Arrest NSSF thieves
Aug 30, 2009
NSSF has announced that it will not be able to give14% interest on workers’ savings as it had promised last financial year.
NSSF has announced that it will not be able to give14% interest on workers’ savings as it had promised last financial year.
Worse, instead of doubling the interest rate, from 7% to 14%, it is slashing it to one third – or about 2.5%. This is much lower than the inflation rate.
The announcement comes in the wake of NSSF losing sh18b in a court case to Kenyan company Alcon over the construction of Workers’ House.
The company’s contract was cancelled by NSSF in favour of another construction company, Roko.
The announcement also comes as a forensic report, commissioned by the Auditor General, revealed shocking incidences of abuse of office, fraud and outright gambling with workers’ money.
The way unscrupulous individuals used the hard-earned savings of workers for their selfish interests, is revolting.
Even more distressing is the fact that the entire system – internal auditors, external auditors, the board, the ministry and Parliament – failed to stop the haemorrhage that had been going on for years!
It is now time for President Yoweri Museveni to implement the war on corruption he announced during the last State-of-the-Nation address.
All those implicated in the scam should be investigated, arrested and prosecuted.
Individuals and their companies should be made to refund the money lost. The workers are waiting.
The President should not let them down.
Worse, instead of doubling the interest rate, from 7% to 14%, it is slashing it to one third – or about 2.5%. This is much lower than the inflation rate.
The announcement comes in the wake of NSSF losing sh18b in a court case to Kenyan company Alcon over the construction of Workers’ House.
The company’s contract was cancelled by NSSF in favour of another construction company, Roko.
The announcement also comes as a forensic report, commissioned by the Auditor General, revealed shocking incidences of abuse of office, fraud and outright gambling with workers’ money.
The way unscrupulous individuals used the hard-earned savings of workers for their selfish interests, is revolting.
Even more distressing is the fact that the entire system – internal auditors, external auditors, the board, the ministry and Parliament – failed to stop the haemorrhage that had been going on for years!
It is now time for President Yoweri Museveni to implement the war on corruption he announced during the last State-of-the-Nation address.
All those implicated in the scam should be investigated, arrested and prosecuted.
Individuals and their companies should be made to refund the money lost. The workers are waiting.
The President should not let them down.