Richard Lang’at Confirmed New NSSF Managing Trustee

Richard Lang’at has been appointed managing trustee of National Social Security Fund which has the highest turnover of CEOs among parastatals in the last six years.

Daily Nation reports that, “Lang’at who has been in an acting capacity for six months, got the formal appointment yesterday ending a year-long vacuum at the helm of the Sh120 billion public pension scheme.”

He now takes over a much bigger fund where monthly membership contributions are expected to increase from Sh200 to a maximum of Sh6,000, pegged on a worker’s income with the new law which will make it  the richest public entity collecting Sh15 billion a year.

Adan Mohammed, the chairman of the board of trustees said Lang’at had scored the highest marks among the 67 applicants interviewed for the position in a process that concluded mid yesterday.

Insiders and people close to the operations of NSSF link the high turnover of CEO’s to the Fund’s huge asset base, which has in the past been abused by political correct individuals with selfish interest.

Over Sh10 billion worth of members’ savings have been lost in the past on shoddy deals, including payments made to non-existent assets and contracts.

Lang’at huge task will be to shed NSSF’s old image, as it seeks the confidence of an estimated 2.5 million members.

Others shown the door in the organisation include Rachel Lumbasyo, James Akoya, Albert Odero and Fred Rabongo.

[Source: Daily Nation]