The State-controlled National Social Security Fund (NSSF) has appointed an acting managing trustee to replace Anthony Omerikwa who left the position Monday after serving his single three-year term.
The fund’s board appointed David Mwangangi, an insider, to head the organisation effective Tuesday.
Dr Omerikwa had held the position in an acting capacity for four years until November 22, 2019 when he was appointed substantively. He led the organisation for a relatively longer period compared to his predecessors who had left in quick succession.
The departures were marked by political interference and claims of corruption at the pension fund which is regularly flagged by the Auditor-General for lapses in risk control, expenditure and corporate governance.
“Today is my last day as the CEO of NSSF and marks a momentous change of leadership in an institution that I have steered with dedication as a team leader for over seven years,” Dr Omerikwa said yesterday.
“NSSF has had its share of legacy issues in the past and the CEO position was highly publicised as a ‘revolving door’ with a high turnover,” he said and listed successes during his tenure.
NSSF paid an interest of 10 percent in the year ended June 2021, marking the highest return on retirement savings in seven years.
This was up from seven percent in a similar period a year earlier on the back of a 237 percent rise in net investment income to Sh32.3 billion.
This is the highest return since 2014 when it paid 12.5 percent.
The increase in net investment income was aided by dividends from firms where the fund has stakes, trading of shares and bonds at the Nairobi Securities Exchange (NSE).
The NSSF’s monthly contributions stand at Sh400, including Sh200 from employers, and the fund on average pays out less than Sh250,000 when a member retires.