New twist in SSNIT scandal; Prof.Alabi–led board blew $150 million on two projects

New twist in SSNIT scandal; Prof.Alabi–led board blew $150 million on two projects

- Neither of the two projects yielded the desired results

- Though a "value-for-money" audit was approved, it was never carried out

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The latest financial scandal to hit Ghana’s Social Security and National Insurance Trust (SSNIT) is the revelation of a sum of $150 million allegedly misappropriated.

New twist in SSNIT scandal; Prof.Alabi–led board blew $150 million on two projects

Director-General of SSNIT, Dr. John Ofori-Tenkorang

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The scandal is allegedly related to a housing project, though there was no audit to determine if there was value for cash spent.

It has been further revealed that the professor Alabi–led board of trustees approved of the project in 2015.

The projects to have been executed were the Dunkonah Housing Project, which was to provide 608 housing units and the 1,760-unit Housing Project at Klagon in Accra.

SSNIT, in partnership with Regimmanuel Limited executed the projects at a cost of $250 million, of which SSNIT contributed $150 million.

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Per minutes of SSNIT’s 279th Board of Trustees meeting, it was agreed that there was the need for a “value-for-money” audit for the two projects.

However, the audit was cancelled at the 288th meeting of the same board.

A new management of SSNIT later came to the conclusion that the projects were not as beneficial as initially thought. A decision was therefore taken to sell off the property.

It is alleged that even though professor Alabi claims a “value-for-money” audit was initiated during his time as chairman, records from meetings show it never happened during his time in office.

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Source: Yen.com.gh

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