GET /api/v0.1/hansard/entries/1513756/?format=api
HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept
{
"id": 1513756,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1513756/?format=api",
"text_counter": 139,
"type": "speech",
"speaker_name": "Garissa County, JP",
"speaker_title": "Hon. Amina Siyad",
"speaker": null,
"content": " Hon. Speaker, pursuant to the provisions of Standing Order (44)(2)(c), I rise to request for a statement from the Chairperson of the Departmental Committee on Finance and National Planning regarding the management of pension funds by the National Social Security Fund (NSSF). The NSSF is a statutory body that is mandated to register members, receive their contributions, manage funds of the scheme, process and ultimately pay out benefits to eligible members or dependants. The enactment of the NSSF Act of 2013, which took full effect in 2023, introduced a new structure for contributions. This has resulted in an increase in the contributions that are managed by NSSF with collections averaging Ksh6 billion per month. Hon. Speaker, in compliance with the Retirement Benefits Authority Act, the NSSF outsourced fund management to external fund managers namely: Old Mutual Asset Managers, GenAfrica Asset Managers, Africa Alliance Kenya Investment Bank, Sanlam Investments East Africa Limited, Co-op Trust and CIC Asset Management Limited. However, in August 2024, the Central Bank of Kenya (CBK) initiated an investigation through a request to Capital Markets Authority (CMA) into irregular trading activities involving the NSSF, where Treasury Bonds were allegedly bought at inflated prices and sold at losses. The purported trading malpractice raises serious concerns regarding the stewardship in management of pension funds by the NSSF and detrimental impact to the contributors. Hon. Speaker, it is against this background that I request for a statement from the Chairperson of the Departmental Committee on Finance and National Planning on the following: 1. A comprehensive report on the distribution of funds for management among the six external fund managers for NSSF, from July 2022 to October 2024, including any bond transactions made in the primary and secondary markets. 2. A report on the total value of investment made in buying of Government securities such as Treasury Bonds, and the distributions among the external fund managers. 3. The action taken by the Board of Trustees of NSSF to internally investigate the purported irregular trading activities and ensure that prudential principles such as security, profitability, liquidity and transparency were followed in the investment of the funds. 4. A report on any investigation that has been undertaken by the CMA in collaboration with the CBK on the alleged irregular trading activities and if so, the action taken to sanction those involved. 5. The role, if any, of Pergamon Investment Bank in the alleged irregular trading activities resulting in the bonds being bought at inflated prices and sold at losses. I thank you, Hon. Speaker."
}