Nambawan Super Limited (NSL) has received a K50 million payment from the State toward outstanding rental arrears for several properties occupied by government agencies, marking what the fund described as a critical step in resolving a two-year debt.
In a statement, NSL said the payment followed constructive discussions with the Government through the Department of Treasury, culminating in agreement on a formal Memorandum of Agreement (MOA) that sets out a structured repayment plan.
Under the arrangement, the State will repay the remaining balance through monthly instalments of K10 million. Of this amount, K5 million per month will be applied to arrears from previous years, while another K5 million will cover current rental obligations.
NSL said it agreed to the structure in good faith to support the State’s cash flow management while ensuring that outstanding obligations are cleared.
The superannuation fund said it looks forward to receiving the signed MOA, which provides for the settlement of the remaining K67 million over 12 months.
NSL thanked the Government for its commitment to addressing the issue, saying the payment and repayment schedule represent a positive shift toward financial accountability and the restoration of a stable landlord-tenant relationship.
The fund stressed that timely settlement of arrears and consistency in future payments are essential to safeguarding its income streams and delivering appropriate returns to members, many of whom are employees of the same government departments occupying NSL-owned buildings.
State agencies currently occupying NSL properties include the Internal Revenue Commission at Revenue Haus; the Department of Education at Vulupindi Haus; the Department of Lands and Physical Planning at Eda Tano Haus; the Department of Health and the Department of Higher Education at AOPI Centre; and the Ombudsman Commission, Independent Consumer and Competition Commission, and Auditor General’s Office at NSL Haus in Lae.
