The National Economic Empowerment Fund (NEEF) says it has begun efforts to recover millions of kwacha lost through mismanaged loans as seven new board members were sworn in on Monday in Lilongwe.
The announcement was made during an orientation session for the newly appointed board, aimed at equipping members with governance, oversight, and institutional knowledge.
Board Chairperson James George Naphambo said the orientation was critical in familiarising directors with NEEF’s history, mandate, and their responsibility to provide strategic oversight.
He acknowledged that NEEF’s operations were disrupted by loan mismanagement before the elections, with large sums disbursed without following proper procedures.
Naphambo said the fund has since assessed the situation and put recovery mechanisms in place to reclaim the outstanding money.
He added that NEEF will resume loan disbursement after stabilising its internal systems and tightening controls.
The board will now review and realign NEEF’s strategic plan with the government’s development manifesto, a process expected to take up to two months.
