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Former Football Association of Zambia (FAZ) vice president, Emmanuel Munaile, faces the seizure of his assets after failing to settle a K423,419.45 debt owed to Zambia National Commercial Bank (ZANACO).
A Writ of Fi Fa, issued on January 16, 2025, has directed the Sheriff of Zambia to seize Munaile’s goods and chattels to recover the outstanding amount.
The action followed his failure to meet repayment obligations under a consent judgment reached with ZANACO in October 2024.
In June 2022, Munaile secured a K375,000 loan from ZANACO under a 29-month repayment plan at an interest rate of 27.75 percent per annum.
Despite agreeing to monthly deductions from his salary and other earnings, he defaulted on payments, prompting the bank to take legal action.
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Under the court-approved settlement, Munaile committed to paying K10,000 per month, starting October 31, 2024.
However, with missed payments accumulating, ZANACO sought enforcement of the judgment.
As per the agreement signed by Justice Bonaventure Mbewe, if Munaile defaulted on any installment and failed to rectify the payment within five days, the entire remaining balance would become due immediately.
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