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We waste too much time on useless investigations – NSSF chairman


We waste too much time on useless investigations – NSSF chairman

National Social Security Fund chairman Ivan Kyayonka has said selfish people should stop feeding the media with wrong information.

Kyayonka, said they [NSSF] were tired of spending time responding to investigations that are based on speculation.

“We don’t like to spend 20 per cent of our time responding to investigations that yield nothing,” he said.

NSSF has had a series of investigations with the most recent being a parliamentary probe into the alleged illegal purchase of Umeme shares and illegalities related to recruitment of staff.

The Fund is being investigated for alleged disregard of due processes in the purchase pf Umeme shares worth Shs34b.

NSSF is also being investigated for alleged nepotism, irregular and unfair recruitment of Elizabeth Nabakooza, the daughter of IGG Irene Mulyagonja.

Nabakooza was recruited as a marketing officer at NSSF.

However, Elly Karuhanga, the founding partner of Kampala Associated Advocates and the meeting’s moderator reminded Kyayonka that NSSF generates a lot of public interest, considering that members want to ensure it is run transparently.

Karuhanga also wondered why NSSF, an institution which keeps private sector workers’ savings was being managed by government.

He said government should consider amendments that will empower members to have a say in the affairs of NSSF.

However, reports indicate government is in the final stages of liberalising the pension sector, which will open doors to competition, given that NSSF has been operating as a monopoly for decades.

Kyayonka also said it was wrong for media reports to portray NSSF as a struggling institution saying: “The results are not a sign of a company that is struggling.”

Earlier acting managing director Geraldine Ssali said NSSF revenue had increased by 26 per cent mainly from bonds, equities and the Fund assets’

For instance she said the Fund had for the year ending June reported return on investment in Umeme shares of about Shs3.3b.

She also said NSSF had invested 18 per cent of the Fund’s portfolio in Kenya, especially in infrastructure bonds.

NSSF currently has a total portfolio of Shs4.4 trillion.

Matia Kasaija, the state minister in charge of Planning commended NSSF for being an efficiently run organisation, saying: If all organisation can run like NSSF including my government this country would be very far.”



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