Bank Of Uganda In Trouble Over NSSF Unmet Remittances

Richard Byarugaba  of NSSF and Tumusiime Mutebile of BoU - the two institutions have not reconciled their financial books Richard Byarugaba of NSSF and Tumusiime Mutebile of BoU - the two institutions have not reconciled their financial books

Just before the dust resulting from the revelations made by parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) regarding the closure of commercial banks settles down, Bank of Uganda (BoU) is yet faced by another money misappropriation scandal, this time involving National Social Security Fund (NSSF).

News coming from the Bank of Uganda indicate that the central bank has not paying the mandatory monthly remittances of about Shs2 billion deducted from eight employees’ salaries as required by the Act establishing the NSSF.

And for facilitating the fraudulent practice, Eagle Online reports that some BoU legal team members are also in trouble after the Law Council denied them practicing rights after it emerged that they helped some of the former employees at the central bank to evade sending the remittances to NSSF. The head of the legal team Margret Kasule has been implicated.

According to the news report by Eagle Online, Bank of Uganda under declared the ages of some employees even as they were of age having clocked 60 years, the mandatory retirement age in Uganda for public servants.

“It is said that when NSSF continued asking for remittances of the officials whose age was under declared, BoU administrators made a u-turn and made it clear that the officials had retired, forgetting that they had lied about the ages of the officials,” the online news agency reported.

Eagle Online also understands that NSSF has declined to grant BoU a clearance licence as regards the affected officials which has resulted into denial by law council to grant them a practicing license. Law Council says that the due processes has to be followed before the certificate can be issued.

According to a leaked letter dated March 6, 2019, NSSF wants BoU to provide them with copies of National Identity cards for its staff so that they can verify the correct ages of the affected employees with the National Identification and Registration Authority (NIRA).

“We refer to the above subject and the emails between NSSF and Bank of Uganda on the matter. We understand the urgency of the situation , however, you will appreciate that we have to follow due process of assessing an employer’s records to ensure compliance with NSSF, before we can issue out a clearance certificate” reads the letter in part.

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