While retiress suffer in absolute poverty, State-owned pension scheme, National Social Security Fund ,NSSF, keeps on expanding its empires in properties. Where do all these monies go? Who is benefitting?
NSSF Complex is valued at Sh8.4 billion, comprising blocks A, B, C and a parking silo on Nairobi’s Bishop Road. T
Bruce House, which hosts NSSF’s city centre branch has been valued at Sh2.8 billion while the View Park Towers’ price tag is Sh2.5 billion.
Hazina Trade Centre, which formerly housed Nakumatt Lifestyle, is valued at Sh3.1 billion, according to NSSF’s financial statements for the year ended June 2018.
NSSF has in the past announced plans to divest from View Park Towers and Hazina Centre through sales, but it has not been successful due to a lack of offers that matched its overrated valuation.
In total, NSSF holds Sh31.8 billion worth of property, developed and undeveloped like land, accounting for 14.3 percent of its total net assets of Sh221 billion. The aged have indeed benefited the aging few.
An increase in NSSF holding of shares at the Nairobi bourse in blue chip firms like Safaricom, BAT Kenya, Barclays Bank, East Africa Breweries Limited (EABL) and Bamburi Cement has squeezed the share of real estate. This comes amid complains mired on the fund for not relocating the savings members submit in monthly deduction from employers.
According to records seen by Kenyan Bulletin, the fund’s investments in shares stood at Sh65.3 billion in 2018 or 29.4 percent of its assets.
Other NSSF city properties are Hazina Shopping complex in South B valued at Sh206 million, Hazina School which is valued at Sh103 million and Sh41 million Hazina Multi-purpose Hall.
Outside Nairobi, the NSSF owns SSH Mombasa building which valuers estimated it at Sh1.5 billion.
What is hirting to retirees is that NSSF has received Sh27 billion from workers yet its records indicate that it has paid out only Sh4.6 billion as benefits to retirees. This is an insult to the old.
