ACC Assertions About a K300m Sale of Bank is not True says Bank of Zambia!

Any sell of any bank requires a rigorous process and approval from the Central Bank.

Bank of Zambia has expressed ignorance at assertions by the Anti-Corruption Commission(ACC) that a ward councilor bought a Bank for K300million.






  1. Why is there no coordinated actions between ACC and BOZ?? This approach of each institution making running comments on social media doesnt show seriousness on the part of our public institutions mandated to safeguard our public resources!! BOZ and ACC should sit together and sort out any misunderstanding and then provide a joint statement to the public. Avoid issuing contradictory statements in social media. You are all statutory agencies created with the blessing of the Zambian Parliament.

  2. Drama!!! It seems the Broom of accountability still needs to sweep clean in some places?

    So the two institutions are not on talking terms? Or is there someone too excited with information. We suggest a clean up takes place in some of these institutions as it appears there is lack of co-ordination. At this rate how are you going to bring the crooks to book?

    What a Circus!

  3. Mate, indeed this is a circus. BOZ should have refused to reply until they have liaised with ACC. These statutory institutions should be working in a coordinated manner. What is so difficult for BOZ to call ACC and then issue a joint statement or refuse to issue any statement at all until the investigations are completed. What if there is evidence that the suspect indeed wanted to buy the bank but didnt know the BOZ procedures?? or even paid hoping they will own the back without knowing the BOZ procedures. ACC and BOZ should coordinate and work together on such cases than hitting each other as another zoolyhood movie to entertain gullible Zambians!!

    • I am personally not surprised that uch happened under PF regime. This is the economic direction Lungu was taking us. Like the word of God says in 1 Cor11:19 that, “there has to be difference between them to show which one of them has God’s approval.”

      Similarly, between the two institutions, one was PF politically inclined by overlooking all the norms of Banking and Bank acquisition.

      In PF, we were adopting Jungle law.

  4. The Minister of Finance and Home Affairs must immediately sit and sort out this mess. All this mess is due to the fact that pf cadres still holding high positions in some of these organizations.
    At the rate things are going, not even a ngwee will be recovered. Facebook is full of images of cadres boasting with millions of kwacha and yet none of them to date have been called to account for that money. Please UPND, people are losing patience. These thieves are still moving around and boasting of their ill acquired riches.

  5. Any competent ACC officer would, as part of their investigation in such a transaction, make BOZ their first point of call. How then does ACC make such statements without getting facts from the regulator? ACC might not be up to the job and are just busy bungling up such cases. Acc and other law enforcement wings needs urgent help by beefing up with properly trained people from friendly countries that could help. I am a layman but I don’t like what I am seeing with investigative wings. I shudder at the thought of what the may end up doing by allowing criminals to go free.

  6. We need new brooms at BOZ, ACC, DEC and FiC!
    How do we expect Cadres who were infused into these systems to bite the fingers that have been feeding them?
    We may need as a matter of urgency fuse the functions of ACC, DEC and FIC into One unit to investigate and prosecute Economic Crimes! The FIC head has proved herself and can ably serve as the first head of the new unit.
    We need to see high profile crimes successfully prosecuted.
    Why should a poor man be sentenced to 5 years with hard labor while someone who steals Social Cash Transfer money from the poor only receive a suspended sentence? That is not equality before the Law and is inhumane! This is the injustice that disqualifies Zambia from the Christian Nation Declaration! Justice must flow like a river in any country wishing to call itself Christian!

  7. What if the ACC is right? Is it not true that people in this country buy things without change of ownership to evade tax and notice, especially if the item is beyond one’s legally earned income? For example how many vehicles and residential properties have exchanged hands simply on letter of sale basis for fear of the aforementioned and traces? Limomlimo kubomfya bongobongo sana to know what is going on and also be equal to the task of investigations and building cases to the level of conviction, not just because of what we were taught in class.


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