October 27, 2016

NSSF Refutes Claims of Buying Shs900bn Mall in Nigeria

NSSF Refutes Claims of Buying Shs900bn Mall in Nigeria


By Serestino Tusingwire


The National Social Security Fund (NSSF) has refuted reports that have been circulating that it is planning to buy a Shs900bn shopping mall in Nigeria.

In a statement released on Wednesday October 26, NSSF Head of Marketing and Communications, Barbra Teddy Arimi clarified that the NSSF only invests within East Africa as spelt out in the Uganda Retirement Benefits Regulatory Authority (URBRA) Act of 2011.

“It has been brought to our attention that there are circulating reports that NSSF has bought or is planning to buy a mall in Nigeria at Shs900bn.  We wish to inform members and the general public that such a transaction has neither occurred nor will it occur,” Arimi wrote in the statement.

According to Section 68 (1), (f) of the Uganda Retirement Benefits Regulatory Authority Act (2011), all funds of a retirement benefit scheme shall not be invested outside East Africa.

Arimi noted that; “NSSF strictly acts within the law and abides by the URBRA Act, the URBRA investment guidelines, the NSSF Act and NSSF investment policy.”

She assured stakeholders that investments are managed under a prudent investment framework, stressing that priority is always given to preservation of members’ savings.

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