‘SSHFC no longer operate on executive directives’

Tuesday, May 29, 2018

Mouhammed Manjang, the managing director of Social Security and Housing Finance Corporation (SSHFC) has disclosed that his institution is no longer operating on executive directives, saying the current government has not issued any executive directives for them to act on.

Mr. Manjang was speaking recently during employer’s forum organised by SSHFC held at a local hotel in Senegambia.

“We will not act on executive directives. I can tell you that the current government has not been issuing any executive directives for us to act on. I don’t see us acting on any executive directives. What we need to do is to make sure that we have an effective board that really understands the issues with a view to enabling the board becomes and effective steward of the assets of the membership.”

Government, he said, may not have ownership in SSHFC, but stated that they are importance stakeholder because ‘if SSHFC funds are mismanaged; it has a serious economic implications’. Therefore, he argued that government needs to have oversight to make sure that we are managing it properly.

Mr. Manjang further disclosed that the Cabinet has approved a corporate good governance code, adding that this code imbed in it a lot of good practices to making sure what happens in the past is not repeated forward.

“So I think we are in good places to make sure that it does not repeat,” he said

On loans

Asked about the loans given out to some relevant institutions during the former regime without following the due process, Mr. Manjang responded that they are in dialogue with some institutions and engaging them trying to put in place mechanism to recover it.

“I think a number of institutions are under stress because really they have been lot of mismanagement overtime. We are in dialogue and putting agreements in place and restructuring the loans where it needs to be. There are some institutions that have started paying us money, and there are some investment probably we will not be able to recover anything from it because they are bad.”

He expressed optimism that they have quite number of people who are working tireless in ensuring that they bring SSHFC to it glorious days. “We are very determined to make sure that we move forward and get SSHFC where it used to be.”

The outgoing Federated Pension Scheme representative, Oreme Joiner, called on the incoming board members to have integrity and work tireless in the best interest of its members. He emphatically made it clear that not all decisions were taking base on executive directives.

“Some decision is taken after a debate from the board. However, not all issues were brought to the board.”

Commenting on loans given out to institutions without following the due process during his tenure as a board member, Mr. Joiner clarified that not all the loans given to some institutions come through the board members, arguing that others did not come through the board.

Author: Momodou Jawo
Source: Picture: MD Mouhammed Manjang, SSHFC