Governance

Outrage as NSSF Files for Bankruptcy

You might need to abort your future until a very further date. This is after the body tasked with organizing your retirement plans, the National Social Security Fund, filed for bankruptcy.

Citing poor performance on their investments, tough economic conditions, increased theft and hostile environment from the government, the NSSF board said that the body was no longer in a position to continue guaranteeing people’s future when its own future does not exist. They have therefore opted to file for bankruptcy.

“We have had a very tough operating environment. Our expenses are twice out monthly collections and they keep growing. For the last ten years we have been continuously eating into our earlier savings and now they are depleted. We can no longer continue operating normally.”

The announcement throws the retirement plans of many people into jeopardy, especially those who do not have alternative plans for retirement. This is also made worse by the fact that the people who are retiring have children who are jobless and thus cannot rely on them to support them after retirement.

The government is now calling on people to defer aging and any other factor that may make them unproductive until it can come up with a plan B to sustain them. “We had seen this coming and we have been trying to start making plans for the day when NSSF winds up. Perhaps, we should have done that a bit earlier.”

Asked what would be the fate of those who had entrusted all their future into the fund, the government said that there was no future and whatever was happening is very regrettable.

Meanwhile, NSSF has some of the richest employees in the country who run multi-billion investments from their side hustles such as keeping rabbits and hawking boiled eggs.