Saturday, September 06, 2008

Buying land in Temangalo ( The NSSF way)

Two weeks ago the story broke in the papers of a land deal that the NSSF was involved with that has the public shaking their heads in disbelief. It runs something like this:


  1. Minister Amama Mbabazi has 400 acres (or so) of land to sell in Temangalo.
  2. He asks the NSSF to buy it off him.
  3. The NSSF, in their wisdom, realise its a serious case of conflict of interest, so they 'cleverly' advise Mbabazi to first sell the land to Mr. Amos Nzeyi (well connected business man and owner of the ugandan pepsi franchise) and they would then buy it off him.
  4. Mr. Nzeyi, being the entrepreneur, adds another couple acres to the lot and then sells a total of 463 acres to the NSSF
  5. Parliament sees red and demands an explanation!
  6. Simple arithmetic shows that the land titles add up to a lower acreage than was purchased (414 to be exact).
  7. The government valuer was avoided because he has 'frustrated' the NSSF before and so a private valuer was engaged and he put the value at 10 million Ug Shs more than two previous valuers.
  8. The NSSF used an external lawyer to facilitate the deal ( they do have a whole legal department), only for it to be discovered that the same lawyer is also the minister Mbabazi's private lawyer!
  9. And the bank (NBC) that handled the transaction on behalf of the NSSF has the minister and the chairman of the NSSF as shareholders.

Do we need to be rocket scientists to realise that something is not right! How much more can the public take of these blatant theft and influence peddling, SURELY!!

Or is is this the wake up call we needed, liberalisation of the pension sector!!!

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