Port Moresby, December 17, 2025 – When Paul Sayer joined Nambawan Super in 2017, Papua New Guinea’s largest superannuation fund managed K6 billion in assets.
Eight years later, as he steps down as Chief Executive Officer, that figure has doubled to over K12 billion, serving approximately 236,000 members. This remarkable growth story defines Sayer’s tenure – a period of transformation that turned Nambawan Super into a powerhouse of retirement savings amid economic turbulence and local challenges. His departure marks the end of an era, with Lachlan Baird appointed as incoming CEO effective January 1, 2026.
Sayer’s leadership navigated the fund through unprecedented headwinds: the COVID-19 pandemic, Black Wednesday riots, and repeated economic shocks in PNG. Yet under his guidance, Nambawan Super not only survived but thrived, delivering consistent returns, expanding infrastructure, and prioritizing member education. The Board Chairman Richard Sinamoi captured the sentiment: “We extend our deepest appreciation to Paul Sayer for his many years of dedicated service and significant contributions to Nambawan Super.” This feature explores Sayer’s legacy, the milestones achieved, and what lies ahead for PNG’s superannuation giant.
The Foundation: Joining a Fund in Transition
Paul Sayer arrived at Nambawan Super Limited (NSL) at a pivotal moment. Established as a defined contribution accumulation fund under the Superannuation (General Provision) Act 2000, NSL exists solely to invest contributions from employers and members for retirement. With assets at K6 billion, the fund already dominated PNG’s superannuation landscape, but growth had plateaued amid regulatory changes and market volatility.
Sayer, a seasoned executive with deep financial services experience, brought a member-first philosophy. His early focus was operational resilience. He oversaw enhancements to core systems: upgrading the mobile app for real-time account access, revamping the website for seamless transactions, and bolstering the call center with advanced case management. These digital upgrades reduced administrative burdens and empowered members in remote areas like Lae, Mount Hagen, and Kokopo.
Branch relocation and expansion programs followed, ensuring physical presence across PNG’s provinces. Remote working frameworks and business continuity plans proved vital during COVID-19 lockdowns, maintaining service levels when competitors faltered. Critically, Sayer kept the Management Expense Ratio low – a key metric for cost-conscious members – ensuring more contributions fueled growth rather than overheads.
Investment Milestones: Building a K12 Billion Portfolio
The headline achievement – doubling assets to K12 billion – stemmed from bold investment decisions. Sayer championed domestic and international diversification, balancing high-yield PNG opportunities with global stability. Key projects defined this era:
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OPH Opening: The Office of the Public Hospital development showcased NSL’s commitment to social infrastructure, generating steady rental income while supporting public health.
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Rangeview Development: A commercial hub that boosted property returns and created jobs in Port Moresby.
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Moki Business Park: Strategic acquisition enhancing NSL’s industrial portfolio.
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Paradise Foods Full Acquisition: Securing a controlling stake in PNG’s leading food manufacturer diversified revenue beyond traditional super assets.
Progress on the contentious 9-Mile land repossession stood out as a test of resolve. NSL executed the largest and most peaceful eviction in PNG history, reclaiming valuable real estate for future development. This move, amid settler disputes, underscored Sayer’s crisis management skills.
These initiatives weren’t gambles; they aligned with NSL’s investment policies, delivering top-quartile crediting rates. By 2025, funds under management hit K12 billion, a testament to compounded growth from contributions (up significantly per recent reports) and smart capital deployment. Membership swelled to 235,888 by 2024, adding 7,569 new members that year alone.
Member-Centric Leadership: Beyond the Balance Sheet
Sayer led “with both professionalism and heart,” as the announcement noted. He rolled out the Financial Literacy Program, reaching thousands with workshops on retirement planning, investment basics, and scam avoidance. This initiative empowered over 6,000 members directly, fostering long-term financial health.
Policy advocacy marked another pillar. Sayer pushed for member protections, navigating Superannuation Act amendments and unpaid employer contribution resolutions (especially pre-2009 public service debts). Housing advances, voluntary contributions, and the discount program expanded benefits, while ID card issuance streamlined access.
During crises, his steady hand shone. COVID-19 tested liquidity; Black Wednesday disrupted markets; economic shocks hit commodity prices. Yet NSL maintained payouts, protected vested benefits, and even supported the peaceful 9-Mile resolution. Members appreciated this – engagement sessions with groups like the Department of Works and Port Moresby General Hospital staff highlighted personalized service.
Operational Excellence: The Backbone of Growth
Behind the K12 billion figure lay rigorous operations. Sayer’s team optimized employer portals, ensuring timely contributions from public and private sectors. The Employer Boost program incentivized compliance, while NSL Savings & Loans integration offered holistic financial products.
Technology upgrades transformed user experience: the app now handles switches, merges, and projections; online portals rival Australian standards. Training requests and free services reinforced NSL’s ethos – no cash gifts accepted, emphasizing integrity.
Low costs preserved value: despite expansions, the expense ratio remained competitive, channeling savings into higher crediting rates. Annual reports chronicled this discipline, building trust among 236,000 members.
Challenges Overcome: Resilience in Action
PNG’s context amplified Sayer’s achievements. Global inflation, forex volatility, and local unrest could have derailed growth. Instead:
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COVID-19: Remote operations kept doors “open.”
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Black Wednesday: Quick recovery preserved assets.
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9-Mile Land: Peaceful reclamation set a precedent.
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Economic Shocks: Diversification buffered impacts.
Sayer’s advocacy ensured NSL influenced policy, safeguarding the sector. His board navigated committees effectively, maintaining governance amid scrutiny.
The Handover: Lachlan Baird’s Arrival
Sayer’s exit is seamless. He’ll assist Baird through transition. The incoming CEO brings 30+ years’ experience, including leading Prime Super (AU$7 billion assets) to CANSTAR 5-star ratings and top returns. Chairman Sinamoi praised: “Lachlan’s leadership capabilities… will be instrumental in charting our future course.”
Baird inherits a robust platform: K12 billion assets, digital infrastructure, property empire, and educated membership. Challenges persist – regulatory evolution, climate risks, youth demographics – but the foundation is solid.
Sayer’s Enduring Impact
Paul Sayer’s legacy transcends numbers. He grew Nambawan Super from K6 billion to K12 billion, but more importantly, built trust. Members now access tools once unimaginable; investments yield real retirement security; operations hum efficiently.
In PNG’s business landscape, where executive tenures can be short, eight years of transformation stands tall. As Baird takes the helm, Sayer’s blueprint ensures continuity. The Board’s gratitude echoes widely: profound thanks for vision, dedication, and member-first commitment.
Nambawan Super – PNG’s retirement guardian – enters 2026 stronger, ready to serve generations. Paul Sayer made that possible.
