\u201cWe are aware that the loan has been written off but it does not mean its recovery has stopped. Our interest is to protect savers\u2019 funds. URBRA performed an onsite visit and has demanded for a loan re-payment plan,\u201d said Nsubuga.<\/p>\n\n\n\n
![\"\"](\"https:\/\/www.parliament.go.ug\/sites\/default\/files\/WhatsApp%20Image%202023-02-09%20at%2012.50.45.jpeg\" "\\"Committee")
<\/figure>\n\n\n\nCommittee chairperson, Hon. Mwine Mpaka<\/p>\n\n\n\n
This prompted Mwine Mpaka to inquire whether the land title given as security is equivalent to the loan amount to which Nsubuga responded that no valuation was been performed on the land. Hon. Karim Masaba The legislators also criticised URBRA for failing to address a petition by the National Organisation of Trade Unions on alleged illegal NSSF board representation.<\/p>\n\n\n\n NOTU petitioned URBRA accusing the Secretary General of the Central Organisation of Free Trade Unions (COFTU), Sam Lyomoki of self-nomination to the NSSF board. Nsubuga however, said that the petition was received two weeks ago after Board members were vetted. This compelled Hon. Richard Gafabusa (NRM, Bwamba County) to reveal that URBRA received the petition on 01 September 2021. Officials from the Uganda Retirement Benefits Regulatory Authority (URBRA) have informed the select committee probing the alleged mismanagement of National Social Security Fund (NSSF) that the Shs11 billion unsecured loan extended to Uganda Clays was illegal. On Wednesday, 08 February 2023, the committee learnt from NSSF management that the loan was disbursed to Uganda Clays […]<\/p>\n","protected":false},"author":2093,"featured_media":34840,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"footnotes":""},"categories":[98],"tags":[31],"class_list":["post-34838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\n
\u201cWhat is making you comfortable that all is well? Is the land from Uganda Clays worth the loan,\u201d Mwine Mpaka wondered.<\/p>\n\n\n\n![\"\"](\"https:\/\/www.parliament.go.ug\/sites\/default\/files\/WhatsApp%20Image%202023-02-09%20at%2012.50.47.jpeg\" "\\"Hon.")
<\/figure>\n\n\n\n
Hon. Karim Masaba (Indep., Industrial Division, Mbale City) however, cast doubt on the possibility of recovery of the loan saying that the URBRA report indicated NSSF\u2019s credit losses at Shs3 billion.
\u201cAccording to what you have presented to us, the balance on loans is Shs3 billion. This means the Shs11 billion loan will not be recovered unless Uganda Clays decides to pay it back out of goodwill,\u201d said Masaba.<\/p>\n\n\n\n
\u201cThe Minister of Finance wrote to URBRA requesting for vetting of nominees to the Board. URBRA vetted Lyomoki who nominated himself. URBRA confirmed the same person who nominated himself and the minister acted on URBRA\u2019s advice,\u201d Mwine Mpaka said.<\/p>\n\n\n\n
\u201cWe did not have the petition at the time of assessment of nominees. When we received the petition, we informed this committee that investigations are being undertaken,\u201d he said.<\/p>\n\n\n\n
\u201cThis is a letter with your stamp indicating received; is there another URBRA we are interfacing with? Is there another petition apart from this one?\u201d Gafabusa asked.<\/p>\n","protected":false},"excerpt":{"rendered":"