THE National Indigenisation and Economic Empowerment Board
(Nieeb) is in the process of winding up operations following the amendment of
the Indigenisation Act, 10 years after it was established.
Nieeb was established through the Indigenisation and
Economic Empowerment Act [Chapter 14.33] 17th of April 2008 and was tasked with
spearheading the process of transforming the peripheral role of the indigenous
majority in the economy to a leading role in the mainstream economy together
with the attendant benefits of improving their standards of living. However,
the board has been made redundant following the amendment of the Indigenisation
Act in March this year. The board will now make way for an indigenisation unit
which will be run under one of the government ministries.
Sources told the Zimbabwe Independent this week that the board is
winding up its operations with terminal packages for the affected staff already
worked out. “The organisation is closing possibly by the end of the month,” a
source revealed “Packages for the affected members of staff have already been
worked out and they will be paid what is due to them soon.”
Nieeb CE Rangu Nyamurundira told the businessdigest on
Wednesday that the board is in the process of winding up following amendment of
the law governing their operations.
“We are effectively in the process of winding up our
operations in accordance with the implementation of the new Act,” Nyamurundira
said. “The process has already been started and is ongoing”
He could not, however, give a timeline as to how long it
will take for Nieeb to complete the winding up process. Nyamurundira would not
elaborate on the packages for the affected workers, only saying that it was
part of the process they are going through.
In his 2018 national budget in December last year, Finance
minister Patrick Chinamasa announced that the indigenisation law which compels
foreign-owned businesses to sell controlling equity stakes to indigenous
Zimbabweans would now only apply to just the diamond and platinum sectors.
Zimbabwe Independent
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