NSSF is indeed a den of fraudsters. Former senior officials of the National Social Security Fund and managers used Sh1.6billion from retirees funds to buy to buy non-existing shares from the Nairobi Stock Exchange via DSL Limited.
Anti-Corruption Court magistrate Lawrence Mugambi was told by the then Deputy Director of Public Prosecutions Mungai Warui that NSSF lost Sh1.6 billion in the scheme masterminded by senior officials of Discount Securities Ltd (DSL), a firm that was supposed to buy the shares on behalf of NSSF.
The expose` that was tabled by the Ethics and Anti-Corruption Commission deputy director, Forensic Investigator John Lolkoloi, revealed that investigators perusals from the Nairobi Stock Exchange established that there were multiple duplications of transaction numbers.
“Our finding was that there were several instances where DSL received millions of shillings for shares that were not purchased,” said Mr Lolkoloi.
Masterminds of the scam were Francis Moturi Zuriels, former NSSF investments manager, James Akoya former NSSF general manager, Finance and Investments, Isaac Nyakundi Nyamongo, former investments manager, DSL, and Mary Ndirangu, former NSSF internal audit manager.
Others named by the prosecution are DSL and Orchard Estates Ltd. Cartels at NSSF and DSL employees conspired to defraud the fund of the money between May 2006 and October 2008. The rot didn’t start today and clearly won’t stop today until we start talking about it.
The EACC has been sitting on these files just like the past articles we published here. Cartels have bribed EACC officials with houses so that massive corruption scandals at NSSF never see the light. Cartels who loot massively and use the loot to buy their freedom.
The anti-corruption commission analyzed vouchers for all payments made by NSSF to DSL and discovered that a total of Sh1,601,576,461.65 was looted. In the transactions, DSL would either purchase extremely fewer quantities of shares for which they received payments or did not make any purchase at all. These are crooks that are supposed to have been hanged if not rotting behind bars. But Kenyan agencies have allowed them to sodomize the Anti-Corruption and Economics Crimes Act and now it can’t defecate as the law states.