Freetown, Sierra Leone – The Centre for Accountability and Rule of Law Sierra Leone (CARL-SL) has called on President Julius Maada Bio to urgently intervene to safeguard the retirement savings of Sierra Leonean workers following recent concerns raised over the performance of the National Social Security and Insurance Trust (NASSIT)’s investments.
The call comes after the Minister of Employment, Labour and Social Security, Hon. Mohamed Rahman Swaray, disclosed in a recent interview on Truth Media that “NASSIT’s investments are not doing well.”
Responding to the Minister’s remarks during a press briefing on Tuesday, CARL-SL Acting Director Jeremy Ben Simbo described the admission as an important acknowledgment but stressed that government must now move beyond words to decisive action.
“We commend Minister Mohamed Rahman Swaray for his candour, and the government for its stated commitment to accountability. Candour must now be matched with decisive action,” Simbo said.
He called on President Bio to commission a full, independent audit of NASSIT’s investment portfolio and ensure the recovery of any public funds found to have been lost or mismanaged.
Providing background, Simbo noted that NASSIT was established under the 2001 Act to collect, manage and prudently invest workers’ contributions while ensuring the timely payment of pensions. He said the institution, as one of Sierra Leone’s largest institutional investors, has both a legal and fiduciary responsibility to safeguard contributors’ funds through transparency, sound governance and prudent investment.
According to Simbo, several major NASSIT investment projects have either underperformed or stalled over the years. He cited the Sierra Akar Poultry Project in Sumbuya, the SCPL Block Making Factory in Angola Town, the Regimanuel Grey Estate in Goderich, Kimbima Hotel, Bo Plaza, and land bank investments in Bo as examples.
CARL-SL also expressed concern over reports from beneficiaries regarding delayed pension payments, weak investment portfolio diversification, and governance issues involving recruitment, promotions, and oversight between the Board and management.
“If confirmed by an independent review, these failures directly threaten the financial security of current and future pensioners and erode public trust in Sierra Leone’s social protection system,” Simbo warned.
To address the concerns, CARL-SL recommended a comprehensive independent review of all NASSIT investments, the recovery of funds where underperformance, mismanagement or losses are established, and the adoption of a commercially viable investment strategy focused on sustainable long-term returns for contributors.
The organisation further called for merit-based recruitment, promotion and deployment, stronger oversight by the Board of Trustees, investment in technical expertise for investment and risk management, and the prompt payment of pension benefits.
Simbo emphasized that NASSIT’s importance extends beyond its status as a public institution.
“NASSIT is not just another public agency. It holds the life savings of Sierra Leonean workers. Its sustainability is a national economic issue that affects workers, employers, pensioners, and the next generation.”
He concluded with a call for immediate action, stating:
“The time for statements has passed. The time for action is now.”
