Liberia: Nat’l Security & Welfare Corp. Denies Depleting Account on Pres. Weah’s Orders
Monrovia – The National Social Security & Welfare Corporation (NASSCORP) insists it is in good financial standing contrary to reports that President George Weah has dwindled the coffers of the Corporation.
In an exclusive interview with FrontPageAfrica, Deputy Executive Director, Mr. Nya Twayen, said such allegations are only intended to shred their integrity of managers of the institution.
He recalled that in 2017, NASSCORP was accused of financially supporting the election campaign of the former ruling Unity Party by some members of the opposition at the time, and then in the same year, they were again accused of supporting the Liberty Party through their investment at Cocopa rubber plantation in Nimba which began some eight months before the election process began.
“Currently there have allegations that NASSCORP is giving L$9 million to CDC every month or so. NASSCORP bankrolling CDC? It was all on social media, people sent us inbox messages threatening to publish it in dallies if we don’t do this or that. Now, people even try to draw the President’s reputation in this. Someone comes and say NASSCORP is accusing the President of depleting NASSCORP’s account. That is erroneous,” he said.
According to him, the NASSCORP has been open to audit and it is audited on a yearly basis.
NASSCORP, he said, is focused on achieving its legacy – making the institution second to none to the extent where it will begin to largely affect the economy of the country – other than allowing itself to be distracted by the “unsubstantiated allegations”.
He added that the internal audit department has a mandate to ensure compliance and adherence to systems control, processes, policies and regulations throughout the corporation.
“Every year that you look at this institution in terms of the portfolio of this institution – every year the portfolio has grown and by growth we mean in terms of wealth, in terms of manpower and in terms of pensioners – the portfolio continues to grow. So, for instance, when NASSCORP 10 years ago took over we had like US$18 million worth of asset. Today, NASSCORP is more than US$100 million rich in asset,” Mr. Twayen explained.
According to him, the they have increased their investment portfolio while referencing the building at ELWA Junction which is being leased by the Liberia Revenue Authority. He also mentioned the two complexes in Buchanan, Grand Bassa County, guest houses in Lofa and Margibi Counties and the newly built state-of-the-art medical facility at ELWA Junction as some of its investments.
He disclosed that they have been able to raise the pension wage to the minimum poverty level.
The financial performance of NASSCORP, according to the Deputy Director General, as at June 30, 2018 was stable amidst experiencing zero growth in contribution receipts over the last two fiscal periods. As a result of the slumping economy, there was a decline of 12% from US$30.07 million the previous year to US$26.50 million as at June 30, 2018. Over the past two years, the Corporation has concluded a comprehensive reform of the social security program including the passage and enactment a New Social Security Act; the Incorporation of the Public Sector Pension (PSP) into a single NASSCORP pension scheme; and the expansion of coverage to certain segment of public personnel including elected officials of Government previously not covered under the scheme.