ZABG seeks NIEEB funding

From the Daily News (not that they’re a credible source or fountain of truth):

ZABG Bank Limited (ZABG) has approached the National Indigenisation and Economic Empowerment Board (Nieeb) for possible funding to help it meet the Reserve Bank of Zimbabwe (RBZ)’s first phase minimum capital requirements.

From the ZABG website:

The ZABG Bank Board comprises individuals of integrity, with diverse business experience, that includes legal experts, bankers, entrepreneurs and industrialists; in various sectors of the economy.

From the NIEEB website:

The National Indigenisation and Economic Empowerment Board (“NIEEB”) has been tasked to spearhead this process of transforming the peripheral role of the indigenous majority in the economy…

Oh, by the way. Follow the red arrow.

In the Daily News story (emphasis mine):

Earlier, Mtamangira – who also sits on the Nieeb’s board – had confirmed the issue to businessdaily.

“We have engaged Nieeb. We have been talking to them, but I don’t have the finer details. My CEO (Gwasira) will give you an accurate update,” he said, adding though that he was unsure how much money his bank required from the public fund.

Again, he doesn’t have the finer details. He is unsure how much money his bank requires from his fund. He sits on both boards.

I wish him all the luck in the world.

Pambili!