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AAs Price Waterhouse Cooper (PZC) – an international financial analyst consulting firm – presents report on the financial and investment analysis of the Trust’s investments over the years, the National Social Security and Insurance Trust (NASSIT) Director General, Mohamed Fuuad Daboh has disclosed that His Excellency President Brig. (Rtd) Julius Maada Bio has successfully delivered on his 2018 manifesto promise on NASSIT’s investment viability.
According to the Satellite Newspaper, the NASSIT Director General made the disclosure yesterday in the presentation of report to the Trust and the Deputy Minister of Labour and Social Security, Lansana Dumbuya, for onwards presentation to the President held at the Scheme’s Head Office on Walpole Street in Central Freetown.
“Prior to His Excellency’s campaign to be elected President of Sierra Leone, he promised this nation that upon his election, he would ensure the general membership of this Trust (NASSIT’s contributors and pensioners) would be kept abreast of what has happened with their investments by setting up a team that would look into the viability of the Trust,” the Director General disclosed.
“In the State Opening of Parliament on 23rd May 2019, President Bio re-echoed that NASSIT would review its portfolio of investments to determine what to be discontinued and those that should be maintained and under which condition.” With that expressed statement of President Bio, Mr. Daboh said NASSIT’s Board of Trustees and Management through competitive bidding hired the service of PWC firm for the valuation of the Trust’s investments and related policies. He said the contract was signed in January, 2021 and on 17th December, 2021, PWC presented a draft form of the report with an extract of Executive Summary.
According to Mr. Daboh, “It is a clear fulfilment of His Excellency’s manifesto to this country; that I told you I will do this and I have done it. As the President always promised us and when he says things he will do it.” He said many Sierra Leoneans are looking forward to seeing the report as contributors and pensioners of the Scheme, noting that they will determine from the report what the Trust will continue to do and how they will do it.
Mr. Daboh however took great exception to claims that the Trust’s investments in various sectors were not correct.
Deputy Minister of Labour and Social Security, Lansana Dumbuya conceded that the Trust has encountered many challenges in the discharge of its responsibilities over the years, citing the NASSIT ‘Ferry Saga’ that impacted negatively on the Trust’s fund albeit the culprits refunded Le2 billion to the Anti-Corruption Commission (ACC). He said it is mandated by the NASSIT Act that the Trust will invest surplus funds in line with sound investment principles considering its liquidity, whilst he assured that the report would be presented to the President together with the Board of Trustees and Management.
According to the contracted consulting firm, PWC, the objective of the report would be found useful to see how best they would move forward with NASSIT to make it a sustainable fund that would benefit Sierra Leone and the citizenry.
