Nssa unbundles

HARARE - National Social Security Authority (Nssa) has unbundled its investment division into three units with separate managers to spearhead “reasonable” decisions and bring transparency, the authority’s chairman said.

Nssa chairman Robin Vela yesterday said the division had been split into property, investments and special assets, as he finally announced the new Nssa substantive executive management to be led by former African Sun director, Elizabeth Chitiga.

“Given past challenges with regard to Nssa investments, we have split the investment division into three.

“We will have the property unit being led by Kura Chihota, Chikuni Mutiswa will head the strategic assets unit and Herbert Hungwe will lead the investments unit,” Vela said.

Vela added that the strategic assets unit was going to handle key investments such as the authority’s newly opened building society, National Building Society, to ensure a high investment return per annum.

The Vela-led board has been reviewing all the social security’s investments following the firing of the pension body’s top management last year.

“What we want is for this team to lead the authority through reasonable investments that will benefit both Nssa and pensioners.

“To date, the whole investment process has been reviewed and what we are going to be doing is we are going to have a time-out in the next month or so as Nssa leadership to dissect through investment and all Nssa business,” he said.

The banker also announced seven executives, who will constitute Nssa’s top management, under three-year performance-based contracts.

“Of the new-look management, three were already in Nssa structures. The management includes Emerson Mungwariri; the chief finance officer, Herbert Hungwe, the chief investment officer, Chikuni Mutiswa, will come in as chief strategic assets officer.

“The property division will be steered by Henry Chikova, who is now the chief property investments officer, Barnabas Matongera will lead the contributions division as chief contributions, collections and compliance officer as Betty Nyereyegona comes in as the chief occupational, health, safety and rehabilitation centre officer,” Vela said.

Nssa is Zimbabwe’s biggest institutional investor with investments worth over $1 billion across the economic divide, but has crossed swords with lawmakers and government officials over its choice of investments.

With 70 percent of its investments in the equities market, Nssa has interests in 53 of the 59 companies listed on the Zimbabwe Stock Exchange and recently reconfigured its money market portfolio as more funds were committed to long-term projects.

In the financial year to December 31, 2015, Nssa profit tumbled from $103,8 million to $32,3 million after a $93 million property write-off as pension and other benefits contribution collections decreased two percent due to numerous company closures and downsizing.

Comments (1)

NSSA another gvt sanctioned PONZI scheme. It's busy stealing workers money.....

Dhewa - 14 August 2016

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