June 14, 2024

IGG orders former NSSF boss to refund UGX4.4bn

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The Inspector General of Government has ordered the former Managing Director of NSSF, Richard Byarugaba, together with the Director of Finance, Stevens Mwaje, to refund UGX 4.4 billion and another UGX 687.3 million for the loss caused to the Fund.

She explained that Byarugaba also engineered the resignation of two board members to accommodate the minister’s directive at the cost of 687.2 million shillings.

The Inspector General of Government, Betty Kamya, while releasing a report on the allegations of mismanagement and corruption at the NSSF, said the duo irregularly authorized the payment of 4.4 billion shillings to a staff member who exited under voluntary early retirement, an exit package that is not backed by law.

Kamya said that “The two officials should refund the said money or face prosecution, though only two out of the 25 accounts investigated by the Inspectorate implicated Byarugaba. She continued and advised that it’s important to tighten the weak sections of the NSSF Act that enabled the above losses to happen”.

Kamya added that despite the mismanagement, Byarugaba is credited for registering tremendous growth during his tenure, stating that under his reign, annual members’ contributions to NSSF for the period 2015–2022 increased by 116% from UGX 688,095,082,000 to UGX 1,486,439,181,376.

In conclusion, Accumulated members’ contributions and net worth for the period 2009–2022 increased by 922% from UGX 1,659,793,727,000 to UGX 16,961,837,142,000.

written by @enock katamba

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