By Ragan M. Conteh

The Member of Parliament from Tonkolili District Hon Aaron Koroma has expressed concern over the non-performing of the National Social Security and Insurance Trust (NASSIT) investments across Sierra Leone.

“According to records the country should be worried that the government has spent and still spending lots of money but non-performing.”

The MP made the submissions on Thursday 10th April 2025 during the Public Account Committee (PAC) hearing on the auditor general’s report queries.

Hon Aaron Aruna Koroma have an example of the NASSIT Plaza in Makeni which he said the Guest House is fully utilized in the building but the Mall is nonfunctional.

“Almost all the investments done by NASSIT are not generating the revenue for which they established or constructed,” he said.

He said the Management of NASSIT must have used strategies to recoup the monies owed by companies, stating that the recovery does not have strategy.

However, he stated, the management is not committed to ensuring investments are bringing the required profits for which they’re  established.

The Deputy Speaker of Parliament, Hon Ibrahim Tawa Conteh has also urged the management of NASSIT to get rid of property of “owe mongers” and recoup the government money.

“If those who owe NASSIT are not ready to pay. We should find their property and try to recover the money they loan,” Hon Tawa stated.

He cited the Sierra Arka Company that owed Billions of Leones to NASSIT since 2014 but it has been failing to pay.

He however urged the management to make sure they find those debtors and try to recoup peoples monies.

Responding to MPs, the Director General of NASSIT Mohamed Faud Daboh reaffirmed the statement made by MPs.

He stated that once the board sits and makes  approval they will ensure that they go after debtors properties, demarcate them and recover the monies owe them.

He also said the statements of MPs is one of their intending strategies, stating that the time of the board has expired and until it reconstituted they cannot do anything.

The Audit Service report highlighted that this money was allocated to an investment that NASSIT could not justify.

A review of the Trust’s subsidiary companies showed that three of them, with a combined exposure of NLE 165,093,760.58, had either ceased operations or were non-existent as of December 31, 2023.

The report recommended that the General Manager divest these subsidiaries, write off the investments in the books, and provide evidence of these actions to ASSL.

In response, the Trust explained that Kimbima Hotel closed due to structural issues, and a thorough assessment was conducted.

The Trust also mentioned that Kimbima Hotel was among the write-offs for toxic loans and debentures.

Sierra Akker Agricultural Company ceased operations in 2020, with no reports submitted despite repeated requests.

This company also falls under the write-offs for toxic loans and debentures.

The Sisimi project was still in its formative stages during the investigation, and those responsible for any wrongdoing had paid fines to the Consolidated Fund.