The Centre for Accountability and Rule of Law (CARL-SL) has called on President Julius Maada Bio to take immediate action to safeguard the retirement savings of Sierra Leonean workers following concerns over the performance of the National Social Security and Insurance Trust (NASSIT)’s investment portfolio.

In a press statement issued on Tuesday, 7 July 2026, CARL-SL said the President should urgently order a comprehensive and independent audit of NASSIT’s investments and ensure the recovery of any public funds found to have been misused or lost.

The organization’s call follows recent remarks by the Minister of Labour and Social Security, Mohamed Rahman Swaray, who, during an interview with Truth Media, acknowledged that “NASSIT’s investments are not doing well.” CARL-SL commended the minister for what it described as his honesty and praised the government’s stated commitment to accountability, but stressed that transparency must now be matched with decisive action.

According to CARL-SL, NASSIT was established under the National Social Security and Insurance Trust Act of 2001 to collect, manage and prudently invest workers’ contributions while ensuring the timely payment of pensions. As one of Sierra Leone’s largest institutional investors and custodian of billions of leones in workers’ savings, the organization said NASSIT has both a legal and fiduciary responsibility to protect contributors’ funds through sound governance, prudent investment decisions and transparency.

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However, CARL-SL expressed concern that this responsibility has increasingly come under scrutiny due to the poor performance or stagnation of several major investment projects over the years. The organization cited the Sierra Akar Poultry Project in Sumbuya, the SCPL Block Making Factory at Angola Town, the Regimanuel Grey Estate in Goderich, Kimbima Hotel, Bo Plaza and several land bank investments in Bo as examples of projects that have either underperformed or stalled.

Beyond investment concerns, CARL-SL noted that beneficiaries of the pension scheme have continued to report delays in receiving retirement benefits. It also raised issues relating to limited investment diversification, recruitment and promotion practices, as well as concerns over the effectiveness of oversight by the NASSIT Board of Trustees.

The organization warned that if these concerns are confirmed through an independent review, they could undermine the financial security of both current and future pensioners while weakening public confidence in Sierra Leone’s social protection system.

“When trust erodes, compliance falls, and the entire scheme is put at risk,” the statement cautioned.

To address the situation, CARL-SL recommended several urgent reforms. It called for an independent review of all NASSIT investments, with efforts to recover funds lost through underperformance, mismanagement or other irregularities. The organization also urged the adoption of a commercially viable, long-term investment strategy aimed at delivering sustainable returns for contributors.

Additionally, CARL-SL advocated stronger corporate governance, including merit-based recruitment, promotion and deployment of staff, enhanced oversight by the Board of Trustees and prompt implementation of board decisions. It further recommended increased investment in technical expertise for investment management, risk management and pension administration.

The organization also emphasized the need to make timely pension payments a key performance target, arguing that retirees should not have to wait for benefits they have earned through years of contributions.

CARL-SL concluded by stressing that NASSIT is more than just a public institution, describing it as the custodian of the life savings of thousands of Sierra Leonean workers. It warned that the institution’s sustainability has significant implications for workers, employers, pensioners and the country’s broader economy.

“The time for statements has passed. The time for action is now,” the organization declared.