ENPF NEW BOARD MARRED BY CONTROVERSY
The appointment of new board members to the Eswatini National Provident Fund (ENPF) has sparked public outcry and raised serious governance concerns, with critics questioning the integrity and suitability of some appointees — including the new Chairman, Nsingizini FC boss and businessman Derrick Shiba.
Documents seen by Swazi Bridge reveal that Shiba, through his company Ngogola Abattoir (Pty) Ltd, has previously faced legal action for allegedly failing to remit statutory contributions to the Provident Fund on behalf of his own employees. This means Shiba, who allegeedly does not pay his fair share of contributions for his employees, now runs the very fund he previously undermined.
A court summons against Shiba for not paying remitances for his employees
According to an investigation diary from the Manzini Police, dated 2023, a complaint was lodged by Samkeliso Nongwane, 34, of Buhleni Etintfatsavaneni, accusing Shiba’s company of contravening Sections 14 and 36 of the SNPF Order No. 23 of 1974. The report states that during the period from May 2023 “to date,” the company “failed and resisted to pay into the Fund statutory contributions on behalf of their employees.”
A court summons issued by the Manzini Magistrate’s Court on 26 August 2025 directs Ngogola Abattoir (Pty) Ltd and Derrick Shiba to appear before the court to answer for contravening the same provisions of the SNPF Order. The charge accuses them of “wrongfully and unlawfully failing and refusing to pay into the Fund statutory contributions on behalf of employees.”
Despite this background, Shiba was recently appointed chairman of the ENPF board, a move that analysts say raises questions about due diligence and conflict of interest. One economic analyst observed that the appointment “appears to strategically position Inyatsi Group to better contest projects funded by the Fund.”
“It looks like there is an effort to position Inyatsi to better contest projects funded by the Fund. Bringing this man to be the chairman is a good strategy. I am made to believe that Inyatsi has been blacklisted from participating in internationally funded projects,” the analyst said. Another controversy surrounds the appointment of Vumile Dlamini to the Fund’s Investment Committee.
In a letter shared with Swazi Bridge, a concerned professional expressed “grave concern” over Dlamini’s inclusion, citing serious allegations of fraud, corruption, and embezzlement reportedly linked to his time at the Royal Science and Technology Park (RSTP). The writer argued that the appointment “undermines the principles of fiduciary responsibility and ethical governance,” given the sensitive nature of the Fund’s investments.
“The Investment Committee holds a fiduciary duty of the highest order, entrusted with safeguarding the financial integrity and long-term sustainability of members' contributions,” the letter reads. “A person under investigation for corruption and fraud cannot be presumed to possess the moral integrity required to make impartial and prudent investment decisions.” The letter further urged authorities to “urgently review this appointment and assess its alignment with the fit and proper standards expected of individuals serving in positions of financial trust.”
Vumile Dlamini
The Eswatini National Provident Fund manages billions of emalangeni in workers’ retirement savings, and its board is expected to uphold strict standards of transparency and accountability. However, the latest appointments have reignited public debate over political influence, corporate capture, and the erosion of governance ethics within public institutions.
As one observer put it, “How can someone accused of failing to pay provident fund contributions to his own workers now be entrusted with managing the nation’s provident fund?” Neither Shiba nor the Ministry of Labour and Social Security could be reached for immediate comment by press time. Shiba did not respond to enquiries made by this publication.