• What is UNN?
  • Why UNN?
  • Our Team
  • Support Us
Wednesday, March 29, 2023
  • Login
  • Home
  • Featured stories
  • Editors Choice
  • Trending Stories
  • News
  • Africa Today
  • Opinion
  • Literature
  • Videos
  • Sports
No Result
View All Result
  • Home
  • Featured stories
  • Editors Choice
  • Trending Stories
  • News
  • Africa Today
  • Opinion
  • Literature
  • Videos
  • Sports
No Result
View All Result
UNN Times
No Result
View All Result
Home Business

Retirement Body Declares NSSF Ugx11b Loan to Uganda Clays illegal as MPs Dig-out more Rot at Workers’ House

Moses Kalaire | UNN Times ReporterbyMoses Kalaire | UNN Times Reporter
February 10, 2023
in Business, Editors Choice, Featured stories, News, Trending Stories, Uganda
0
Retirement Body Declares NSSF Ugx11b Loan to Uganda Clays illegal as MPs Dig-out more Rot at Workers’ House

The Director Legal Services at URBRA, Rita Nansasi (R) addressing the select committee on Thursday as URBRA CEO, Martin Nsubuga listens. It seems anyone, apart from ordinary savers, associated with NSSF stinks of corruption. (Photo/Courtesy)

12
VIEWS
Share on FacebookShare on Twitter

KAMPALA –The country’s Retirement Benefits Regulatory Authority – URBRA officials told the parliament’s select committee probing the alleged mismanagement of National Social Security Fund -NSSF on Thursday that the Ugx11b unsecured loan, which the Fund extended to Uganda Clays was illegal.

The committee had on Wednesday learnt from NSSF management that the loan – that was disbursed to Uganda Clays in 2010 has not been repaid – accumulating up to Ugx20b.

RELATED STORIES

Karamoja Elders Demand Minister’s Apology over Iron Sheets’ Saga

Karamoja Elders Demand Minister’s Apology over Iron Sheets’ Saga

February 25, 2023
Uganda to Host EAC Petroleum Conference

Uganda to Host EAC Petroleum Conference

February 25, 2023
Experts Call for Extensive Research into the Nodding Disease Syndrome

Experts Call for Extensive Research into the Nodding Disease Syndrome

February 24, 2023
President Museveni Brags how Banyonkole have become Rich

President Museveni Brags how Banyonkole have become Rich

February 21, 2023

But when the URBRA management appeared before the same committee on Thursday – its Director Legal Services and Secretary to the Board, Rita Nansasi revealed that Section 68 of the URBRA Act restricted savers groups from extending loans to private companies.

“It is illegal for NSSF to give loans to private companies,” she said.

According to the Auditor General’s report, the loan has been written off and the Committee Chairperson, Mwine Mpaka asked URBRA to provide details of individuals who sanctioned the decision.

“If you write-off a loan – it means the company cannot make the money to pay it back. If you are writing it off, how are members’ funds protected? How did NSSF give a loan to a company that was making losses?” he asked.

URBRA CEO, Martin Nsubuga however, said that the loan has been restructured – adding that Uganda Clays had since handed over a land title to NSSF as security.

“We are aware that the loan has been written off but it does not mean its recovery has stopped. Our interest is to protect savers’ funds. URBRA performed an onsite visit and has demanded for a loan re-payment plan,” revealed Nsubuga.

This prompted Mwine Mpaka to inquire whether the land title given as security was equivalent to the loan amount to which, Nsubuga responded that no valuation had been performed on the land.

“What is making you comfortable that all is well? Is the land from Uganda Clays worth the loan,” wondered Mwine Mpaka.

Karim Masaba – the MP Industrial Division, Mbale City, however, cast doubt on the possibility of the said loan recovery – saying URBRA report had indicated NSSF’s credit losses at Ugx3b.

“According to what you have presented to us, the balance on loans is Ugx3b. This means the Ugx11b loan will not be recovered unless Uganda Clays decides to pay it back out of goodwill,” insinuated Masaba.

The legislators also criticised URBRA for failing to address a petition by the National Organisation of Trade Unions – NOTU on alleged illegal NSSF board representation.

