contrary to section 404 and section 328 of the Penal Code.
The National Water Resources Authority (NWRA), on Friday, July 21, 2023, gave a 90-day altimatum to all those with boreholes drilled illegally to declare with the authority.
Addressing the news conference in Lilongwe NWRA Chief Executive Officer Dwight Kambuku said anyone failing to declare will face the long arm of the law.
“Checking Water Quality Certificates: As part of the monitoring strategy, NWRA will closely scrutinize water quality certificates for boreholes. It is essential to ensure that the water extracted from these boreholes meets the required quality standards and does not pose health risks to consumers,” he said.
Dr Dwight Kambuku
The CEO said by implementing these corrective measures, the NWRA aims to enhance the management and regulation of water resources in Malawi.
Dr Kambuku said “Through joint efforts with the media, stakeholders, and the public, we can raise awareness about the importance of legal and sustainable water practices. Together, we can safeguard our water resources for the well-being and development of all citizens,” he said.
Dr Kambuku said the move at the end of the day is to curb proliferation of Illegal water supply system in Malawi and avoiding putting lives of ordinary people in danger.
NWRA Chief Executive Officer Dwight Kambuku told the news conference in the capital Lilongwe that the move is to bring sanity in the water supply system, particularly on ground water.
Kambuku warned that any individuals and companies that will ignore the order face fines and imprisonment, among others.
He therefore emphasized the need to have regulated boreholes drilling for water drinking safety.
Established 2013 by Act of Parliament, the authority went through its operation in 2018.
Understandably, there are still some people who wholeheartedly love the Democratic Progressive Party (DPP), the truth though is that these people still love the party either because they are merely party fanatics or they were direct beneficiaries of the spoils of corruption.
If anything what was there for one to still cling to DPP?.
However, as much we know some of the DPP’s misdeeds, it appear that what we know is just a tip of an iceberg, there is a lot more stories of theft that we are not aware of and will never know them.
Mutharika’s state house of looters?
The revelation by the current State House management that their office cannot trace and reconcile some financial transaction that happened during Peter Mutharika’s reign is an indication that there were so many shady deal during the DPP administration which were swept under the carpet and went unreported.
According to the Thursday’s Nation newspaper, State House officials have told the Public Accounts Committe of Parliament that they have found it difficult to explain some financial transactions carried out in 2015/2016 and 2019/2020 because payments vouchers they have lacks supporting documents.
It reads: “Consequently, the current management was not able to trace and furnish for review the liquidation documents for payment vouchers amounting to K5 236 639 307,39 as queried.”
The report says State House also could not trace the supporting documents of the payment voucher amounting to K13 496 362 089,03 and K4 839 328 187,38. In total the curremt State House Management failed to trace supporting documents for payment voucher at State House amounting to K23 billion whose occupant was Peter Mutharika at the time.
However, there is an encouraging news as there is indication that the new management at State House are able to keep the financial transaction which is a stark contrast to what used to happen in Mutharika’s State House.
The report smacks activities of theft by the DPP, again this should not be surprising at all. This is DPP we are talking about. By now we should have grown accustomed to the fact that DPP meant theft.
A fresh legal battle in the Democratic Progressive Party (DPP) has resurfaced. This time around four Senior DPP politicians have rushed to court to nullify the resolutions of the meeting which took place at Nkopola in Mangochi recently.
According to sworn statements before the courts, by Leader of Opposition who is also Southern region vice president, Kondwani Nankhumwa, Treasure general Jappie Mhango, Yusufu Nthenda and Party secretary General Gelzelder wa Jeffrey, all resolutions which came out after the recent National Governing Council (NGC) meeting must be nullified.
Chaos in DPP: Mutharika
“(Under Order 10 rule 1 of the Courts (High Court) (Civil Procedure) Rules, 2017) and the Inherent Jurisdiction of the Court) let all parties attend before Honourable Justice Mdeza in Chambers on the day, date set or soon thereafter on the hearing of an application by claimants for an Order nullifying the proceedings and resolutions made at the Defendant’s National Governing Council meeting of the 3rd day of July, 2023 at Nkopola Lodge,” reads the document in part.
Messiars Chidothe of Chidothe and Company are representing the claimant.
There has been overgrowing accusation over the way how July 3 NGC meeting went.
It is believed that DPP President Peter Mutharika bulldozzed the NGC members to speak and vote on issues to his advantage.
