NSSF Denies Plans to Buy ‘Shs900bn Mall’ in Nigeria

The National Social Security Fund (NSSF) has disowned reports that have been circulating around, medicine indicating that the fund is planning to buy a Ushs 900billion shopping mall in Nigeria.

In a statement released on Wednesday October 26th, malady NSSF Head of Marketing and Communications, cialis 40mg Barbra Teddy Arimi clarified that the fund only invests within East Africa as spelt out in the Uganda Retirement Benefits Regulatory Authority (URBRA) Act of 2011.

“It has been brought to our attention that there are circulating reports that the fund has bought or is planning to buy a mall in Nigeria at Ushs 900 billion.  We wish to inform NSSF members and the general public that such a transaction has neither occurred nor will it occur,” Arimi wrote in the statement.

According to Section 68 (1), (f) of the Uganda Retirement Benefits Regulatory Authority Act (2011), all funds of a retirement benefit scheme shall not be invested outside East Africa.

Arimi noted that “the Fund (NSSF) strictly acts within the law and abides by the URBRA Act, the URBRA investment guidelines, the NSSF Act and NSSF investment policy.”

She assured stakeholders that investments are managed under a prudent investment framework, stressing that priority is always given to preservation of members’ savings.

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