Parliament’s committee probing the NSSF fund has discovered that controversial 400 acres Temangalo land bought by National Social Security

Parliament’s committee probing the NSSF fund has discovered that controversial 400 acres Temangalo land bought by National Social Security land still belongs to Businessman Amos Nzeyi, thus risking the savers fund.

This scandal began in February 2008 involving former Security Minister Amama Mbabazi, former Finance Minister Ezra Suruma, businessman Amos Nzeyi and the National Social Security Fund (NSSF) top executives among others. Nzeyi and Mbabazi sold 411.44 acres (the real size may never be known) of their land to the pension fund at a cost of Shs 11.2 billion (Shs 24 million per acre).

 Officials from the National Social Security Fund led by the NSSF acting Managing Director, Patrick Ayota together with the former NSSF Managing Director Richard Byarugaba have been appearing before the select committee to investigate operations and management of the National Social Security Fund (NSSF) chaired by Mbarara South Division Member of Parliament, Mwine Mpaka to defend themselves on the mismanagements.

Agnes Tibayeita Isharaza, the Corporation Secretary at NSSF Uganda has told the committee that by the time NSSF bought the Land it had problems.

They have also told the probe committee that Amos Nzeyi is in plans of exchanging this land for NSSF because it has encumbrances.

Gerald Paul Kasaato Chief Investment Office National Social Security Fund says the Temangalo land was a wetlands.

National Organization of Trade Unions (NOTU) and Employers’ Federation board members were asked to resign from NSSF Board and be compensated exorbitantly paid shs700M each.

The committee says the two board members were forced to resign to receive the proposed exit package at the expense of the savers funds.

They were forced to exist to create space for the new Members according to the new NSSF Act to cater for the people with Disabilities.

In response the officials say NSSF says paid 312 Million to each Board Members totaling to Shs624M

The committee has been shocked that on 29 Dec 2010 Uganda Clays borrowed a loan worth 20 Million shilling which made losses and up-to-date no amount has been paid thus putting at risk the savers’ money.

However, the former Managing Director also same chairman Audit Committee Richard Byaruagaba appointed on 29/10/ 2010

He says the Uganda Clays borrowed a loan from Uganda Clays to expand their production when they through to put up the same Industry in the Mbale the deal hit a deadlock it made loses and it couldn’t pay the Loan but the good news is that it has started regaining and also paying back the Loan to settle the Loan adding that the savers money is safe.

Mwine Mpaka Rwamirama says the NSSF probe committee has today ended its probe with officials from the fund.