National

Lupane State University’s finances in disarray: Auditor General’s report reveals significant concerns

Published

5 months ago

July 22, 2024

BY NOKUTHABA DLAMINI

The Office of the Auditor -General’s (OAG) report on Lupane State University’s financial statements for the year ended December 31, 2022, reveals significant concerns. The report states that the University’s financial statements are incomplete, inaccurate, and do not reflect the true financial position of the institution.

One of the main concerns tabled before the parliament is the University’s academic fees income. “Academic fees comprise a significant part of income generated by the University from its operations,” the report notes.

However, the auditor general was not provided with all the supporting documents for the academic fees income recognized. “I was unable to perform alternative audit procedures to satisfy myself on the completeness, accuracy, and occurrence of academic fees income amount during the audit,” the report states.

“The University could not provide accurate and complete student statistics to evaluate recalculation of academic fees using numbers of active students and the authorised tuition fees for each program per semester, to assess if the academic fees income amount of ZWL$ 2.4 billion presented in the financial statements was accurate.”

The report also highlights issues with trade receivables. “In the absence of sufficient audit evidence, the University’s records did not permit the application of alternative procedures and therefore no assurance could be obtained that the student receivables had actually existed and were accurately recorded,” the OAG writes.

Furthermore, the report notes that the University’s property, plant, and equipment valuation does not meet the fair value criteria as per International Financial Reporting Standard (IFRS) 13. “The revaluation was performed in USD and translated to ZWL using the Reserve Bank of Zimbabwe (RBZ) interbank rate for financial reporting purposes. This did not meet the fair value criteria as provided for in International Financial Reporting Standard (IFRS) 13 – Fair Value Measurement,” the report states.

Governance issues are also a concern. “The University did not have lease agreements on the buildings leased to the University by a commercial bank,” the report notes. “This was attributable to inadequate due diligence and maintenance of the University filing system.”

In addition, the report highlights procurement issues. “The University made advance payment amounting to ZWL$22.6 million to a supplier for the purchase of heifers in May 2022. However, the heifers had not been delivered as at December 31, 2022,” the OAG writes.

Overall, the report raises significant concerns about the reliability and accuracy of Lupane State University’s financial statements. As the auditor general states, “I was unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.”

National

Zimbabwe’s power crisis: A new dawn?

Published

1 day ago

December 3, 2024

VicFallsLive

BY NOKUTHABA DLAMINI

In a bid to alleviate the crippling load shedding that has left Zimbabweans frustrated and angry, ZESA Holdings chairman Sydney Gata has announced a 720-megawatt thermal power project.

This ambitious initiative aims to add much-needed megawatts to the national grid, bringing relief to households and businesses alike.

Speaking at the launch, Gata acknowledged the nation’s pain, saying, “I know you are angry and frustrated about the load shedding. I am tired of being insulted for these power cuts.”he was quoted at a video captured by the Ministry of Information.

His words echoed the sentiments of many Zimbabweans who have grown weary of the constant blackouts.

The project, set to be completed by December 2025, will be complemented by a 200-megawatt solar station and additional solar projects in Selous and Gweru.

This multi-pronged approach is expected to mark the end of load shedding in Zimbabwe.

Gata emphasized that this initiative is one of 18 projects spearheaded by companies in mining, industry, and commerce.

These projects were invited after the Kariba disaster, which highlighted the need for alternative power sources.

National

Victoria Falls mayor suspends town clerk amid corruption allegations

Published

2 days ago

December 2, 2024

VicFallsLive

BY STAFF REPORTER

Victoria Falls Mayor Councillor Prince Moyo has suspended Town Clerk Ronnie Dube with immediate effect amid allegations of abuse of office and corruption.

According to a letter seen by this publication, Dube’s suspension is in terms of Section 139 of the Urban Councils Act, Chapter 29:15.

The letter, dated November 2, outlines several allegations against Dube, including:

– Allocating stands 9816 and 9945 to Priscilla Thabolo and Portia Saritsozo without following Council procedures

– Awarding a contract to Cascade Engineering Consultants without following tender processes

– Selling and transferring stand 1829 in Chinotimba Township without receiving payment or following procedures

The letter states that these allegations, amongst others, have led to Dube’s suspension, and he is required to leave Council offices immediately.

“The Council will notify you on the way forward,” the letter reads.

This publication will continue to follow the story and provide updates as more information becomes available.

National

How long will Zimbabweans endure darkness?

Published

3 days ago

December 2, 2024

VicFallsLive

BY FARAI MACHAMIRE

Zimbabweans face at least two more years of power shortages as the government works to stabilize electricity generation and meet demand, the Minister of Energy and Power Development, Edgar Moyo, has revealed.

The country’s daily power generation currently averages 1,232 megawatts (MW) against a demand of 1,735 MW, with imports and load-shedding bridging the shortfall.

Speaking in Parliament (Senate) on Wednesday and quoted on ZimLive, Moyo painted a grim picture of the nation’s energy landscape but assured citizens that ongoing and upcoming projects would eventually close the gap.

“The refurbishment of Hwange Power Station’s Unit 5 will add 160 MW to the national grid by August 2026, helping address the electricity shortfall,” he said. Additionally, Unit 7 at Hwange will undergo maintenance in January 2025 to ensure its long-term efficiency.

Water shortages have further constrained electricity generation at the Kariba Power Station, which produces only 104 MW out of its 1,050 MW capacity due to low water levels.

However, Moyo highlighted a 68.75% increase in water allocation for power generation in 2025, stemming from an anticipated above-normal rainfall season.

“This will significantly increase power availability next year,” he noted.

A recent nationwide blackout on November 24 disrupted the fragile energy system, with power restored after seven hours. The cause of the disturbance is still under investigation.

To mitigate load-shedding, the government plans to rely on Independent Power Producers (IPPs), which currently contribute over 200 MW, and accelerate renewable energy projects like solar farms. Projects such as the Batoka Gorge Hydro Electric Plant, with a potential capacity of 1,200 MW, and the Devils Gorge Hydro Project, expected to generate 600 MW, are also in development.

“The repowering of Hwange units 1 to 6 over the next 48 to 60 months will restore the station’s capacity to 840 MW, significantly stabilizing the power supply,” Moyo said.

On nuclear energy, the minister disclosed that the government is exploring prospects with Russia’s ROSATOM and the International Atomic Energy Agency (IAEA).

Thirty Zimbabwean students are currently training in nuclear physics abroad as part of the initiative.

Despite these efforts, Moyo acknowledged the challenges ahead. “Without significant interventions, the forecast demand of 1,735 MW will continue to outstrip supply, resulting in ongoing load curtailment,” he said.

Zimbabwe’s path to reliable electricity hinges on the successful completion of these projects and the implementation of efficient energy policies. For now, the nation must brace for continued power outages.

The prolonged outages, now extending to 18-hours a day, have taken a toll on households and industries, affecting productivity and increasing operational costs for businesses reliant on backup power. Critics argue that the government’s reliance on imports and promises of future projects have not eased the immediate burden on citizens.

SOURCE: ZIMLIVE