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City of Banjul
Friday, December 4, 2020

‘Nawec owes SSHFC over D900M’

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By Tabora Bojang

Abdoulie Cham, the director of finance at the Social Security and Housing Finance Corporation has revealed that Nawec is owing the Corporation over nine hundred million dalasi of non-performing loans.
Mr Cham, appeared before the Janneh Commission on Tuesday to shed light on the purchase of 20 villas from Taf Holdings in 2006 and other related matters, said the SSHFC has had issues with various public enterprises regarding the non-performing loans amounting to significant sums of money.

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“We have written to them and threatened to sue them but they responded that since the issue is with the Commission of Inquiry, they cannot do anything much about it,” he said.
In response, Commissioner Saine said: “We are not stopping anybody from doing what they are supposed to do as long as they are doing the right things guided by their principles, procedures and manuals.”
“Move forward with your normal business and do not stop what you are supposed to do because things are under investigation from the Commission. We seek clarification, we make recommendations and it will not affect normal functioning. Our idea is to shed light on what happened and make recommendations,” he added.

On the purchase of Taf presidential villas, Cham said the corporation bought 20 villas from Taf holdings Gambia amounting to D79, 800,000 and when asked by counsel Amie Bensouda if the decision to purchase the villas emanated from the office of the president, Cham replied in the negative saying even though he was not in office at the time but he has not seen any correspondences from the OP directing the social security to purchase the villas.

He said in 2007 the corporation sold three villas to three commercial banks and 17 other villas to the Government through the ministry of finance in 2008 at D67, 830,000 and were sold to the government at the cost price without any interest or profit.
He said the SSHFC has made a marginal profit of D879, 500 on the sale of three villas to commercial banks and run into a loss on the sale of the 17 villas to the former Government.

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