CARL-SL Urges President Bio to Protect Workers’ Retirement Savings at NASSIT
By: Theresa Thomas
The Centre for Accountability and Rule of Law Sierra Leone (CARL-SL) has called on President Julius Maada Bio to urgently intervene to safeguard the retirement savings of Sierra Leonean workers following concerns over the performance of the National Social Security and Insurance Trust (NASSIT).
The call was made on Tuesday, 7th July 2026, during a press conference held at the CARL-SL office on Liverpool Street in Freetown, where the organization’s Acting Executive Director, Jeremy Ben Simbo, delivered a press statement.
According to Mr. Simbo, CARL-SL’s appeal follows a recent admission by the Minister of Labour and Social Security, Mohamed Rahman Swaray, that NASSIT’s investments are not performing well. While commending the minister for being open about the situation, CARL-SL stressed that transparency must now be followed by concrete action.
The organization is urging President Bio to order a comprehensive and independent audit of NASSIT’s investment portfolio and ensure the recovery of any public funds found to have been lost or mismanaged.
Mr. Simbo said NASSIT, which was established under the 2001 NASSIT Act, has a legal responsibility to manage workers’ contributions prudently, invest them wisely, and ensure pension benefits are paid on time. However, he noted that several major investments undertaken by the institution have either underperformed or stalled over the years.
Among the projects highlighted were the Sierra Akar Poultry Project in Sumbuya, the SCPL Block Making Factory at Angola Town, the Regimanuel Grey Estate in Goderich, Kimbima Hotel, Bo Plaza, and land bank investments in Bo.
CARL-SL also raised concerns over reports of delays in pension payments, limited investment diversification, and governance challenges relating to recruitment, promotions, and oversight by the Board of Trustees.
The organization warned that if these concerns are confirmed through an independent review, they could threaten the financial security of current and future pensioners while undermining public confidence in Sierra Leone’s social security system.
To address the situation, CARL-SL recommended an independent audit of all NASSIT investments, reforms to the institution’s investment strategy, stronger governance through merit-based appointments, increased investment in technical expertise, and the timely payment of pension benefits.
Concluding the statement, Acting Executive Director Jeremy Ben Simbo emphasized that NASSIT is more than just a public institution, describing it as the custodian of the lifetime savings of Sierra Leonean workers. He called on the government to act without delay, saying the future of thousands of contributors and pensioners depends on the sustainability and credibility of the pension scheme.
