Nssa boots out top execs

HARARE - The National Social Security Authority (Nssa) has embarked on a major top management shake-up that resulted in the departure of former general manager James Matiza who has been immediately replaced with ex-BancABC Zimbabwe managing director Hashmon Matemera.

Nssa on Monday said Matemera’s appointment is, however, not expected to extend beyond the latest date of March 31, 2016 under any circumstances.

“The Nssa’s newly -appointed board… has embarked on a major restructuring exercise. The exercise affects, amongst others, the posts of General Manager, Investments Director, Finance Director, Corporate Services Director and ICT Director, whose incumbents will cease to represent Nssa with immediate effect,” the national pension administrator said in a statement.

The latest development comes as Nssa — with over $1,1 billion assets under its watch — is under fire from hard-hit pensioners whose monthly pay-outs are way below the poverty datum line despite investments undertaken by the organisation in failed banks and counters listed on the Zimbabwe Stock Exchange.

Nssa has interests in 53 of the 59 companies listed on the local bourse, holding at least ten percent shareholding in 12 listed counters.

Under the guidance of its newly-appointed board headed by Robin Vela, Nssa is expected to establish the organisation’s housing programme earmarked to address the shortage of accommodation being experienced by civil servants in the rural areas.

This would be done by providing cheap basic high density housing schemes for those who were lowly paid, who form the bulk of its members.

Comments (2)

Finally Government has cracked the whip on these NSAA boys after a long time. I is left to wonder if these guys had a clear investment strategy or they were just recklessly throwing people's money into unviable investment options. Their removal from the helm will surely expose a good number of Board members and blue eyed boys in the financial services sector as well as companies where NSSA had significant shareholding. This massive institutional investment vehicle has the potential to influence ZIMASSET implementation, but unfortunately the whole fired crew was linked to the now deposed Gamatox faction. This move by the Government has finally dealt a big blow to the invisible hand that was creating problems and stalling progress at COTTCO.

Benardm - 21 October 2015

How much money did you pay the ex boss as retirement package?! Noise mhani NSSA....kana mane nyaya pihwai space pano not now.Nxaaaaa

Mukaradhi aneta nekubirwa nemi - 21 October 2015

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