Nambawan Super Limited (NSL) officially announced the appointment of Mr. Richard Sinamoi as the Chairman of the NSL Trustee Board of Directors. Mr Sinamoi was appointed to replace Mr. Reginald Monagi, who stepped down as Chairman in October 2024 after serving an additional term at the direction of the regulator, the Bank of Papua New Guinea (BPNG). Mr. Monagi served as an ordinary Board member from 2014 to 2019 and as Chairman of the Board from 2020 to 2024.
The announcement was made by Dame Meg Taylor, Deputy Chairperson of the Board, who also expressed gratitude to Mr. Monagi for his contributions and dedicated service to the Funds 235,888 Members.
In acknowledging Mr. Monagi’s contributions, Dame Meg Taylor took the opportunity to highlight his notable achievements.
“Mr. Reginald Monagi’s tenure as Chairman of Nambawan Super has been marked by strong leadership and significant achievements. Since joining in 2014, Mr Monagi with Directors of the Board over time has ensured consistent growth of the Fund for both membership and Funds Under Management. Membership growth grew from 146,000 to over 235,000 Members, and Funds Under Management doubling to over K11 billion. He successfully guided the Fund through the challenges of the COVID-19 pandemic, implemented the Niupela Pasin strategy, and enabled remote operations to ensure continued service to Members.”
“Under his leadership, the Fund delivered record Unemployment Benefit payouts, expanded Financial Literacy Training to over 17,000 Members, and advanced major investment projects like Rangeview Plaza and Moki Business Park. He also led successful efforts to recover long-standing arrears from the State and secure repossession of the 9-Mile Bushwara land after 30 years.”
“The Board, Management and staff sincerely thank him for his dedication and service.”
In his farewell dinner, Mr Monagi’s parting words to Board, Management and Staff were to “ALWAYS DO THE RIGHT by your Members”. And in saying so, presented what he called, “DO THE RIGHT THING” baton to Chairman elect Mr Sinamoi. He asked that the baton be passed on to successive Chairmans with the same message which he hoped would form part of NSL Organizational Culture in their provision of services to their Members.
Mr Monagi thanked past and present Board members, Management and Staff for their collective efforts in the achievements of significant results for its Members.
"In line with the NSL Company Constitution and the Board Charter, and in accordance with the Bank of PNG Prudential Standards, my fellow Directors and I have resolved to appoint Mr. Richard Sinamoi as Chairperson," stated Dame Meg Taylor.
“Mr. Sinamoi is a qualified professional with over 20 years’ experience in the superannuation and financial services industry, having worked for the Comrade Trustee Services Limited (CTSL) as Chief Executive Officer until January 2017. He has served as a Director on several Boards for both commercial entities and charitable organisations, including Paradise Company Limited, Credit Corporation (PNG) Limited and Transpacific Assurance Limited. He has Executive Management experience in industries ranging from food & beverage, general insurance, trustee services, financial services and micro banking.”
Dame Meg further added, “In his statement as the incoming Chairman in NSL’s 2024 Annual Report, Mr. Sinamoi has stated that under his leadership; NSL will maintain momentum by focusing on five key strategic priorities: enhancing corporate governance and stakeholder engagement, advancing organisational transformation, progressing the 9-Mile Land project, exploring new investment opportunities, and collaborating with the State to resolve outstanding public service Employer contributions.”
“I am confident in Mr. Sinamoi’s experience and abilities as the incoming Chairman, to leading NSL forward. As an experienced Director of the Fund, Richard has a proven track record of putting Members first and making tough decisions with their best interests first and foremost. The Board looks forward to supporting him build on the strong foundations in place, enhance service delivery and continue to drive strategies with our Members at the heart of everything we do.”
