NSSA to engage experts to steer turnaround strategy
The National Social Security Authority (NSSA) is keen on “engaging more asset managers and independent financial advisors” as the State pensions authority seeks to “get maximum value for its investments”, board chair Dr Percy Toriro says.
This comes as various State organs, including the Zimbabwe Anti-Corruption Commission (ZACC), have expressed concern over alleged corruption and violations of corporate governance principles, prompting ZACC to dispatch one of its senior commissioners to investigate the plan.
“As a board, we have further recommended that numerous asset managers be engaged so that we get the best out of NSSA investments,” Dr Toriro said recently, adding they have since “advised the organisation to build internal capacities to do the work as well”.
“Engaging financial advisors… was done by our executives (and) we have since been advised that there was nothing amiss about the move,” he said.
NSSA has been rocked by a number of probes by ZACC and other law enforcement agencies since May after several social media allegations were thrown at Mr Arthur Manase’s leadership, but Dr Toriro said the compulsory pension fund “needed them to regain stakeholders’ confidence” and they have “used some of the feedback to improve certain operational aspects”.
On his part, ZACC spokesperson John Makamure told local media that ZACC Commissioner Miss Thandiwe Mlobane’s “mission was sanctioned” and actually meant to “strengthen governance issues at several institutions, and parastatals”.
“These are not investigations, but systems and compliance reviews were undertaken… to enforce good governance and principles, existing laws, policies (and) procedures,” he said, adding “it is not true that she is acting alone, as it is actually a commission exercise”.
An ex-FisCorp and Genesis Investment Bank senior staffer, Ms Mlobane had ruffled feathers in certain quarters of the State pension fund after her visits to several custodial service companies, the Insurance and Pensions Commission, Procurement and Restructuring Authority of Zimbabwe, Public Service Commission, Securities and Exchange Commission and the Reserve Bank of Zimbabwe “to understand the NSSA arrangements”.
Meanwhile, corporate affairs director David Makwara’s recent arrest for allegedly fleecing the authority of nearly US$200 000 came after he had been sent away for various alleged misconduct issues, including insubordination, abuse of company property, attempts to manipulate tenders and besmirching his superiors.
Apart from facing these serious allegations, the 57-year-old executive was “once implicated in the 2019 BDO Zimbabwe forensic audit for reportedly costing NSSA millions through “questionable investment decisions”.
Having been hired by Mr Robin Vela’s board in mid to late 2017, Makwara was temporarily ousted by former general manager Ms Elizabeth Chitiga’s administration in March 2018 after allegedly “failing his probation” but was later reinstated by then Public Service, Labour and Social Welfare Minister Dr Sekai Nzenza as investments director and acting general manager – till Mr Manase’s appointment.
And despite facing criminal charges, Makwara reportedly is still carrying out his official duties and remains on full salary and benefits – contrary to public policy and conventional practice where accused persons are immediately suspended without pay such as in the Cottco case.
Although NSSA was sucked into the whirlwind of unsubstantiated charges, sources say it has since been cleared by various state security agencies after extensive investigations also showing that “the authority did not need any tenders for hiring professional advisors, and asset managers, including stockbrokers”.-herald.cl.zw
