ZESCO’s director Transmission – Justine Loongo has been listed as a shareholder of the newly registered ZESCO subsidiary – KIYONA Energy Ltd.
This has been confirmed by Patents and Companies Registration Agency – PACRA records seen by the Zambian Business Times – ZBT.
This development has however sparked controversy as the best practice and established norms are that the Minister of Finance holds shares on behalf of the government for government entities.
The registration of Kiyona Energy itself has been challenged as experts say investments in Solar and other alternative energy generation drives could just sit as a department within ZESCO to avoid duplication and costly bills for a new management team.
ZESCO Chairperson Vickson N’cube revealed on a social media post that that ZESCO had incorporated a subsidiary called KIYONA Energy Ltd to drive solar power and other alternative energy generation endeavors.
Loongo who is currently listed as Transmission director has previously held positions such as Chief Technical Officer at Lunsemfwa Hydro Power Company limited, an Independent Power Producer, as well as served as General Manager at Kariba North Bank Extension Power Corporation Limited, a subsidiary of ZESCO Ltd.
Other individuals listed as KIYONA Energy Limited directors Kabwe Mulenga, currently a Chief Engineer in the Renewable Energy department at ZESCO, Jane Ngulube-Kunda, Principal Legal Officer at ZESCO and Alister Kadyata.
Meanwhile, when contacted by ZBT, ZESCO’s Spokesperson Matongo Mumbi said “regarding the shareholder arrangements in Kiyona Energy Limited, I would like to clarify that shareholders in a company are not ‘appointed.’ Instead, they typically acquire shares through investments or equity contributions. Kiyona Energy Limited, as a subsidiary of ZESCO Limited, follows the governance and strategic objectives set forth by ZESCO. Any specific details regarding shareholder structures will be communicated through official channels as necessary by Kiyona.”
