LILONGWE-(MaraviPost)-The country’s civil rights group Centre for Democracy and Economic Development Initiatives (CDEDI) has accused Reserve Bank of Malawi (RBM) of double standards on public pension funds particularly on the Amaryllis Hotel purchase.
The hotel has been purchased already at about MK128 billion but RBM is playing hide and sick on the matter.
Addressing the news conference on Thursday, February 25, 2026 in the capital Lilongwe, CDEDI Executive Director Sylvester Namiwa questions RBM inconsistent on the hotel purchase.
Namiwa wants Central Bank to come very clearly on its inconsistent saying is losing trust on the bank.
“Both Public Accounts of Committee of Parliament and RBM are cowards, accomplice in Pension Fund mismanagement and they aren’t trusted”-Namiwa.
CDEDI therefore demands the office of the Ombudsman should conduct a public inquiry since the writing is on the wall that the Public Accounts Committee of Parliament is an accomplice in this criminal enterprise.
CDEDI) also uncovered what it describes as serious governance failures and possible financial misconduct surrounding the controversial sale of Amaryllis Hotel to the Public Service Pension Trust Fund, raising alarm over the safety of billions in pensioners’ money.
The watchdog says launched its own inquiry after public pressure mounted over the dramatic escalation of the hotel’s value from about MK48 billion in 2023 to MK127 billion in 2026.
Namiwa argues that as a voice for the voiceless, CDEDI could not ignore growing fears that over 130,000 public servants’ retirement savings, currently amounting to about MK1.1 trillion, may have been exposed to questionable investment decisions.
According to the findings, independent valuations conducted in July 2023 by Knight Frank and Garden City placed the five star Amaryllis Hotel in Blantyre’s central business district at between MK48 billion and MK50.05 billion, with replacement costs ranging from MK78 billion to MK87.81 billion.
The hotel, a 91 room facility with conference and hospitality amenities, was reportedly cleared for acquisition after due diligence by investment managers, including NICO Asset Management.
However, the deal stalled after NICO allegedly opted out, only for negotiations to resume later at a dramatically higher figure of MK127 billion.
CDEDI questions what fundamentally changed to justify the sharp price increase, especially considering that the property was reportedly financed through loans in both local and foreign currency.
The organization suggests that the jump in price has left many Malawians wondering who truly benefited from the revised agreement.
The watchdog further highlights that from October 2024 to June 2025, the Pension Fund reportedly operated without a board, leaving the Principal Officer, George Jim, effectively in charge of both executive and oversight functions.
During this period, CDEDI alleges that several payments were made without proper authorization including overpayments to contractors, inflated land transactions and billions disbursed without board approval.
It is also alleged that billions meant for members’ accounts were either not updated or could not be reconciled.
CDEDI has also turned its focus to the role of the Reserve Bank of Malawi (RBM), the regulator of the Pension Fund.
While the RBM reportedly halted the Amaryllis transaction amid public outrage, the organization questions why the regulator allowed the Fund to operate without submitting audited financial statements between 2021 and 2025 and why earlier acquisitions were permitted without apparent scrutiny.
The report suggests that billions have already been transferred, raising concern about how any misapplied funds would be recovered.
The statement also alludes to possible political interference during the transition period following the September 16, 2025 elections, including alleged attempts to dissolve the board and efforts to align with influential figures.
Following these events, the reinstated board reportedly suspended the Principal Officer and instituted a forensic audit covering the period from December 1, 2024 to September 30, 2025.
CDEDI is now demanding that the forensic audit results be made public and that anyone found responsible be held personally liable.
The organization further calls for a public inquiry by the Office of the Ombudsman, arguing that the magnitude of the allegations has shaken public confidence in the management of pension funds.
As scrutiny intensifies, the unfolding saga has become more than just a property transaction.
It now stands as a test of accountability, transparency and the ability of institutions to safeguard the hard earned retirement savings of thousands of Malawian civil servants.
