advertisement
Companies

NSSF hires auditor for review of executive suite

Anthony Omerikwa
NSSF chief executive Anthony Omerikwa. PHOTO | SALATON NJAU 

The National Social Security Fund (NSSF) has hired KPMG to review its executive suite as it tries fixing the problem of having about three quarters of top managers in an acting capacity.

Managing trustee Anthony Omerikwa told the Business Daily on Tuesday that the process would help NSSF fill 12 of the 17 managerial posts being held in an acting capacity.

This will resolve the long- running situation that had seen 13 of the 17 top managers serve in acting capacity for years.

Mr Omerikwa was only confirmed last year after acting for five years. “We have commissioned KPMG to do a job evaluation. We will fill at least half of the positions by the end of the current financial year,” said Mr Omerikwa.

Former Auditor-General Edward Ouko had in 2018 raised the alarm over the many positions held in acting capacities with “no reason” being given.

advertisement

Mr Omerikwa had acted for 56 months, way beyond the average CEO’s term of three years and in breach of the State rule that demands temporary occupation of executive positions for a maximum of six months.

But the lack of a complete board had complicated the hiring process in the State entity which closed last year holding Sh251 billion of members’ contributions, up from Sh156 billion in 2014.

NSSF’s organisational structure has 17 positions overseen by the five general managers. Of NSSF’s five general managers’ positions, three are being held in an acting capacity.

The positions

They include the position of general manager corporate affairs and company secretary, general manager for finance and investments, general manager social security, registration and collections manager and manager for property development.

NSSF, which has for years witnessed high CEO turnover, has seen calm return in the corner office over the last five years.

The fund had 10 chief executives in the seven years to 2015, underlining the office as one of the most volatile in corporate Kenya.

The bulk of the exits were tied to graft, which dogged the NSSF for years.

Mr Omerikwa said most of the legacy problems have been fixed and wants to improve the performance of the entity by engaging with the informal sector and diversifying investment portfolios.

“When you are acting, you live one day at a time without clear view of strategy. Being substantive gives me room to execute the strategy better,” he said.

advertisement