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Nieeb shuts shop

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, businessdigest has learnt.

By Kudzai Kuwaza

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 businessdigest 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.

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