By Mahamood Fofana
The Centre for Accountability and Rule of Law Sierra Leone (CARL-SL) has urged President Julius Maada Bio to take immediate steps to protect the retirement savings of Sierra Leonean workers amid growing concerns over the performance of the National Social Security and Insurance Trust (NASSIT).
In a statement issued on Tuesday, 7 July 2026, CARL-SL said its call followed Labour and Social Security Minister Mohamed Rahman Swaray’s recent admission that NASSIT’s investment portfolio “is not doing well.”
The organisation commended the Minister for acknowledging the challenges but maintained that transparency alone is insufficient. It called on President Bio to commission an independent and comprehensive audit of NASSIT’s investments and ensure that any funds found to have been lost or mismanaged are recovered.
According to CARL-SL, NASSIT was established under the National Social Security and Insurance Trust Act of 2001 with a legal and fiduciary obligation to safeguard workers’ pension contributions through prudent investment and sound financial management.
The organisation expressed concern over several investments it said have either underperformed or stalled over the years, citing 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 pointed to reports of delayed pension payments, inadequate diversification of NASSIT’s investment portfolio, and governance issues relating to recruitment, promotions, and board oversight. It warned that these challenges risk eroding public trust in the country’s pension system.
To address the concerns, the organisation recommended a comprehensive independent audit of NASSIT’s investment portfolio, recovery of funds tied to failed or underperforming investments, adoption of a commercially sustainable long term investment strategy, strengthened corporate governance through merit-based appointments and effective board oversight, enhanced technical capacity for investment management, and the timely payment of pension benefits.
“NASSIT is not just another public institution. It holds the life savings of Sierra Leonean workers,” CARL-SL stated, stressing that the institution’s financial sustainability is essential to protecting the welfare of current and future pensioners.
The organisation concluded by urging the Government to move beyond public acknowledgements and take concrete action to restore confidence in NASSIT and secure the retirement savings of Sierra Leonean workers.
