BY MBONGENI NDLELA
MBABANE– Mbabane East Member of Parliament Welcome Dlamini has strongly opposed the possibility of businessman Dave van Niekerk being granted a banking licence in Eswatini, warning that such a move could trigger serious parliamentary action against the Minister of Finance.
Speaking in Parliament today during Finance Committee budget debate, Dlamini delivered a firm submission urging legislators to exercise extreme caution when considering the application.
He warned that granting van Niekerk permission to operate a bank could expose the country to financial risk and undermine public confidence in the financial sector.
“If Dave is granted a banking licence, I will personally move a vote of no confidence against the Minister of Finance,” he said.
Concerns Over Past Business Activities
The Mbabane East legislator argued that Parliament must carefully examine van Niekerk’s previous involvement in investment schemes in the country. According to Dlamini, those past dealings have raised serious questions among members of the public and lawmakers.
He warned that Eswatini cannot afford to allow individuals with controversial financial histories to control institutions that handle the public’s savings.
Dlamini told Parliament that the financial sector is a pillar of national economic stability and therefore must be protected through rigorous regulatory oversight. Allowing questionable operators into the banking industry, he argued, could damage the credibility of the country’s financial system.
The MP stressed that Parliament has a responsibility to safeguard the interests of citizens who entrust their money to financial institutions.
Call for Stronger Financial Oversight
Dlamini’s submission highlighted the importance of strict due diligence before issuing any banking licence. He called on regulators and the Ministry of Finance to ensure that all applicants meet the highest standards of transparency, integrity, and financial credibility.
According to him, the country must prioritise protecting depositors and investors rather than rushing to approve applications that could later create problems for the economy.
He warned that the consequences of approving an unsuitable banking licence holder could be severe, including loss of public funds and reputational damage for the country’s financial regulatory institutions.
Background on Dave van Niekerk
Dave van Niekerk is a businessman who has previously been linked to Ecsponent investment initiatives in Eswatini that attracted public attention and scrutiny. Some of those ventures promised significant returns to investors and generated debate about regulatory oversight in the country’s financial environment.
Over the years, discussions around his business activities have occasionally surfaced in public discourse, with critics calling for stronger regulation of investment schemes to protect consumers.
The latest development involving a potential banking licence has reignited those concerns, prompting lawmakers such as Dlamini to call for greater caution and accountability.
Parliamentary Pressure Mounting
Dlamini’s warning of a possible vote of no confidence against the Minister of Finance significantly raises the political stakes surrounding the matter.
Such a move would represent one of the strongest parliamentary actions available to Members of Parliament and signals the seriousness with which some legislators view the issue.
The debate is expected to continue as regulators review the application and Parliament maintains oversight of developments in the country’s financial sector.
