Senior bosses cream off Nssa

via Senior bosses cream off Nssa – The Zimbabwe Independent January 8, 2016

SENIOR managers at the National Social Security Authority (Nssa) have gobbled US$2 million each in housing loans over the last two years in addition to getting hefty allowances as fresh details into the state of the parastatal emerge.

Hazel Ndebele

An audit for the period August 1 2013 to June 30 2015 carried out by Deloitte Advisory Services, seen by the Zimbabwe Independent, shows that Nssa executives’ salaries and perks exceeded a government cap of US$6 000 raising questions over government’s commitment to rein in parastatals that have been an albatross on cash-strapped Treasury.

Nssa, which has a US$1,2 billion balance sheet, has recently been under fire from struggling pensioners and lawmakers who felt that its meagre payouts to beneficiaries were below the poverty datum line despite investment in From Page 1
banks, the equities market and property.

The social security agency generates surplus contributions in excess of US$10m per month, which it is authorised to invest.
In October last year, Nssa sacked its general manager, James Matiza together with other executives, initiating a restructuring exercise following the appointment of a new board led by Robin Vela.

The minimum monthly payout for the struggling pensioners is at US$60 for old age pension, US$30 for invalidity pension as well as a US$300 funeral grant.

In the two-year period, the report shows Nssa provided loans to executives which include housing loans of between US$1,8m and US$2m each, long service loans for management who do not benefit from housing loans of US$795 523 each, vehicle loan of between US$70 911 and US$185 447 each depending on seniority, as well as personal loans for management of between US$8 427 and US$22 363 each.

The report further shows that as at June 2015, Nssa’s corporate services director earned US$31 926 in monthly salary and allowances, finance director (US$29 340), general manager (US$26 599), contributions and compliance director (US$12 912), investments director (US$11 281), benefits, schemes planning and research director (US$11 230) and information and communication executives (US$9 456).

The chief internal auditor’s basic salary and allowances in August 2013 amounted to US$36 593 which included an outstanding holiday allowances of US$25 163.

The auditors also revealed that in October 2013, Nssa chief internal auditor received a total amount of US$644 314 which included a gratuity of US$624 510.

The report notes that in 2014, Matiza received a bonus of US$33 042.

On December 9 2014, Matiza and corporate services director Tendai Mafunda approved a bonus of US$2,6m, which was to be given on the basis of individual performance evaluations, the report showed.

As at June 30, the authority had a total staff of 786.

Deloitte also recommended that Nssa should review its payroll and executives’ remuneration in line with best practice.

Government in March 2014 set a US$6 000 salary cap on parastatal executives after it emerged that bosses of most institutions were earning mega salaries, despite their loss-making positions.

Former chief executive of the Premier Service Medical Aid Society, Cuthbert Dube, was the highest earner at US$535 000 per month, broken down as US$230 000 basic salary and benefits amounting to US$305 499.

The revelations of the perks enjoyed by Nssa executives come at a time the institution had by June last year lost more than half of its nearly US$700m total investment portfolio due to market volatility, bad deals and mismanagement of public funds.
Nssa’s has investments in the money market, stock exchange, property, short and long-term investments in associated companies and subsidiaries as well as land inventory and deals referred to as “other investments”.

As at June 2015, Nssa’s total investment stood at US$698,74m, the report showed.

“Long-term investments represent long-term loans to various institutions, cumulatively other investments have lost US$12,2m value between 2009 and 2014,” says the report.

The report also revealed that key documents were missing from individual investment files and these include copies of deed of transfers and share certificates, agreements of sale, proposal from sellers, analysis done and recommendations at various levels. It also says that record keeping for Nssa’s properties is manual and maintained on spreadsheets.

COMMENTS

WORDPRESS: 10
  • comment-avatar

    its only in poverty stricken zimbabwe that public officials are US-dollar millionaires.

  • comment-avatar
    Ndonga 6 years ago

    “Gobbled up $2 million each!!!” Insane!

    Tell me of even one Government entity, or quasi Government entity, where the senior staff do not gobble up huge wealth at the expense of the poor?

    And the ZANU PF junta has consistently and steadfastly done nothing to prevent this blatant robbery. They have done nothing because they themselves are too busy slurping up the fast disappearing gravy on their own gravy trains.

    When true democracy comes, as it soon surely will, how are we ever going to get the human, investigational and financial resources to locate and claw back all this stolen loot…and to properly punish the thieves involved?

    • comment-avatar

      all it means to us … Someone is sleeping on the job… It’s time for new blood..top to bottom
      The sorry state of affairs needs anew mind set .. An executive to run the country for 10 years as done in the case of a failing company and the eleactions… We don’t need politicians

  • comment-avatar

    Whilst the Zanoids are in charge this gross thieving will never end. Very soon all the heads of department at NSSA will change so that the next favourite guys get a chance to milk the place. No one will ever get to prison, let alone a police station. Look at Cashbert Dube – free as a bird, high and dry and obscenely rich – all at the expense of the poor. But since when did this government care about the poor? NEVER EVER!

  • comment-avatar
    Tsotsi 6 years ago

    Zimbabwean Shona men are cowards. Any other tribe would have done something long ago. Instead, they come here bleating about ‘revenge one day’. The Matabele had nothing but contempt for them, rightly calling them little better than dogs or insects.

  • comment-avatar
    Jono Austin 6 years ago

    Absolutely disgusting-daylight robbery. Zimbabwe is doomed-the calibre and immorality of these savages is beyond words

  • comment-avatar
    Roberta Mugarbage 6 years ago

    Pretty disgusting.
    This is however not an African thing. The same European bankers that took risks with the money of savers by investing in American junk, caused the financial crisis in 2008, were saved by taxpayers money and are still living the good life.
    Life is simply unfair everywhere, but in Africa it is worse.

    • comment-avatar
      Tiger Shona 5 years ago

      I am not saying that there is no corruption in the West, but not even close to what is happen here.
      And when they get caught in the West, they are punished accordingly.
      Here in Zim, it only means you are found out and there is no consequences. That Cuthbert Dube got that huge salary, approved by senior Zanu PF people.

  • comment-avatar

    Haibo! Amana! The looting continues. How can a manager of a social security state run institution earn USD31000. The pensioner gets USD60. We as Zims have failed to sort this mess and like our DRC brothers,we will continue to run away from our country and take refuge in foreign countries.

  • comment-avatar
    Mukanya 5 years ago

    Its part and parcel of their contracts to cream off the parastatals and its approved by the Zanu PF government.
    Please private media leave the guys involved alone on their anointed missions.