At the NSSF, is where the mother of all frauds happens.
Cotu Secretary-General Francis Atwoli has said “It is the workers’ resolution that we are supportive of President Uhuru Kenyatta’s war on graft. The NSSF is one of the institutions where corruption has been reported and we demand that proper action be taken to protect workers’ contributions,”
Atwoli had earlier said that a forensic audit he commissioned in 2015 and report compiled by audit firm Ernst & Young had exposed the loss of funds through manipulated processes.
The audit report exposed the incompetence of the NSSF’s top management on the four projects — Hazina Towers, Milimani Executive Apartments, Nyayo Estate Embakasi Phase VI and Tassia.
The Nyayo Estate-Embakasi project, the contractor was advanced Sh215.5 million without board approval. No disclosure that one of the plots targeted for development lacked a title deed.
And in the Tassia scheme, overstating the rate of return at 11 per cent with a nine-year payback period. “But the auditor recomputed it to 3.3 per cent with a payback period of 30 years,”