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City of Banjul
Monday, February 17, 2025
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PEC says SSHFC loaned €9.8 million to buy buses without notifying board

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By Tabora Bojang

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The chairman of the Public Enterprises Committee of the National Assembly Lamin Sanneh has said an audit has discovered that the managing director of Social Security and Housing Finance Corporation acted on an executive directive to approve 9.8 million euros for the government to buy buses without the approval of the board.

The SSHFC management appeared before lawmakers yesterday to present the corporation’s 2022 activity report and audited financial statements.

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The committee however asked them to go back and put their house in order before the report would be accepted.

According to the PEC chairman, the committee discovered “serious concerns” in the audited reports which needed a clarification.

According to the Brikama lawmaker, their concern centers on the 8.9 million euros the corporation loaned the government to purchase the buses.

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He said the committee discovered the president issued an executive directive for the corporation to fund the purchase of 100 buses for the GTSC. “We discovered the MD made the decision to give funds to procure the buses without taking it to the board. So they first procured 50 buses without the board’s approval. And the MD later apologised to the board for his actions. They later procured 20 more buses in addition to the 50 buses. These are issues we need to clarify with them [SSHFC]. That is why we asked them to go back and put their house in order before we can take any decision as a committee. This is the pensioners’ money and we should not allow it to be spent inappropriately and without due procedures.”

The corporation is scheduled to reappear before the committee on February 17.

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