Sources at the Zambia National Building Society have disclosed that there is no one in the financial institution’s history who has ever earned more than K25 million a month.
Available documents show that the current Managing Director Noriana Muneku earns about K21 million every month. This includes all allowances and she is among the lowest paid directors of financial institutions in Zambia.
President Micahael Sata on Friday told the nation that the director of ZNBS is paid K56 million a month.
Sata made the claim when he dissolved the Zambia National Building Society (ZNBS) board. He alleged that there is rampant corruption at the institution that has been posting losses.
Sata said there is too much corruption at Zambia National Building Society and wondered how the managing director earned K56 million a month when the organisation was not doing any business.
“Now K56 million a month for an organisation that is not making money and that is the same organisation where somebody irregularly pumps in US$98 million,”
Sata has since appointed a Commission of Inquiry into ZNBS operations. The commission will be headed by a Mwila Lumbwe and members will include Nonde of Ernst and Young, former Zambia Airways accountant Ruskin Jere, and two officers from Anti-Corruption Commission and the Drug Enforcement Commission (DEC).
Noriana Mseteka Muneku is a teacher and lawyer by prfession.