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ENPF MARKS GOLDEN JUBILEE (50TH ANNIVERSARY) WITH LAVISH DINNER IN MANZINI

 

ENPF MARKS GOLDEN JUBILEE WITH 50TH ANNIVESARY DINNER IN MANZINI

 

Picture: ENPF Board Chairperson Mduduzi Gina addressing the ENPF 50th Anniversary dinner in Manzini on Friday 11th July 2025. (Picture courtesy of Yemaswati Channel live broadcast -screen shot)

Written by Fundizwi Sikhondze

On the evening of Friday 11th July 2025 the premier social protection organisation in Eswatini the Eswatini National Provident Fund (ENPF) hosted a dinner to mark 50 years of existence, its golden jubilee. The occasion was graced by the Eswatini Head of State, King Mswati III, the Prime Minister Mr Russell Dlamini, members of cabinet, the immediate past Chief Executive Officer of the ENPF and the current Minister of Natural Resources and Energy Prince Lonkhokhela, trade union leaders and other dignitaries.

The ENPF was established on 31st August 1974 through an order by the then head of state, King Sobhuza II. According to archival historical record by the ENPF in 2024 after the order they were then granted seed capital of E100 000 by the government  of the day to establish the fund. The records further indicate the ENPF paid is first benefits to two beneficiary workers from Peak Timbers in 1985.

Addressing the dinner current ENPF Board Chairperson and TUCOSWA Secretary General Comrade Mduduzi Gina addressed the need for the ENPF to continue to be trustworthy to workers as this served the fund from the period of a shaky start where initially workers were pessimistic about their wages being deducted and sent to the fund by employers. The board chairperson attributed the remarkable growth of the ENPF to its being able gain the trust of workers.  He said, “Witnessing the remarkable growth of the fund (from the humble seed capital of E100 000 to being worth around E6 billion today) provide tangible evidence of this trustworthiness. Our massive growth truly portrays a trustworthy organisation dedicated to its member’s financial wellbeing".

Chairperson Gina continued on the theme of trust, the need for transparency and constant consultations with stakeholders by remarking that, “Trust is earned through transparency and this is why platforms like the stakeholders forum play a crucial role to our relationship with the owners of the fund, the workers and employers”.

The board chairperson also stressed the urgent need for the ENPF to be transformed from a provident into a full pension fund. He said, “It is urgent that the fund completes the process of transforming into a pension fund”.

Assets value of the fund

The current assets of the ENPF are reported to now around E5 billion. The assets according to the ENPF Chief Executive Officer Futhi Tembe are located in various sectors of the economy including several residential as well as corporate or office rental properties in almost all the major urban areas of the country, 100% ownership of the Happy Valley Hotel, shareholding at the establishments such as Eswatini Mobile, Montigny, Old Mutual, Pick and Pay Lojaf, First National Bank, Inhlonhla and others. 

The CEO said that these investments in the listed assets constitute 59% of the ENPF catalogue of assets which demonstrated the ENPFs commitment to adhere to the directive to have at least 30% of their investments in Eswatini. 

Picture: The ENPF Board of Directors posing for a picture with King Mswati III. (picture courtesy of ENPF social media platforms)

Tribute to King Sobhuza II and the call for more growth

The head of state King Mswati III paid tribute to King Sobhuza II for laying the ENPF foundation 50 years ago. He further praised the different generations of leaders for steering the fund from inception to the present period and for making sound investments during the period. He further acknowledged that the fund has already paid benefits exceeding E3.1billion to members since inception and further called for the ENPF and other financial institutions to ensure that around 30% of their assets in the local economy in order to grow the Eswatini economy.

The head of state further motivated the ENPF to strive to reach asset value well beyond E100 billion in the next 50 years in order to join other similar global funds who are worth those kinds of values in currencies such as the Euro, Dollar, Yen and others. He said, "I put the challenge to you as the ENPF that you must attain E100 billion in within the next 50 years”.

The head of state then endorsed the conversion from a provident fund that pays beneficiaries a once off lump sum to a pension where beneficiaries are going to receive monthly payments throughout their lives. He however cautioned that the transformation requires proper planning so that the funds assets are not depleted in the process. “It is important that as we make the transition (towards being a pension) we continue to look after the social welfare (by not depleting the funds and assets) and continue the growth trajectory of the fund”.

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