NOTU petitioned URBRA accusing the Secretary General of the Central Organisation of Free Trade Unions – COFT, Dr Sam Lyomoki of self-nomination to the NSSF board.

“The Minister of Finance wrote to URBRA requesting for vetting of nominees to the Board. URBRA vetted Lyomoki who nominated himself. URBRA confirmed the same person who nominated himself and the minister acted on URBRA’s advice,” said Mwine Mpaka.

Nsubuga however, said that the petition was received two weeks ago after Board members had been vetted.

“We did not have the petition at the time of assessment of nominees. When we received the petition, we informed this committee that investigations are being undertaken,” he said.

Nsubuga’s response compelled Richard Gafabusa – the Bwamba County MP to reveal that URBRA had received the petition on September 10 2021.

“This is a letter with your stamp indicating received; is there another URBRA we are interfacing with? Is there another petition apart from this one?” asked Gafabusa.

Tags: CorruptionNational Social Security Fundunntimes
Previous Post

Experts Appeal over Loan Acquisition Laws

Next Post

Here is the List of the Best 20 Schools in the 2022 Uneb Results

Related Posts

Karamoja Elders Demand Minister’s Apology over Iron Sheets’ Saga

bySophie Mutesi | UNN Times Reporter
February 25, 2023
0
Karamoja Elders Demand Minister’s Apology over Iron Sheets’ Saga

KAMPALA –Elders in Kotido district have demanded that the troubled minister in charge of Karamoja Affairs apologises following the theft...

Read more

Uganda to Host EAC Petroleum Conference

byMoses Kalaire | UNN Times Reporter
February 25, 2023
0
Uganda to Host EAC Petroleum Conference

KAMPALA – Uganda will have a chance to market its petroleum potential when it hosts the East African Petroleum Conference...

Read more

Experts Call for Extensive Research into the Nodding Disease Syndrome

byMoses Kalaire | UNN Times Reporter
February 24, 2023
0
Experts Call for Extensive Research into the Nodding Disease Syndrome

KAMPALA – Health experts from Mulago - Uganda’s National Referral Hospital and the University of Toronto - Canada have urged...

Read more

No More Foreign Trips, Purchase of Vehicles for Government Employees

byMoses Kalaire | UNN Times Reporter
February 21, 2023
0
No More Foreign Trips, Purchase of Vehicles for Government Employees

KAMPALA – The Ministry of Finance, Planning, and Economic Development has restricted foreign trips to only the executive, judiciary, and...

Read more

Uganda Retains Gold as Kiplimo Succeeds Compatriot Cheptegei at World Cross-country Champion

byMoses Kalaire | UNN Times Reporter
February 18, 2023
0
Uganda Retains Gold as Kiplimo Succeeds Compatriot Cheptegei at World Cross-country Champion

BATHURST – Uganda retained the senior men’s title at the World Athletics Cross Country Championships Bathurst 23 as Jacob Kiplimo...

Read more

High Court Blocks Journalists’ Polls

byRonald Mugabi | UNN Times Reporter
February 18, 2023
0
High Court Blocks Journalists’ Polls

KAMPALA – The High Court's Civil Division in Kampala has suspended the planned elections of the Uganda Journalists' Association –...

Read more
Next Post
Here is the List of the Best 20 Schools in the 2022 Uneb Results

Here is the List of the Best 20 Schools in the 2022 Uneb Results

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

About us

UNN is a new people powered TV channel, Radio station and Newspaper leading the revolution. We’re a media outlet focused on inspiring and empowering you while telling the truth, because as they say, the truth will set you free.

Recent

Karamoja Elders Demand Minister’s Apology over Iron Sheets’ Saga

Uganda to Host EAC Petroleum Conference

Experts Call for Extensive Research into the Nodding Disease Syndrome

President Museveni Brags how Banyonkole have become Rich

No More Foreign Trips, Purchase of Vehicles for Government Employees

Uganda Retains Gold as Kiplimo Succeeds Compatriot Cheptegei at World Cross-country Champion

Follow Us

Tweets by GetUNN

Facebook

© 2023 UNN Times

No Result
View All Result
  • Home
  • Featured stories
  • Editors Choice
  • Trending Stories
  • News
  • Africa Today
  • Opinion
  • Literature
  • Videos
  • Sports

© 2023

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.