COULD ZAMBIANS HAVE OWNED NDOLA LIME? A HARD LESSON WE MUST LEARN
By Kennedy Chileshe, Executive Director of Jubilee Leaders Network
Inspired by Christopher Kangʼombe, former Parliamentarian and Engineer
My fellow Zambians, let me ask you a very painful question. Could we, as Zambians, have raised thirty million dollars to buy shares in Ndola Lime plant, which is now called Limestone Resources? That is around five hundred and thirty-five million Kwacha. Before ZCCM IH sold fifty-five percent of their stake to a foreign company called Wonderful Group of Companies, or WGC, did any Zambian group come forward with that money? The honest answer is no. And we must ask ourselves why.
Let me tell you about this company, WGC. They did not arrive in Zambia as rich people. They came with a mindset. They had skills. They chose the right technologies. In just fifteen years, they have started five successful businesses here. They own Marcopolo Tiles, which makes floor and wall tiles. They own United Capital Fertilizer, which helps our farmers. They own Wonderful Industry Zambia. They own Mupika Sericulture and Silk Farm. And they own Boffar Machinery and Equipment. These are not small shops. These are real factories and farms employing Zambians and producing goods.
But wait, there is more. Just last month, this same foreign-owned company signed agreements to co-finance and build two more major projects. First, a six hundred megawatt thermal power plant in Sinazongwe. That is enough electricity to light up many towns. Second, they will add a cement plant at Limestone Resources in Ndola. Within twenty-four months, that plant will start manufacturing cement. Do you see what is happening? Foreigners are building our industries while we watch.
Now, do not misunderstand me. I am not against WGC. In fact, I salute them. They saw opportunities. They took credit. They worked hard. They delivered. We have a lot to learn from them. The problem is not that they are succeeding. The problem is that we, Zambians, are not even competing. We remain spectators in our own economy. We sit and watch while others build, produce, and profit.
Why did no Zambian group raise that thirty million dollars? Is it because we are poor? No. Look around you. Zambians have money. We spend billions on imported second-hand clothes, on airtime, on beer, on funerals, on weddings. We have money. The problem is we do not pool it together. We do not organize ourselves to invest collectively. Every man and woman tries to walk alone. But the truth is, no one builds a cement plant with pocket change.
The good news is that the law of Zambia actually allows us to come together. The Securities Act Number 41 of 2016 talks about what they call a collective investment scheme. Let me explain it in simple language. It means a group of ordinary people can be invited to put their money together into one big pot. That pot is then used to invest in a business. As long as the structure is correct and follows the law, it is perfectly legal. In other words, five hundred Zambians can each put in sixty thousand Kwacha and together raise thirty million dollars. Or ten thousand Zambians can each put in three thousand Kwacha. It is possible.
So why are we not doing it? Because we lack the mindset. We lack the trust. We lack the organization. We want the government to do everything for us. We want foreign investors to come and save us. But no one will save us except ourselves. The owners of WGC did not wait for their government to give them money. They secured credit. They took risks. They started small and grew. That is exactly what we must do.
My fellow citizens, imagine if Zambians had raised that thirty million dollars and bought that fifty-five percent stake in Limestone Resources. Today, we would be looking forward to a cement plant owned by us, run by us, employing us, and paying profits to us. That cement would be cheaper for Zambians because we would not be adding foreign profits. That is the difference between owning and renting. When you own, you keep the wealth. When you rent, you pay forever.
I am not just writing this article to complain. I am writing to wake us up. We must learn to raise capital among ourselves. We must form investment clubs. We must pool our resources. We must trust our own people. The law allows it. The opportunities are there. The only thing missing is our will.
Let me end with this. Christopher Kangʼombe, the man who originally wrote these thoughts, is an engineer and a former Member of Parliament. He understands these things. He is telling us that the ideas are there. The only question is whether we will act. We can no longer afford to be spectators. It is time to become players. It is time to raise our own money, build our own industries, and secure our own future. God bless Zambia.
Kennedy Chileshe
Executive Director
Jubilee Leaders Network