Government appoints former lieutenant-general as chairman of Pakistan’s anti-graft body

This undated handout picture, available on the official website, shows the headquarters of Pakistan's anti-graft body, the National Accountability Bureau, in Islamabad. (Photo courtesy: NAB/Website)
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Updated 04 March 2023
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Government appoints former lieutenant-general as chairman of Pakistan’s anti-graft body

  • The former National Accountability Bureau chairman stepped down last month due to ‘interference’ in his work
  • Ex-PM Khan’s party calls the appointment of Lt. Gen. Nazir Ahmad ‘controversial’ while questioning the process

ISLAMABAD: Pakistan’s federal government appointed former lieutenant-general Nazir Ahmad as the new chairman of the anti-graft body after holding consultations with the leader of the opposition in the National Assembly.

The top National Accountability Bureau (NAB) post fell vacant last month when Aftab Sultan, the previous chairman, submitted his resignation which was accepted by Prime Minister Shehbaz Sharif.

Sultan, who supervised the Intelligence Bureau in the past, complained of “interference” in his work while quitting his job.

“After detailed deliberations, the Leader of the House and the Leader of the Opposition in the National Assembly have [reached a] consensus on the appointment of Lt. Gen. (R) Nazir Ahmad (a retired officer of the Armed Forces of Pakistan) as Chairman, NAB,” said the summary for the cabinet while mentioning the appointment.




This handout picture, posted by the National Defence University, shows Lieutenant General (Retired) Nazir Ahmad Butt who served as president of the army-run university from April 2016 to December 2016. (Photo courtesy: NDU/Website)

According to the local media, Ahmad was commissioned in 40 Frontier Force Regiment and served as Peshawar’s corps commander.

The top NAB appointment is usually considered significant in a country where the organization is widely viewed as a weapon wielded by governments against opposition factions.

Politicians have also described it as tool for political engineering in the past, saying it was used by both civilian and military administrations.

Reacting to the development, former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party termed the appointment as “controversial” while questioning the legitimacy of the current leader of the opposition in the National Assembly.

“The process of appointing the chairman NAB is controversial,” said PTI vice president Chaudhry Fawad Hussain in a Twitter post. “The court has suspended the resignation notification of Tehreek-e-Insaf members and Tehreek-e-Insaf has nominated Shah Mahmood Qureshi as the leader of the opposition. In this background, the consultation process related to the appointment of the new chairman NAB was not done legally.”

 


Saudi National Bank receives non-binding offer for 84.5% stake in Samba Bank Pakistan

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Saudi National Bank receives non-binding offer for 84.5% stake in Samba Bank Pakistan

  • Any potential transaction will require regulatory clearance and complete due diligence
  • Filing submitted to PSX under statutory disclosure rules of the Securities Act 2015

KARACHI: Saudi National Bank (SNB), the majority shareholder in Samba Bank Limited, has received a non-binding offer from Najd Gateway Holding Company for the potential sale of its 84.5 percent stake in the Pakistani commercial lender, a disclosure to the Pakistan Stock Exchange said on Friday. 

The announcement places Samba Bank among the more significant banking assets currently in play in Pakistan’s financial sector, where foreign ownership remains concentrated but sensitive to valuation, capital requirements, and macroeconomic pressures. Any potential acquisition, if pursued, would rank among the most consequential foreign banking exits in recent years, subject to fit-and-proper approvals and regulatory clearance from the State Bank of Pakistan and the Securities & Exchange Commission of Pakistan.

“The Saudi National Bank (‘SNB’), as the majority shareholder of Samba Bank Limited, has notified that they have received a non-binding offer from Najd Gateway Holding Company relating to the proposed divestment of SNB’s 100 percent stake in Samba Bank Limited (‘Samba Pakistan’),” the filing stated. 

“Any decision relating to the potential transaction or process rests entirely thereon, including access to relevant documents for purposes of diligence, shall be subject to internal and regulatory approvals and execution of definitive agreements.”

If the divestment proceeds, it would mark a change of strategic ownership and may trigger regulatory review of capital commitments, governance structure and operational continuity under a new investor. The PSX notice did not disclose valuation, timelines or negotiation status.

The bank said it issued the statutory disclosure under Securities Act 2015 and the Rule Book of the Pakistan Stock Exchange.

Samba Bank currently operates as a listed, foreign-owned commercial bank in Pakistan, with paid-up capital positioned above the regulatory minimum and a footprint in corporate, SME and consumer banking. SNB’s shareholding stems from its earlier takeover of Samba Financial Group following a merger in Saudi Arabia.