A recently disclosed report by the Auditor General of Sierra Leone revealed that the National Social Security and Insurance Trust (NASSIT) failed to account for NLE 165,093,760.58, equivalent to over 165 billion old Leones, according to Audit Service Sierra Leone (ASSL).

The report highlighted that this money was allocated to an investment that NASSIT could not justify. A review of the Trust’s subsidiary companies showed that three of them, with a combined exposure of NLE 165,093,760.58, had either ceased operations or were non-existent as of December 31, 2023.

The report recommended that the General Manager divest these subsidiaries, write off the investments in the books, and provide evidence of these actions to ASSL. In response, the Trust explained that Kimbima Hotel closed due to structural issues, and a thorough assessment was conducted. The Trust also mentioned that Kimbima Hotel was among the write-offs for toxic loans and debentures.

Sierra Akker Agricultural Company ceased operations in 2020, with no reports submitted despite repeated requests. This company also falls under the write-offs for toxic loans and debentures. The Sisimi project was still in its formative stages during the investigation, and those responsible for any wrongdoing had paid fines to the Consolidated Fund.

During verification, a structural report for Kimbima Hotel was provided. However, the investments in Kimbima Hotel, Sierra Akker, and Sisimi were still reported in the Financial Statements at their book values, with no evidence of write-offs or impairment provisions.