MPs investigation of NSSF: Did NSSF lose money in the UMEME deal or what? The press is creating the impression that NSSF investment in UMEME cost NSSF contributors? But is that the case? Has NSSF lost or made money from investment in UMEME shares? As per the acting CEO, NSSF actually made a sound investment in that it its stake has substantially appreciated in value. The acting CEO was clear that NSSFs decision was legal and financially sound. The MPs seem to disagree as per the ongoing investigation by the select committee. That investigation may be political and linked to the ongoing struggle over the Kyabazinga in Busoga. How. The speaker Hon Rebecca Kadaga who approved the select committee is from Kamuli and is a strong backer of the Gabula faction. On the other hand the chairman NSSF board of directors Engineer Kyayonka is from Bulamogi where the other contender comes from. Which raises the question: is Speaker Kadaga abusing her office? This is one angle the media should look into. It may of course be mere coincidence but I smell a vendetta. NSSF should have invested in UMEME and other good investment long ago. Yet, not long ago, NSSF had to give, okay, advance 100 million dollars, yes 100 million dollars to IPS , the investment arm of the Aga Khan to build Bujagali Dam. Think about that. Rather than buy a stake into the dam, NSSF advanced 100 million dollars to IPS. Let Monitor-which is majority owned by the Aga Khan-tell its readers about the 100 million. When was the 100 million dollars paid back to NSSF? How much in interest did NSSF earn? Who authorized the transaction etc. The $100 million loan or advance to IPS is true. It was NSSF money which was used to build Bujaagali dam. Now suppose NSSF had bought a substantial state in the dam as an residual claimant with that money? It could be earning a good return. I brought up that example to demonstrate the wickedness of Ugandan MPs. The $ 100 million advance did not attract parliaments interest. But suddenly when NSSF makes a great investment in a brick and mortar sector, UMEME the speaker authorizes a select committee. excuse me. So do not dismiss the Kyabazinga wrangle in that issue. You will be surprised. You and I know what is called legacy employment or even admissions. Many students go to IVY schools under legacy admissions. The rest have to accept it. Legacy admissions means that kids whose parents or family attended before are more likely to get in. That is a fact of life. Similarly, there is legacy employment, where children of former employers get consideration and jobs. That is also a fact of life. But MPs are investigating NSSF that it hired the daughter of the IGG. However, they forget or deliberately ignore that the young womans-who is qualified-father actually served NSSF as Corporation secretary before. So it is perfectly possible she got the job under the legacy category and not so much so that she is the daughter of the IGG. And guess what? Most of the witch-hunting is being led by so called opposition MPs. ! WBK
Posted on: Wed, 10 Sep 2014 17:48:18 +0000
Trending Topics
Recently Viewed Topics
© 2015