UPND questions Lungu’s ‘sudden’ wealth

Filed under: Breaking News,Politics |

zambian-kwacha notesThe opposition UPND has questioned how President Edgar Lungu has managed to amass so much wealth in the 18 months he has been president.

Information obtained by Zambian Eye from the recent presidential nominations shows that President Lungu declared assets worth K23.7 million, meaning he grew his wealth by more than 100 percent, having declared K10.9 million in late 2014.

But in a statement, UPND spokesperson Charles Kakoma wondered what kind of business the Head of State was involved in that has seen him double his net worth in such a short time.

He noted that K12.7 million is a considerable sum to accumulate in such a short space of time, especially coming at a time of complete economic meltdown for both big and small businesses in Zambia, many of which he says have had to shut down operations and lay off their workers.

“Mr. Lungu has clearly been doing well for himself over the past 18 months. While the quality of life for the majority of the Zambian people has been worsening, he has increased his personal wealth by a staggering amount since January last year. In the recent declaration of his assets during nomination filing he has revealed an astonishing increase in his wealth to a reported K23.7 million,” Kakoma said.

“With an official annual salary of K447,559, or K37,296.58 per month, it would appear that Mr. Lungu seems to be the only Zambian who has learnt the art of business within such a short period of time in his life, especially given the difficult operating environment in Zambia. Let us assume for a minute that Mr Lungu has not touched his salary, after 18 months he would probably have saved K671,338.50 in his account.

“If only he was able to achieve the same results for our country, i.e grow GDP of at least 20%; we would have been at ease as he would have saved thousands of jobs that have been lost within a short space of time.

“Of course, the presidential salary has more than doubled under PF and allowances have increased by huge margins. Yet still his net worth from these hefty salaries and allowances are nothing compared to what he has declared within a short period of time in office. As he is amassing wealth the students have no meal allowances, the teachers are still owed millions in retirement benefits and thousands of miners have lost their jobs. We also have civil servants salaries being delayed.

“The question thus is, stopping short of saying Lungu played abracadabra with his money, how did Lungu manage to amass so much wealth in 18 months? Did he stop by the traffic lights to collect one of those little flyers with messages like “If you want to find your lost wallet….contact so and so?” Your guess is as good as ours.”


12 Responses to UPND questions Lungu’s ‘sudden’ wealth

  1. The answer is that The EUROBOND was deposited in his account, please retrieve that money om August 17, check ECZ deposit accounts as well on August 21

    Good governance
    June 8, 2016 at 12:41 am

  2. Sad how Zambians have been taken advantage of by politicians. Unfortunately, such is no big deal to Zambians.

    June 8, 2016 at 3:13 am

  3. HH should rethink his safe passage offer to Chagwa. We want accountability going forward. And for your information, this is just what he has declared. Within Zambia, there are more assets he hasn’t declared. He also has offshore accounts and properties in Europe. And this was the sole purpose of PF taking over government in 2011.

    June 8, 2016 at 5:04 am

  4. If that was what ECL deemed fit to declare, it leaves one to wonder his true worth!! Most people with a poor financial background strive to enrich themselves once an opportunity to do so presents itself and ECL is no exception.

    June 8, 2016 at 6:23 am


    June 8, 2016 at 6:33 am

    • HH built his first House (real eastate over30 years whilst a student.By then he already had some cattle. He has managed to build his wealth ngwee by ngwee over a long period. Iyo yonse ninkani yozibika. Manje uyu wanu – kindly explain the sudden wealth in only 18 months?

      June 8, 2016 at 9:15 am

    • HH built his first House (real eastate over 30 years ago ) whilst a student.By then he already had some cattle. He has managed to build his wealth ngwee by ngwee over a long period. Iyo yonse ninkani yozibika. Manje uyu wanu – kindly explain the sudden wealth in only 18 months?

      June 8, 2016 at 11:19 am

  6. HH is not presidential material.
    Worse still is his running mate GBM.
    Surely, is HH himself convinced and comfortable that he can leave the nation in the hands of GBM if he died or became incapable of ruling, if at all he ever became president?
    It is this same judgment he has exhibited when choosing his running mate that makes me think he is not president material – the judgment is very lame and shocking.
    In leadership you have to put all things on the table; for each decision look at advantages and disadvantages. Then make the decision that represents best judgment.
    It is wrong for HH to think just because GBM is the one who can bring in tribal balance, and possibly (in his thinking) make UPND win, then pick GBM on that basis. Wrong, Wrong, Wrong.
    It is more important to look at possible future outcomes than just focus on wining.
    I know that some people have given him regard as a result of this decision, but for me even some regard I had for him has now slipped away.

    June 8, 2016 at 8:08 am

  7. There is a serious weakness in the law on declaration of assets. There are no systems to professionally verify claims of individual candidates. Remember the late Sata declared only seven guns and Farmers House as his only assets. What the law needs to provide is: 1) an independent body of valuers should ascertain the assets and liabilities of an individual before the nomination; 2) at the end of the term of office the same body of valuers should carry out an assessment of the individual’s assets and liabilities. This is important for correct judgement of progressive assets accumulation of an individual. This thing of taking an individual’s declaration as gospel truth is nonsensical.

    June 8, 2016 at 10:02 am

  8. The only consideration is political survival – to win the Northern sector – and not quality of leadership. All in all, my general fear is that many politicians look at personal survival as opposed to service delivery, and subsequent appointments at various levels are likely to follow the same pattern. The issue of who can deliver what for national good becomes secondary. That is the selfishness of a politician.

    June 8, 2016 at 10:09 am

  9. It is a crime in Zambia to evade Tax. Can Lungu show the Nation that he is tax compliant? We need to see his tax returns. An increase in wealth by K12 million should be equivalent to circa K4 million of Tax. Indeed, has the President declared his tax Obligations and settled his tax dues?

    ZRA Commissioner, what are telling the Nation?

    June 8, 2016 at 1:43 pm

  10. Most of the so called infrastructure development projects especially schools, roads etc are now at stand still,contractors have not been paid simply becoz of the cuts towards the same K23 billion no doubt about this others have even abandoned the roads. Our president ECL is a thief as there is history of him stealing from his client, a widow. Zambians let’s kick out this man before he finishes the little left. He is not fit to rule no wonder these multiple problems the country is facing. Viva HH, Viva GBM Viva CB and foward UPND. 11082016 Need change for better leadership in HH Kachema for us all.

    June 8, 2016 at 3:10 pm

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