Asset declaration list reveals politicians with high net-worth

By Staff reporter

An exclusive inquiry by the Zambian Business Times – ZBT has revealed that most Members of Parliament are relatively among the most economically accomplished and economically powerful individuals. Others say there is a fine line between business and politics.

When people decide to hold public office, they automatically decide to put themselves in positions that are subject to public scrutiny and in some way, the line between their private and public lives become blurred. They render their affairs, that is from their asset and liabilities position be a subject of public discourse. This is why they are legally required to declare their financial positions publicly.

According to an inspection of the register by ZBT of the initial list of 57 out of a maximum number of 158 members of members of parliament that have so far declared their assets and liabilities in line with the Zambian Constitution, below are the most notable top 10 picks:

1. Speaker Nelly Mutti – The Speaker of the National Assembly, Nelly Mutti has led the way and declared her  assets and liabilities, she has the highest asset net worth of a staggering K380 million (about US$22million). On her asset inventory, Parliament’s first-ever female Speaker has various fixed assets around the country, including traditional land in Central Province worth K200,000, among several others; ownership of Nalumba Lodges, Ikithe Resort worth K100 million; 250 heads of cattle, 300 goats and 250 sheep worth K250,000. Other assets on her impressive inventory include a 50 per cent interest in Lukona Chambers, the Lusaka-based law firm in Rhodes Park; a 25 per cent shareholding in Nalumba Investments Limited and various real estate properties such as Le Elementos Hotel, a fleet of luxurious vehicles worth K770,000 and a Land Rover Discovery worth about K500,000. Speaker Mutti did not declare any liabilities.
2. Health Minister Sylvia Masebo – the ruling Chongwe UPND member of Parliament has a total net worth of a staggering K51 million (about US$3 million) which comprises of a posh mansion at Ibex Hill, Lusaka, worth K20 million; a shopping complex in Avodale worth K4 million and an inheritance of K1.7 million, among other assets. Masebo, who has served in four successive governments since president Levy Mwanawasa’s administration over the last two decades, declared total liabilities amounting to only K120,000 – officially listed as “loans and interest.”
3. Mwandi MP Sibeso Sefulo – the Mwandi UPND member of parliament has declared her assets standing at K20 million (about US$1.2 million), Sefulo’s asset portfolio revealed that she owns a block of flats in Lusaka’s Chalala area worth K4 million; a fixed deposit of K1.2 million; an animal inventory worth a whopping K10.5 million; a farm in Mwembeshi valued at K1 million and a fleet of vehicles amounting to K1.2 million. According to the National Assembly website, Sefulo only holds a Grade 12 Certificate and an Accounting Technician Certificate.
4. Veep W K Mutale Nalumango Vice-President, Mutale Nalumango who is also the leader of government business has declared an impressive K18.2 million (about US$1.1million) in total assets. Vice-President Nalumango declaration also had no liabilities. Her asset portfolio boasts agriculture property of over K5 million and another worth K6.8 million, together with a four-bedroomed house valued at K1,420,000 and another three-bedroomed house valued at K962,000, among others. The Vice-President’s Vehicles valuation were estimated at a combined K670,000.
5. Justice Minister – Mulambo Haimbe – The Lusaka Central ruling UPND member of parliament and a lawyer by profession has a total net worth of K14.8 million (about US$870,000) , which comprises of various luxurious properties in Lusaka, including a block of flats address; a Dwelling House at Chilanga and another Dwelling House at Ibex Hill, all worth a cumulative amount of K6.6 million. Haimbe’s declared liabilities are a total of about K1 million , which includes an outstanding mortgage owed to FNB Zambia relating to the house in Chilanga, worth K180,000.
6. Defense Minister Ambrose Lufuma – The North Western Province parliamentarian has listed his total net worth as K12 million (about US$706,000) with a vast real estate portfolio amounting to over K8.8 million. Lufuma now occupies what is generally considered as the third most powerful position or third highest rank in cabinet.
7. Chawama PF MP Tasila Lungu – Tasila Lungu who is daughter to immediate former head of state President Edgar Lungu is among the few MPs from the ruling party who swiftly declared her assets and liabilities, with a total asset value of K6.16 million (about US$362,000), which includes ownership of 7,250 ordinary shares in Kariba Crocodile & Fish Limited among other assets. She owns a residential plot valued at K600,000; a farm at K4 million, vast fleet of luxury vehicles amounting to K750,000 and cash in the bank of K52,781.07 as at August 31, 2021. Tasila, who used to be a councillor in Chawama constituency during her father’s presidency, had council allowances amounting to K36,000 and “family support” quoted as K564,000, giving her total earnings of K600,000. In terms of liabilities, Tasila has a bank loan with Atlas Mara of K5 million.
8. Chifubu MP Lloyd Lubozha – the member of parliament from the Copperbelt has declared his total assets as K5.4 million (about US$318,000) against no liabilities. Lubozha, who equally holds a Grade 12 Certificate and a Certificate in Accounts and Business Studies, has listed houses worth K1.5 million; a lodge valued at K2.5 million; a farm worth K1 million and a range of vehicles amounting to K400,000.
9. Chilanga MP – Sipho Hlazo, the UPND member of parliament has declared his assets at a total net worth of K4.8 million ( about US$282,000). This comprises of a farm house in Lusaka West worth K3.8 million; a plot in New Kasama area of Lusaka amounting to K550,000; an array of firearms and cash asset of around K485,000 as at time of declaration. Hlazo whose only educational qualification is listed as “Grade 12 Certificate” on the National Assembly website, has his liabilities as school fees of K60,000 per year; taxes & rates at K45,000 per annum, among others.
10. Roan MP Joel Chibuye – The member of Parliament who also stood as an Independent at the August 12 polls, has a net worth of K2.7 million (about US$159,000) Chibuye listed his assets as a house in Zaone Avenue, Luanshya, worth K650,000; a commercial plot in Manasansa area of Luanshya District worth K300,000 and total liabilities worth K125,000. His liabilities are broken down as: a bank overdraft facility of K30,000 with FNB Zambia and a K75,000 loan facility contracted from M-Finance.

Article 263 of the Zambian Constitution, Act No. 2 of 2016 requires that all persons holding public office declare their assets and liabilities before assuming or leaving office in the register submitted to the Office of the Chief Justice.