What You Should Know About This NSSF Scandal
Details emerged of the investment blunders by the management of the National Social Security Fund that effectively sank millions of pensioners’ money. A new audit report shows the fund has lost nearly Sh1 billion arising from its investment moves. Most of the cash was pumped into the stock market and in botched housing projects.
Auditor General Nancy Gathungu has now put NSSF managers under the spotlight for continuing to hold investments in cash-strapped companies.
NSSF is a government agency with the mandate to collect, safe-keep and responsibly invest employees’ contributions that would be distributed at retirement.
