As a major scandal continues to unfold, the National Social Security Authority (Nssa), a fund worth over US$1.2 billion, is under fire for not adhering to legal standards that ensure transparency and accountability. The heart of the issue lies with the Nssa board members who, shockingly, have not declared their personal assets as required by law.

This requirement, stated under Section 37 of the Public Entities Corporate Governance Act [Chapter 10:31], mandates that both board and senior staff members must disclose their assets within three months of their appointment. The purpose of this rule is straightforward: to promote honesty, openness, and responsibility in managing public resources.

However, despite these clear rules, the failure of Nssa officials to declare their assets raises alarming concerns about potential conflicts of interest and self-enrichment at the expense of the public. This oversight could severely impact the board’s ability to perform its duties effectively, putting at risk the principles of transparency and accountability that are crucial for public trust.

Acting Auditor-General Rheah Kujinga has highlighted the dangers of this neglect. She pointed out that the lack of asset declaration might compromise the board’s oversight capabilities. In response to this growing issue, Kujinga has instructed the Nssa board to make sure that asset declarations are updated every year, an effort to reinstate some degree of control and oversight.

For years, The NewsHawks has been at the forefront, exposing the series of scandals that have plagued Nssa, labeling the situation as a corporate governance disaster. The repeated failures and controversies have called into question the government’s commitment to protecting the interests of pensioners who depend on this fund for their financial security in retirement.

Union representatives and activists fighting against corruption have gone as far as to describe Nssa as a “crime scene,” illustrating the deep-seated problems within the authority. This stark characterization underlines the urgent need for reform and the enforcement of existing laws to restore integrity and faith in the institution.

The continuous exposure of these issues serves as a critical reminder of the importance of stringent corporate governance practices. As the situation develops, it remains to be seen whether the necessary actions will be taken to address these severe lapses in duty and responsibility. The public’s demand for accountability has never been more pressing, as they call for transparency and integrity from those entrusted with managing such significant public funds.