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Fraud

Karangi Walks Out as Uhuru Storms NSSF Board Meeting

Blogger and social media guru Robert Alai has alleged that President Uhuru Kenyatta recently stormed a virtual NSSF board meeting and ordered the Managing Trustee to hand over money to his chosen company so as not to fail his housing plans.

“So recently, the UK stormed NSSF meeting through Zoom and ordered the Managing Trustee to hand over money to his chosen company so as not to fail his housing plans. The Managing Trustee knows that he’ll release money then he’ll be charged and arraigned for corruption. Said no,” Alai said.

The NSSF Managing Trustee is Dr Anthony Omerikwa. In November 2019, then Labour now Treasury Cabinet Secretary, Ukur Yatani, appointed Mr Antony Omerikwa as Chief Executive officer for the National Social Security Fund (NSSF).

Until his confirmation, Antony Omerikwa was the acting managing trustee of the NSSF. He served in that position for the past four years and eight months.

This site had published in November last year how the Kikuyuism jinx had been blocking the dragged appointment of the new CEO of National Social Security Funds

Julius Karangi’s Kikuyuism Jinx Blocking New NSSF CEO Appointment

So what happened?

According to blogger Alai, the National Social Security Fund (NSSF) chairman, General Julius Karangi was the first Kenyan to walk out of the President’s meeting.

The retired Soldier is alleged to have refused to hand over the money and stormed out of the meeting saying President Kenyatta wants him jailed for transferring the funds to a different account.

NSSF has been a haven for cartels and corrupt officials. The fund has billions of shillings in its accounts since it is responsible for the collection, safekeeping, investment and distribution of retirement funds of employees in both the formal and informal sectors in the Kenyan Economy.

This authoritative site published exclusive details of how cartels had appointed themselves and their relatives to many acting positions at the fraud-filled NSSF. The Parliament raised a red flag after it emerged that most if not all of the senior managerial positions at the fund were on acting capacity.

NSSF Management Saga On Parliament’s Radar

The retired Auditor-General’s report on NSSF for the 2017/18 financial year further casts doubt on the accuracy of Sh14 billion that is indicated as the balance of the members’ contributions as of June 30, 2018.

The report tabled in the National Assembly said while the agency’s recovery efforts had borne fruit, only Sh771 million had been collected by March 2019, leaving an outstanding balance of Sh5.6 billion.

“The recoverability of the unremitted members’ contributions accumulated over the years amounting to Sh5.6 billion remains doubtful,” says the report signed by retired Auditor-General Edward Ouko.

For starters, lemme give you a figurative example, the monthly reports from the Software and Social Security Pension Administration System (SSPAS) indicate that monthly collections for the year stood at Sh14,016,684,188.61 billions while the figure in financial statements was Sh14,044,262,078 billions, translating into a difference of Sh27.5 million.

SSPAS also indicated that the NSSF global report on the contributions was Sh14,030,656,823.31, the one captured through the financial statements was Sh14,044,262,078, indicating a variance of Sh13.6 million.

This was despite the fund using the law that gives it the power to impose fines on employers who fail to comply with any of set NSSF many provisions, including late remission of statutory contributions.

Scam Alert: NSSF Can’t Account For Sh5.6 Billion

On their response, NSSF management said that the variance between the global and monthly collection is because branch reports did not include M-Pesa payments, miscellaneous income, and payments receipted through reconciliations.

However, the auditor rejected that half thought explanation that only dimwits can accept. The retired Auditor general said that it is not clear why the receipts were not reflected in the branch reports since receipting under SSPAS is centralized.

“In any case, reconciliation between amounts in the global and branch reports was not presented for audit verification,” the report said.

Similarly, the contributions in transit, representing contributions that had not been posted to individual member accounts, declined by Sh99 million in the year under review from Sh762 million in the 2016/17 financial year to Sh663 million in the following year.

The Auditor-General’s report also warned Kenyans that the Fund was not clear on their Sh6 billion worth of assets the agency had put under construction.

Here are other stories we have highlighted on NSSF looting spree;

1. Government Reimbursed Ksh2 Billion To Ghost NSSF Officials

2. Disaster: NSSF Lost Sh9 Million Shares Invested In The Bankrupt And Auctioned ARM Cement Plant

3. Divided NSSF Trustees Snub Date With House Team As Turf War Rages

4. Scandal Ridden NSSF Books Have Contributions Gaps Of Ksh14 Billion

 


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