. Mukumbuta

By HELEN ZULU –
ABOUT K890 000 out of the over K11 million worth of properties that were advertised to be sold by the Citizens Economic Empowerment Commission (CEEC) has been recovered.
The commission recently advertised for the sell of 19 properties worth over K11 million which were repossessed for failure by owners to repay the loans owed to the commission.
CEEC director general Likando Mukumbuta explained that the commission repossessed the properties in order to recover the money it had given out in loans.
This is from citizens who failed to repay the loans as the commission requires the money to empower more citizens.
Mr Mukumbuta said in an interview in Lusaka that out of the 19 properties that had been advertised, two had been sold out worth K890 000.
He said the commission was currently in the process of selling the properties to ensure that the money recovered could benefit other citizens and achieve the objective of supporting Zambians towards viable businesses and job creation.
“In order for us to recover the public money that we lend to our citizens, we repossess properties, so we advertised for 19 properties out of which two have been sold and we have been able to realise K890 000,” he said.
Mr Mukumbuta however, said the loan recovery rate has improved to over 51 per cent currently from 22.6 per cent recorded in 2012.
He said the commission was targeting to reach 80 per cent loan recovery rate by 2021 saying so far the commission was on target.
“In terms of loan recovery, we have been very successful, our citizens have been listening to us, in 2012, we were at something in the range of 22.6 per cent, loan recovery rate, but since 2013, the loan repayment rate has more than doubled to over 51 per cent so we are very excited,” Mr Mukumbuta said.
He further called on  citizens to participate as much as possible in the activities of the commission which range from the promotion of the preferential procurement to ensure that they also contribute in growing industries in the country.
“This is good because if they participate it will mean that as we industrialise, our people will be involved in industrialisation at the level of ownership, we think that now we have the opportunity through the economic empowerment fund for our citizens to participate and take the lead in the industrialisation process.
“So we encourage the citizens to participate as much as possible, we don’t always have the resources available to the amount that they need but even from what is there we can try to maximize as much as possible so that we can make a difference in rural areas, he added.